Regents Hear FY20 Operating Budget to Actual Report (Page 58)


Kathy Mangels, vice president for finance and administration, delivered an FY20 Operating Budget to Actual Year to Date Report estimated through June 30, which is the end of the fiscal year.

She outlined current state funding, noting that earlier this month, Missouri Gov. Mike Parson announced additional budget restrictions due to COVID-19. For Southeast, this represents a $2.07 million withholding for FY20. This marks the second budget restriction for Southeast this fiscal year, with the first coming earlier in the spring. The two FY20 withholdings together total $5.78 million, Mangels said, which represents 13% of Southeast’s initial FY20 appropriation.

On the income side, the University’s FY20 estimated year to date net tuition and fees budget is $57.9 million, up slightly from the $57.7 million budgeted amount.   She also referenced the $4.44 million of credits given to students for room and board and parking as a result of the University transitioning to a remote environment in the spring, which are reflected in the sharp decline in Sales and Services of Non-Academic departments.

Total estimated income for FY20 year to date is $148.5 million, Mangels, said, off about $6 million from the University’s FY20 budget of $154.4 million.

On the expenditure side, the University is about $8 million below budgeted amounts for salary and benefits, the result of larger number of vacancies from two Voluntary Retirement Incentive Programs, lower student labor costs during the pandemic,  and reduced health insurance costs since January 2021.  The University has also recognized savings in equipment and operations when non-essential purchases were frozen earlier this spring. Total estimated expenditures through the end of the fiscal year are $149.8 million, about $4.5 million below the budgeted amount of $154.3 million.

Mangels said Southeast has been awarded $6.8 million from the CARES Act, a federal stimulus package which is providing financial relief to institutions of higher education. Half of that stimulus, $3.4 million, has been received and is being awarded directly to students. To date, the University has distributed $1,754,000 in CARES funding to 2,952 students, with the average award being $594. The other $3.4 million will go to the University for COVID related expenditures but has not yet been received from the U.S. Department of Education, she said.