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CREIGHTON UNIVERSITY

CREIGHTON UNIVERSITY. 2007/08 Budget Presentation Board of Directors Meeting June 4, 2007. 2007/08 Operating Budget Overview. Represents a balanced budget for University operations, including the medical clinics Undergraduate enrollment sustained at near-record levels

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CREIGHTON UNIVERSITY

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  1. CREIGHTON UNIVERSITY 2007/08 Budget Presentation Board of Directors Meeting June 4, 2007

  2. 2007/08 Operating Budget Overview • Represents a balanced budget for University operations, including the medical clinics • Undergraduate enrollment sustained at near-record levels • Undergraduate tuition & fee rate for new students up 6% (will be 15th of 28 Jesuit colleges and universities) • 2007/08 operating budget is $326 million, an increase of $14 million (4.5%) from the current year estimate • Medical School budget (including clinics) is 41% of the University’s total operating budget

  3. 2007/08 Operating Budget($Millions)

  4. 2007/08 Revenue Highlights • General undergraduate tuition and fee rate increased 6% • Other tuition rate increases: Law 4%, Medicine 4.5%, Dentistry 7.3%, Pharmacy 5.5%, OT/PT 4%, Graduate 2%, Summer & Univ. College 0% • Room & board rates increased 4% • Total enrollment budgeted to be basically even with the FY07 record enrollment • Clinical activities and affiliate revenues are up 4.2% • Endowment distribution of $9.6M is 1.2% above FY07

  5. Annual Enrollment(Full-time Equivalent)

  6. Fall New Student Enrollment(Full-time Equivalent)

  7. Total Scholarships to Tuition/Fees(Includes Discount, Funded Aid & Employee Remissions)

  8. Unrestricted Operating Gifts

  9. Endowment CU only: does not include HFF ($91 Million at 4/30/07)

  10. 2007/08 Expense Highlights • Salary merit pool increase 3.50% (plus .25% for equity adjustments in each VP area): $4.1M • Targeted faculty salary enhancements: Pharmacy, Nursing, Dentistry ($547K) • 8 new faculty: A&S, COBA, Dentistry ($540K) • Jesuit & staff salary market adjustments ($310K) • New programs in Dentistry & Nursing ($662K)

  11. 2007/08 Expense Highlights(cont.) • General non-salary increase 2.0% for schools and administrative depts ($724K) • Library materials increase $333K (9%) • Arts & Sciences additions related to increased enrollment levels (PT faculty, tenure-track faculty start-up costs & other) $405K • Increased diversity scholarships ($415K - Medicine, Pharmacy/HP, Dentistry)

  12. Salary Merit Pool Increases(Excludes targeted faculty salary enhancements in various schools)

  13. Employee Benefits($000’s)

  14. School of Medicine 2007/08Operating Budget Overview • Enrollment budgeted at 485 (down from est. 488 in 06/07) • Tuition increase held to 4.5% to address student debt • Net clinic revenue projected at $98M (5.3% over 2006/07 budget & 6.5% over estimated 06/07 results) • New chair in Medicine; actively recruiting for Anesthesiology • Clinic volume growth: 12 new faculty recruitments (Surgery, Radiology, Medicine & Anesthesiology) • Reflects reduced payments from CUMC under GME, Cardiac and medical lab agreements

  15. School of Medicine 2007/08 Operating Budget($Millions)

  16. RECAP • Balanced budget for FY08 • Less cushion in enrollment targets • Highest risk areas: medical clinic operations, health plan, utilities • Operating reserve expected to be adequate to cover potential variances

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