FY2013 Forecast vs. Budget

Transcription

1 FY2013 Forecast vs. Budget Financial Analysis of Unrestricted Annual Operaons 04/30/2013

2 UNIVERSITY OF MAINE SYSTEM UNRESTRICTED ANNUAL OPERATIONS FY rd Financial Forecast As of April 30, 2013, the UMS is forecasting a net increase from unrestricted operations of $10.6 million for FY2013; the equivalent of 2% of the unrestricted annual operating budget. It should be noted, however, that this includes $8.1 million in net temporary investment income above budget. Institution Net Increase(Decrease) UMaine $ 524 Thousand Million 277 Thousand K 0 UMM 0 UMPI Thousand System wide Services 0 Temporary Investment Income Million Employee Benefits (1.000) Million TOTAL $ Million Major factors impacting this forecast: The temporary investment income budget is $2.5 million. Based on information available as of April 30 th, UMS has realized total income, net of expenses, of $10.6 million for a total budget to actual positive variance of $8.1 million. This forecast reflects only the gain realized thus far and does not include any projections for future gains or losses. If temporary investment income remains at the current level or increases, UMS may transfer up to $5.0 million to the Budget Stabilization Fund which may be utilized to mitigate deficit reserves and/or to hedge against future economic downturns. The Budget Stabilization Fund balance is currently $10.0 million. Campus budgets and projections include the transfer of $1.0 million in System Reserves to offset the FY2013 in state, undergraduate tuition and unified fee freeze. These one time funds were provided to institutions to allow time to bridge the budgetary gaps that resulted from this freeze. On December 27, 2012, the Governor issued an executive order curtailing the allotment of State appropriation. The UMS total appropriation curtailment was $2.5 million which was distributed to the campuses and System wide Services. Although gross benefit costs are currently 1.6% below budget, the employee contributions and campus recoveries are 2.5% below budget resulting in a projected deficit of $1.0 million in the employee benefit pool. If realized, this deficit will be covered by the Employee Benefit Pool Reserve which currently has a balance of $17.6 million. FTE enrollments for Spring 2013 were 1.2% (250) FTE below budget. Fall 2012 enrollments were 0.7% (157 FTE) above budget. The average FTE for Fall and Spring combined was 22,170 (47 FTE or 0.2% below budget). Residence hall occupancy for Spring 2013 was 2.2% (132 students) below budget. Fall 2012 occupancy was 0.4% (25 students) below budget. The average occupancy for Fall and Spring combined was 6,018 (77 students or 1.3% below budget). Page 1

3 FY2013 FTE ENROLLMENT FY2012 FY2013 FY2013 ACTUALS BUDGET ACTUALS # % Fall UMaine 9,120 8,907 9, % 2,823 2,781 2, % 1,983 2,005 1,896 (109) (5.4%) K % UMM % UMPI 997 1, (32) (3.2%) 6,764 6,881 6,871 (10) (0.1%) Total 22,926 22,836 22, % Spring UMaine 8,391 8,329 8, % 2,824 2,741 2, % 1,849 1,809 1,771 (38) (2.1%) K % UMM (16) (2.8%) UMPI (44) (4.7%) 6,417 6,525 6,282 (243) (3.7%) Total 21,649 21,597 21,347 (250) (1.2%) Average UMaine 8,756 8,618 8, % 2,824 2,761 2, % 1,916 1,907 1,834 (74) (3.9%) K % UMM % UMPI (38) (3.9%) 6,591 6,703 6,577 (127) (1.9%) Total 22,288 22,217 22,170 (47) (0.2%) Page 2

4 FY2013 RESIDENCE HALL OCCUPANCY FY2012 FY2013 FY2013 ACTUALS BUDGET ACTUALS # % Fall UMaine 3,405 3,398 3,348 (50) (1.5%) % 1,053 1, (53) (5.3%) K % UMM (6) (2.3%) UMPI % 1,004 1,100 1, % Total 6,222 6,255 6,230 (25) (0.4%) Spring UMaine 3,270 3,246 3,173 (73) (2.2%) % (116) (11.7%) K (21) (11.1%) UMM (9) (3.8%) UMPI (17) (6.0%) , % Total 5,859 5,935 5,803 (132) (2.2%) Average UMaine 3,338 3,322 3,261 (61) (1.8%) % 1, (84) (8.4%) K (3) (1.5%) UMM (7) (2.8%) UMPI (3) (1.1%) 977 1,045 1, % Total 6,042 6,095 6,018 (77) (1.3%) Page 3

