Florida International University Finance Managers Meeting. February 15, 2013

Transcription

1 Florida International University Finance Managers Meeting February 15,

2 Florida International University Fiscal Year Budget Kick-Off February 15,

3 FY BUDGET KICK-OFF AGENDA State Funding Timeline Budget Assumptions Enrollment Tuition & Fee Revenue Expenses General Notes Personnel Pooled Fringe Benefit Rate Salary Float Methodology Budget Development Process Workshop Schedules Contacts Enhancements Foundation 3

4 FY BUDGET KICK-OFF AGENDA State Funding Timeline Budget Assumptions Enrollment Tuition & Fee Revenue Expenses General Notes Personnel Pooled Fringe Benefit Rate Salary Float Methodology Budget Development Process Workshop Schedules Contacts Enhancements Foundation 4

5 FY STATE REVENUE PROJECTIONS General Revenue ($ Millions) Available Funds Base Budget Critical Needs (2) High Priority Needs (2) Current State Projections (1) $27,854 ($24,608) ($1,822) ($988) FIU Assumption for State Projections $27,854 ($24,608) ($1,822) ($988) Other Adjustments $0 ($106) General Revenue Balance $436 2% $330 1% What does this mean for FIU? FIU estimated reduction in State Appropriations = $0M Based on these estimates and University projections of revenues and expenditures, there could be a budget gap in FY (1) Figures based on GR Estimating Conference Dec.2012 and EDR Florida Economic Overview Report Jan (2) Based on Long Range Financial Outlook (EDR- Sep.2012), Critical Needs Includes $215M transfer to Budget Stabilization Fund, $18M Lawton Chiles Fund and $1,000M Reserves 5

6 FY BUDGET KICK-OFF AGENDA State Funding Timeline Budget Assumptions Enrollment Tuition & Fee Revenue Expenses General Notes Personnel Pooled Fringe Benefit Rate Salary Float Methodology Budget Development Process Workshop Schedules Contacts Enhancements Foundation 6

7 TIMELINE Key Budget Dates February March April May June 11 Provost & CFO Approve Budget Assumptions 15 Budget Kick-Off Budget Workshops 1, 8, 15 Open Labs MMC 5 Legislature in session 6 Open Lab BBC 29 EABMs to submit FY Forecast 4 Open Lab BBC 5, 12 Open Labs MMC CFO / VP Budget Reviews 26 EABMs to submit FY Budget 1-3 CFO / VP Budget Reviews 1-15 OFP consolidates University-Wide FY Budget 3 Legislative Session Ends 15 Budget document is submitted to BOT 28 Governor Approves/Vetoes Budget (estimated) 5 BOT Finance and Audit Committee Meeting 12 BOT Full Board Meeting July 1 FY Budget available in PeopleSoft 7

8 FY BUDGET KICK-OFF AGENDA State Funding Timeline Budget Assumptions Enrollment Tuition & Fee Revenue Expenses General Notes Personnel Pooled Fringe Benefit Rate Salary Float Methodology Budget Development Process Workshop Schedules Contacts Enhancements Foundation 8

9 BUDGET ASSUMPTIONS Enrollment FTE 28,733 FTE 30,403 FTE 29,764 FTE 29,964 32,000 24, , ,144 4,066 4,115 16,000 Professional 23,977 25,480 24,956 25,035 Graduate Undergraduate 8,000 - FY Actuals FY Budget FY Forecast FY Preliminary Budget FTE Annual Count based on Fiscal Year Fall, Spring, Summer Enrollment Figures are preliminary and subject to change. Professional includes College of Medicine and Law 9

10 BUDGET ASSUMPTIONS Tuition and Fees Base Tuition Undergraduate: Graduate: Law: 0% Increase 5% Increase 10% Increase Pending BOT / Legislative Approval COM: 0% Increase Differential Tuition 0% Increase Applies to Undergraduate tuition only Rate applies to new students as of Fall 2007 except students with prepaid contracts 30% directed towards need based Financial Aid 70% to be used towards undergraduate education expenses Local Fees Athletics, Health and Student Activity Fees Health Fee increase pending Committee approval Other Fees Technology Fee and Financial Aid will remain at 5% of Tuition Parking Fee - Increase by 10% to cover Parking Garage VI and debt coverage ratio Shared Services Fee No change from 7% and 5.5% (for Health and A&S)

11 BUDGET ASSUMPTIONS Expenses E&G Control Totals Salaries Will be based on FY final budget adjusted for: Recurring and nonrecurring legislative actions Changes in fringe benefit rate Recurring salary adjustments Adjustments in existing critical investments for Advisors Law Enforcement Officers Library University-wide recurring salary adjustments Budgeted centrally for E&G Budgeted by units for non-e&g Departments should budget for individual salary actions Other Direct Expenses Interdepartmental Rates - refer to the OFP website for the various rates Property Insurance rates will be provided by Auxiliary & Enterprise Development 11

