Dr. Brad Sheriff, vice president for finance and administration, delivered an FY21 Operating Budget to Actual Year to Date Report of revenues and expenditures though Nov. 30.
Sheriff highlighted the state appropriations that remain above the budget, which was built with an estimated 20% reduction that has not been fully realized.
He noted that net tuition and fee revenue fell $1 million short of budget as scholarships and waivers exceeded budgeted amounts.
The University’s personnel expenses are well below budget, as expected, he said. This is due primarily to how personnel costs are budgeted and to careful management of position vacancies.
Total estimated expenditures lag budget by $7.6 million, but are only $3.1 million less than last year at this time, while total estimated income is within $350,000 of budget and $6.6 million below last year at this time, Sheriff said.
Sheriff also outlined how equipment and operations expenditures align with budget when adjusted for COVID-19 related costs. He said transfers are significantly better than budget as reimbursements are received from coronavirus relief funds.
Sheriff said the budget surplus at Nov. 30 exceeds the estimate by approximately $10 million. Although this is encouraging, much of the variance was anticipated and has already been earmarked for one-time funding needs, he said.
In response to a question about the status of state appropriations, Sheriff said this year, higher education has not received a decrease as large as previously anticipated. He said the University will continue to monitor appropriations as state officials make budgetary decisions.
Chris Martin, chief of staff, said the University maintains effective and valuable relationships with state officials, and actively engages with officials to discuss the needs of Southeast from year-to-year and long-term.