5 Unrestricted Annual Operations FY2013 ANNUAL FORECAST vs. ANNUAL BUDGET FY2013 ($000's) FY2013 ACTUALS ACTUALS FY2013 FORECAST vs. BUDGET FY2012 as of AS % OF FY2013 FY2013 ACTUALS 04/30/13 BUDGET BUDGET FORECAST $ % Revenues Tuition & Fee Revenue $267,453 $268, % $265,727 $269,404 $3, % Dining & Residence Revenue 57,401 56, % 59,431 58,486 (945) (1.6%) Tuition Waivers/Scholarships (48,743) (50,895) 100.9% (50,434) (51,701) (1,267) 2.5% Net Student Charges Revenue 276, , % 274, ,189 1, % State Appropriation 181, , % 178, ,160 (2,535) (1.4%) State Fiscal Stabilization Funds ARRA % Other Income 75,880 69, % 67,436 79,064 11, % Total Revenues $533,083 $493, % $520,855 $531,413 $10, % Expenses Compensation & Benefits $336,344 $285, % $350,065 $346,530 $3, % Fuel & Electricity 18,305 17, % 22,552 19,848 2, % Travel 6,321 5, % 4,936 6,338 (1,402) (28.4%) Memb., Contrib. & Sponsorships 1,803 1, % 1,823 2,049 (226) (12.4%) Interest Expense 8,192 7, % 7,665 7, % Depreciation 30,301 23, % 28,257 28, % Other Expenses/Transfers 118,730 99, % 113, ,457 (1,900) (1.7%) Total Expenses $519,996 $440, % $528,855 $526,144 $2, % Operating Increase (Decrease) $13,087 $52,407 ($8,000) $5,269 $13,269 Modified Cash Flow Operating Increase (Decrease) $13,087 $52,407 ($8,000) $5,269 $13,269 Plus Depreciation 29,670 23,548 28,257 28, % Less Capital Expenditures & Reserve Funding (24,510) (9,230) 78.5% (11,751) (14,759) (3,008) 25.6% Less Debt Service Principal (9,303) (9,208) 100.0% (9,208) (9,208) 0 0.0% Net Change in Cash $8,944 $57,517 ($702) $9,559 $10,261 Reserve Transfer Tuition Mitigation 0 1, % 1,011 1, % Adjusted Net Change $8,944 $58,528 $309 $10,570 $10,261 Page 4

6 Unrestricted Annual Operations FY2013 ANNUAL FORECAST vs. ANNUAL BUDGET ($000's) FY2013 FY2013 ACTUALS FY2013 FORECAST vs. BUDGET FY2012 ACTUALS AS % OF FY2013 FY2013 ACTUALS as of 4/30/13 BUDGET BUDGET FORECAST $ % Revenues UMaine $251,109 $228, % $246,706 $248,132 $1, % 39,898 37, % 38,119 39,825 1, % 39,491 35, % 39,912 37,852 (2,060) (5.2%) K 11,855 11, % 11,905 12, % UMM 10,387 9, % 10,874 10,331 (543) (5.0%) UMPI 16,813 15, % 15,979 16, % 138, , % 138, ,099 (1,002) (0.7%) System Wide Serv./Temp. Inv. Inc. 25,301 27, % 19,259 29,764 10, % Total Revenues $533,083 $493, % $520,855 $531,413 $10, % Expenditures (includes capital expenditures utilizing operating funds & Tuition Mitigation) UMaine $246,763 $211, % $246,706 $247,608 ($902) (0.4%) 38,249 30, % 37,935 37, % 38,524 32, % 39,871 37,575 2, % K 11,855 10, % 11,904 12,193 (289) (2.4%) UMM 10,387 9, % 10,874 10, % UMPI 16,394 13, % 15,979 16,217 (238) (1.5%) 137, , % 138, ,811 1, % System Wide Serv./Temp. Inv. Inc. 22,146 17, % 19,259 21,657 (2,398) (12.5%) Employee Benefits 1,970 (167) 0 1,000 (1,000) % Total Expenditures $524,139 $434, % $520,546 $520,843 ($297) (0.1%) Operating Increase (Decrease) & Tuition Mitigation Transfer 1 UMaine $4,346 $16,240 $0 $524 $524 1,649 6, ,374 2, , K 0 1, (1) UMM UMPI 419 1, , System Wide Serv./Temp. Inv. Inc. 3,155 9, ,107 8,107 1 Employee Benefits (1,970) (1,000) (1,000) Operating Increase (Decrease) $8,944 $58,528 $309 $10,570 $10,261 Temporary Investment Income Page 5