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FY 03 Budget Update

FY 03 Budget Update. Presentation to University Council February 28, 2003. Agenda. Goals Original FY 03 Budget Mid-Year Budget Update Mid-Year Budget Actions Year-End Closeout Budget. Initiate a strategic plan Expand community college efforts Initiate new academic programs

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FY 03 Budget Update

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  1. FY 03 Budget Update Presentation to University Council February 28, 2003

  2. Agenda • Goals • Original FY 03 Budget • Mid-Year Budget Update • Mid-Year Budget Actions • Year-End Closeout Budget

  3. Initiate a strategic plan Expand community college efforts Initiate new academic programs Improve facilities Increase community visibility Increase state relations efforts Increase fundraising efforts Reorganize administration/business processes Increase revenue Support each school’s initiatives Goals

  4. FY 2003 Budget • Total expenditures: $68,199,734 • Total unrestricted revenue: 57,940,929 • Total restricted revenue: 7,858,805 • Plus reserve funds: 2,400,000 • Total revenue: $68,199,734 • Beginning fund balance: 10,520,903 • Less yr-end closeout: 2,400,000 • Ending fund balance: $ 8,120,903

  5. Base Reductions to General Funds Original FY 03 GF appropriation:$24,551,570 First reduction, Nov 20: 883,857 Second reduction, Jan 17: 1,159,718 Total reductions: $ 2,043,575 FY 03 current GF appropriation:$22,507,995 (8.3% total reduction) FY 04 request: 1,473,814 FY 04 funding: -0- FY 04 beginning GF appropriation: $22,507,995

  6. Fund Balance Reductions (one time) FY 03 beginning fund balance: $10,520,903 Estimated for yr-end close out: 2,400,000 First reduction, Nov 20: 339,246 Second reduction, Jan 17: 473,823 Total reductions$3,213,063 FY 03 final estimated balance: $7,307,840

  7. Budget Impact on Fund Balance Jul 1, 2002 Feb 28, 2003 Difference Student union reserve $ 544,106 $ 544,106 $ 0 Research/self support Carry forward 1,581,371 1,381,371 200,000 Aux oper/debt service Carry forward 3,000,000 2,600,000 400,000 Auxiliary reserve 4,421,372 2,782,363 1,639,009 State reserve 974,054 0 974,054 TOTAL $10,520,903 $ 7,307,840 $ 3,213,063

  8. Responses • No furloughs • No layoffs • Hiring freeze • Operating expense reduction • Increase tuition • Additional reserve funds

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