12 BUDGET ASSUMPTIONS General Notes Individual units are required to submit their budget online except for the following funds: Concession Funds Approved by CFO and Provost and input by the Office of Financial Planning All major University-wide events will be covered at previous year s level Remaining amounts will be distributed based on historical levels and projected incremental revenues Agency Funds Not Budgeted as they are based on monies collected Budget Authority = Cash Based Control Contracts & Grants Sponsored Research Projects and Miscellaneous and Overhead Departments Funds 350, 651 and 652 Developed and input by the Division of Research DoR 12

13 FY BUDGET KICK-OFF AGENDA 4 State Funding Timeline Budget Assumptions Enrollment Tuition & Fee Revenue Expenses General Notes Personnel Pooled Fringe Benefit Rate Salary Float Methodology Budget Development Process Workshop Schedules Contacts Enhancements Foundation 13

14 PERSONNEL Pooled Fringe Benefit Rate - Calculation Basis FY rates calculation based on: Actual costs incurred from the two-prior fiscal years FY and FY across all funds and all employee groups Estimated 2013 health insurance changes Adjustment applied for fringe benefit pool fund balance Included in Fringe Benefits Retirement Programs Insurance Programs Leave-related Programs Tuition Waivers Employees Only Included in Salary Base All Salaries and Wages excluding: Parental and Sabbatical payments Miscellaneous allowances Other Earnings 14

15 PERSONNEL Pooled Fringe Benefit Rate - Proposed Rates Employee Group FY FY Delta Faculty / Administrative 29.73% N/A -N/A Faculty ex College of Medicine / Administrative N/A 29.27% N/A Faculty College of Medicine N/A 19.51% N/A Staff 40.41% 40.54% 0.13% Other OPS and Temporary Faculty 2.75% 2.43% -0.32% Student OPS 0.43% 0.47% 0.04% Cell-Phone* & Miscellaneous Payroll Allowances and Other Earnings 7.65% 7.65% 0.00% * Cell phone Allowances are no longer charged taxes and therefore not subject to fringe benefit rate Note: Rates are subject to final review and approval 15

16 PERSONNEL Pooled Fringe Benefit Rate Budget Process Approved rates are built into the budget and are applied from the beginning of the coming fiscal year E&G ex-com Control Totals by Executive Area are adjusted to compensate for changes in the pooled rates Adjustment based on all filled and unfilled budgeted positions as of February 15, 2013 Health Insurance for OPS Employees Working at Least 30 Hours Under the Affordable Health Care Act, effective Spring 2014, employers must provide health insurance for OPS employees working at least 30 hours or pay a penalty Financial impact uncertain and not included in FY rate Will be charged to the fringe benefit pool Rates will be subsequently adjusted for FY

17 PERSONNEL Salary Float Methodology Position vacancies continue to create a significant salary float throughout FY Temporary float will continue to be used to mitigate State budget reductions Salary float process: New positions i.e. funded through Critical Investments: University retains 100% of salary float until the position is filled Existing and Replacement Positions: University retains 50% to partially absorb the recurring budget cuts Units keep the remaining 50% of the funds 17

18 FY BUDGET KICK-OFF AGENDA State Funding Timeline Budget Assumptions Enrollment Tuition & Fee Revenue Expenses General Notes Personnel Pooled Fringe Benefit Rate Salary Float Budget Development Process Workshop Schedules Contacts Enhancements Foundation 18

19 BUDGET DEVELOPMENT Process Monthly budgeting of line items by activity department ID by account Forecast Requested Budget Salaries Other Direct Expenses July 1, 2012 February 28, 2013 Actuals will be prepopulated in Detail Budget Maintenance Actuals will be prepopulated in Detail Budget Maintenance March 1, June 30, 2013 July 1, June 30, 2014 Pre-populated in Detail Budget Maintenance based on Salary Encumbrance data includes Contractual OPS Departments verify projections in Detail Budget Maintenance Pre-populated in Detail Budget Maintenance with Original Budget of corresponding period; except E&G, based on YTD run rate Departments update budgeted positions in the Position Tool Projections will be automatically populated in Detail Budget Maintenance on a cash accounting basis Departments enter projections into Detail Budget Maintenance Departments verify projections and enter hourly temporary employee projections in Detail Budget Maintenance 19

