Kathy Mangels, outgoing vice president for finance and administration, presented reports to the Board of Regents Sept. 25 on the FY20 final budget and FY21 operating budget.
The FY20 final budget to actual operating report for the fiscal year ended June 30, 2020 was provided, which compares the FY20 University final budget to actual year-to-date revenues and expenditures through June 30.
The operating budget ended in a budget deficit of $604,882, better than the $1.4 million deficit estimated in June, Mangels said. The deficit is attributed to lost revenues for COVID-19 related reasons, such as cancellations of ticketed events, rentals, touring shows and camps and conferences. This operating deficit is covered from existing one-time funds generated from salary savings.
Mangels also presented the FY21 University operating budget to actual year-to-date revenues and expenditures though Aug. 31.
Mangels highlighted increased state appropriations were above budget, which were estimated at a 20% reduction, but the actual was 13%.
Mangels also highlighted the decrease in budgeted athletic revenues for postponed athletic competitions due to COVID-19; and that tuition revenues meeting budgeted amounts as an enrollment decline had been anticipated.
Actual budget surplus exceeded estimate by approximately $3.5 million as of the end of August 2020, Mangels said.