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University of Colorado. Looking to the Future. Our Economic Future. How We Excel. Where We Are Headed. Todd Saliman Vice President & Chief Financial Officer , CU System . Kelly Fox Senior Vice Chancellor and Chief Financial Officer, CU-Boulder. Higher Education Funding Background.
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UniversityofColorado Looking to the Future Our Economic Future How We Excel Where We Are Headed Todd Saliman Vice President & Chief Financial Officer , CU System Kelly Fox Senior Vice Chancellor and Chief Financial Officer, CU-Boulder
Higher Education Funding Background • FY 1990-91, 19% of the state budget went to higher education. • FY 2000-01, that share had fallen to 14%. • FY 2013-14, the share will likely be about 8%. CU’s share of the 8% will likely be about $150.2 million. • The state budget “high point” for higher education was $706 million in FY 2008-09. The Governor’s request for FY 2013-14 is $543 million. • This year, 5.3% of CU’s budget comes from the state. • Colorado ranks 48thin the nation for state funding per full-time student in higher education.
Higher Ed Cut Deeply per Resident Student FY 2001-02 through FY 2012-13
CU’sRevenueSources Total Budget = $2.9 billion
CU-Boulder’sRevenueSources Total Budget = $1.3 Billion FY2012-13
CU-Boulder’sEducation-Related Revenue Sources = $600 Million Fees/Other 3.3% State Support 8.9% Indirect Cost Recovery 9.2% • Tuition dependent • Residents = 2/3 enrollment; 39% of budget revenue (tuition + state tax support) • Nonresidents continue to subsidize resident education and access Resident Tuition 29.8% Nonresident Tuition 48.8%
HowCUSpendsaStateDollarinFY 2012-13 69.3 cents 9.1 cents 4.8 cents 6.5 cents 10.3 cents
Tuition + Fees + State Support Far Below Peers
Per Student State Funding Plus Tuition and Fees Peer Comparisons, UCB
Precarious Future for Higher Education Funding
CU Awards 42% of all Public Undergraduate Degrees in Colorado
CU Awards 60% of all Public Graduate Degrees in Colorado
Education’s Return on Investment Unemploymentratesforindividualswithatleastabachelor’sdegreeisconsistentlyabouthalftheunemploymentrateforhighschoolgraduates. Unemployment rate in Sept. 2012 (%) Bachelor’s degree and higher 4.1% Some college or associate degree 6.5% High school graduates, no college 8.7% Less than a high school diploma 11.3% Source: U.S. Bureau of Labor Statistics. Employment status of the civilian population 25 years and over by educational attainment.
CU-Boulder Current Budget Year Update • Enrollment • FY 2013 Freshman class approximately 5,450 • FY 2013 Overall enrollment 29,850 • FY 2014 Applications are strong • Developed new yield strategies • Tuition Revenue • Unexpectedly high undergraduate nonresident conversion rate • Overall enrollment lower than original budget • All other revenue categories are meeting expectations
CU-Boulder • Doing business differently • Innovative Advisory Group • Efficiency Office • New Merit Aid Program • FY 2014 Proposal to the Board represents a 3.4% total expenditure increase
Didyouknow? • More than 57,500 students enrolled in degree programs at CU, fall 2012. • CU contributed $5.3 billion to Colorado’s economy in 2011. • Superlative record of five Nobel Laureates and eight MacArthur Genius Fellows. • CU is Colorado’s third-largest employer. • Technology from CU research labs started 11 new companies last year. • CU is an important contributor to key industry sectors, including health care, aerospace, renewable and sustainable energy, and biotechnology. • Spent $246 million on construction projects (some are multi-year projects), helping sustain an industry particularly hard hit by the recession.
Looking Ahead • State revenues looking up… for now • Medium term state revenue outlook challenging • Continue to identify opportunities for efficiencies • Foundation efforts are critical • Work with stakeholders to identify future needs • Maximize technology to enhance learning experience and achieve efficiencies