Regents Hear FY20 Operating Budget to Actual Report


Kathy Mangels, vice president for finance and administration, presented a report to the Board of Regents Feb. 21, which compares the FY20 University operating budget to actual year-to-date revenues and expenditures through
Dec. 31.

On the income side, state appropriations are higher than budget due to an additional $1 million appropriated after the FY20 budget was approved, which assumed flat appropriations, Mangels said. Tuition and student fee revenue receivables, she said, are posted at the time of billing, and the majority occurs with the initial billing for the semester. Therefore, the FY20 net tuition budget on the December report has been adjusted to reflect revenues budgeted for summer 2019, fall 2019 and spring 2020, less scholarships budgeted for summer and fall 2019.  The FY20 general student fee budget also has been adjusted to reflect fees budgeted for summer and fall 2019 and spring 2020. Mangels also noted that revenue from the Cape College Center is reflected in the revenues received but was not budgeted for when the budget was approved. Miscellaneous free revenue outline in the report includes special course fees and short-term study abroad trip fees which are not included in the base budget since these fees are used to directly offset classroom expenses and are variable.

The report also lists other sources of revenue which are receipted at different times based on the University’s calendar and accounting practices. The FY20 budget for these other sources, she said, is adjusted to reflect amounts scheduled for July through December. Sales and services of academic and non-academic departments reflect ticketed entertainment events at the River Campus and the Show Me Center which are not budgeted due to the varying nature of events, but revenue and expenses have been recorded for this category, she said.

Transfers In noted in the report represent planned transfers for Auxiliary support. Mangels said additional transfers have been made to purchase a new telephone system and for the University’s support of graduate assistants outside of the E&G fund.

On the expense side, personnel and benefit expenses are budgeted for faculty, staff and temporary employment. Because many faculty members are considered 10 pay (paid from August-May), the faculty budget has been divided by 10, whereas the staff budget has been divided by 12. Most of the University’s student labor expenses occur during the school year, so the budget is divided in tenths from August-May, Mangels said.

Equipment and operation budgets have been divided evenly by month, although actual can vary by department, she added.

Transfers Out, under the Estimated Expenditures category, represent planned transfers of support and bond payments. Additional transfers have been made to support large projects, including the Towers fire alarm upgrades, the Towers elevator upgrade and telecommunications projects, Mangels said.