20 BUDGET DEVELOPMENT Process Tools Comprehensive Budget Manual Detail Budget Maintenance open for input Monday, February 18, 2013 Position Tool - open for input Monday, March 11, 2013 Data as of February 15 will be loaded for information purposes only Position tool will be locked until March 11 Forecast OFP has already loaded 7 months of actuals; period 8 actuals will be loaded by March 11 Training Workshops Budget Concepts and On-Line Budget Tool training February 19, 2012 through February 22, 2012 On-demand pre-recorded videos available on-line Open Labs MMC - March 1, 8, 15 and April 5, 12 W6 BBC March 6, April 4 20

21 BUDGET DEVELOPMENT Budget Workshops Concepts & On-Line Budgeting Workshops Executive Area Date Time Place All Areas All Funds Tuesday, February 19, :00 AM - 12:00 PM GC Auditorium Student Affairs All Funds Wednesday, February 20, :00 AM - 12:00 PM MARC Case Room BBC All Funds Thursday, February 21, :00AM - 1:00 BBC - WUC 221 Academic Affairs - All Funds Friday, February 22, :00 AM - 12:00 PM CSC Training Rm. $102 On demand How-To videos are also available on the OFP website 21

22 CONTACTS Executive Area Executive Area Budget Manager Financial Planning / Auxiliary & Enterprise Development Fund Tonja Moore 2168 Anneyra Espinosa 1138 E&G / SGA Academic Affairs Yakeline Rodriguez 6237 Mirtha Alberto 0166 Michelle Li 0307 Auxiliary Test Prep Fee Sponsored Research Francisco Valines 2333 Janet Medina 1399 Financial Aid Business & Finance Ivette Capote 0345 Collette O Meally 7092 E&G Office of President Melissa Pozo 2111 Collette O Meally 7092 E&G Human Resources Jackie Barba 2466 Diane Singh 0255 E&G Governmental Relations Ana Herrera 3432 Collette O Meally 7092 E&G General Counsel Marcia Rodriguez 2204 Collette O Meally 7092 E&G 22

23 CONTACTS Executive Area Executive Area Budget Manager Student Affairs Matilde Gramling 2952 Advancement Yolande Flores 8317 External Relations Desiree Rodriguez 0158 UTS Lucy Adames 8014 Facility Operations Edward Brozic 4008 Financial Planning / Auxiliary & Enterprise Development Fund Collette O Meally 1138 E&G / SGA Yakeline Rodriguez 6237 Auxiliary Collette O Meally 7092 E&G Yakeline Rodriguez 6237 Auxiliary Collette O Meally 7092 E&G Yakeline Rodriguez 6237 Auxiliary Anneyra Espinosa 1138 E&G Yakeline Rodriguez 6237 Auxiliary Collette O Meally 7092 E&G Technology Fee Yakeline Rodriguez 6237 Auxiliary Athletics Alexander Duque 2398 Yakeline Rodriguez 6237 Athletics 23

24 CONTACTS Direct Support Organizations Executive Area Budget Manager Auxiliary & Enterprise Development FIU Foundation Inc. Milagros Garcia 8377 Michelle Li 0307 FIU Research Foundation Inc. Mirtha Alberto 0166 Michelle Li 0307 FIU Athletic Finance Corp. Alexander Duque 2398 Michelle Li 0307 FIU Health Care Network Bianca Garcia 4260 Michelle Li 0307 Subject Area Finance Contact Ext. Fund Enrollment / Tuition and Student Fees Janet Medina 1399 All Funds Critical Investments Collette O Meally 7092 E&G Position Tool - Salaries Vanessa Pedroso 0160 All Funds Other Unrestricted Fund 602 Michelle Li PantherSoft Support FSSS Call Center 7200 All Funds 24

25 BUDGET DEVELOPMENT Enhancements Focus on System Updates and Automated Data Validation PantherSoft Budget Tools (Detail Budget Maintenance, Cash Transfer and Position Tools) and Reports updated to include new Chartfields Activity Nbr Cost PID Task Budget Ref Automated Data Load of Position Tool from HR System System Validations in Position Tool: Position Number validation against HR system Validation of FTE, cannot be greater than 1 or less than 0 System Validation in Cash Transfer Tool: Cannot add transfers to and from E&G Data updates from Position and Cash Transfer Tools to DBM Will now be updated every hour on the hour instead of 3 times daily. 25

26 FY BUDGET KICK-OFF AGENDA State Funding Timeline Budget Assumptions Enrollment Tuition & Fee Revenue Expenses General Notes Personnel Pooled Fringe Benefit Rate Salary Float Budget Development Process Workshop Schedules Contacts Enhancements Foundation 26

27 FIU Foundation FY Budget Kick-Off February 15,