Budget Forum November
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1 Budget Forum November
2 What we will cover Role of the Budget Budget Development Process Overview of the Budget Sources and Uses Making Strategic Choices Budget Forum November
3 Role of the Budget Budget Forum November
4 Helps Us Make Important Decisions How much financial aid should we award? How many students can we house? How many faculty? Which disciplines? What salaries and benefits? How many students can we enroll? What do we want campus to look like? Budget Forum November
5 Helps Us Respond to Challenges and Pressures Budget Forum November
6 Helps Us Tell Our Story Budget Forum November
7 Budget Development Process Budget Forum November
8 Budget Seasons Budget Forum November
9 Building the Operating Budget Sources and Uses Budget Forum November
10 Sources Tuition and Fees Fees ($17 Million, 3%) Graduate ($201 Million, 30%) FISCAL YEAR 2018 BUDGET TUITION & FEES $ 663.3M Undergraduate ($446 Million, 67%) Budget Forum November TOTAL ON HAND $ 663.3M
11 Tuition Enrollment & Rates School Enrollment Rate Undergraduate 1 8,410 $ 49,645 School of Law 1 1,324 $ 57,385 Gabelli School of Business Graduate 2 1,216 $ 1,475 Graduate School of Education $ 1,367 Graduate School of Social Service 2 1,281 $ 921 Graduate School of Arts & Sciences $ 1,471 Graduate School of Religion and Religious Education $ Full-time enrollment, rate per academic year 2 Full-time equivalent, rate per credit hour Budget Forum November
12 Sources Auxiliary Revenue Food Services ($19 Million, 23%) Fordham Press ($1 Million, 1%) FISCAL YEAR 2018 BUDGET AUXILIARY REVENUE 83.6M Residence Halls ($63 Million, 76%) Budget Forum November TOTAL ON HAND $ 746.9M
13 Sources Other Revenue FISCAL YEAR 2018 BUDGET All Other ($17.5 Million, 40%) Grants ($2.6 Million, 6%) Private Gifts ($5 Million, 11%) OTHER REVENUE 43.7M Restricted Income ($9 Million, 21%) Investment Income ($10 Million, 22%) Budget Forum November TOTAL ON HAND $ 790.6M
14 Sources Total FISCAL YEAR 2018 BUDGET TOTAL SOURCES $ 790.6M Tuition and Fees Auxiliary Revenue Other Revenue Budget Forum November TOTAL ON HAND $ 790.6M
15 Uses Financial Aid FISCAL YEAR 2018 BUDGET Graduate ($36 Million, 17%) TOTAL SOURCES $ 790.6M FINANCIAL AID $ 211.6M Undergraduate ($176 Million, 83%) Budget Forum November TOTAL ON HAND $ 579.0M
16 Financial Aid Significance Average Net Price $49,645 $26,611 Budget Forum November
17 Financial Aid in $mil. $200 $175 Financial Aid Growth Over Time $150 $125 $100 $75 $50 $25 $- Undergraduate Graduate FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 Budget Undergraduate Graduate Budget Forum November
18 Uses Salaries & Wages FISCAL YEAR 2018 BUDGET Faculty ($118 Million, 45%) 795 full-time, 892 adjuncts Administrators ($95 Million, 37%) 1,128 TOTAL SOURCES $ 790.6M SALARIES & WAGES 260.3M Other ($1 Million, 1%) Students ($14 Million, 5%) 967 Union employees ($32 Million, 12%) 495 Budget Forum November TOTAL ON HAND $ 318.7M
19 Uses Fringe Benefits Tuition remission ($11 Million, 11%) Retirement plans ($19 Million, 19%) Tuition exchange ($1 Million, 1%) Other ($3 Million, 3%) FISCAL YEAR 2018 BUDGET TOTAL SOURCES $ 790.6M FRINGE BENEFITS 100.7M Taxes ($20 Million, 19%) Postretirement health benefits ($4 Million, 3%) Health insurance ($43 Million, 43%) Budget Forum November TOTAL ON HAND $ 218.0M
20 Uses Other Operating FISCAL YEAR 2018 BUDGET Security and maintenance ($21 Million) Utilities ($12 Million) TOTAL SOURCES $ 790.6M Contractors & consultants ($19 Million) Travel and meals ($12 Million) Supplies ($17 Million) OTHER OPERATING 145.9M Budget Forum November TOTAL ON HAND $ 72.1M
21 Uses Depreciation FISCAL YEAR 2018 BUDGET TOTAL SOURCES $ 790.6M DEPRECIATION 54.0M Budget Forum November TOTAL ON HAND $ 18.1M
22 Uses Interest on Debt FISCAL YEAR 2018 BUDGET Debt series FY 2018 interest 2008A (Campbell, Salice-Conley Halls) $3 Million 2011 (Law School, McKeon Hall) $4 Million 2012 (Refinancing) $1 Million 2014 (Martino Hall) $3 Million 2016 (Refinancing, 140 West) $6 Million TOTAL SOURCES $ 790.6M INTEREST 17.0M Budget Forum November TOTAL ON HAND $ 1.1M
23 Depreciation and Interest Some Examples Name: Campbell, Salice-Conley Halls Constructed: 2010 Cost: How funded: $108 million Debt Budget impact: Depreciation and interest Budget Forum November
24 Depreciation and Interest Some Examples Name: Law School/McKeon Hall Constructed: 2014 Cost: How funded: $256 million Debt, donations, cash Budget impact: Depreciation and interest Budget Forum November
25 Depreciation and Interest Some Examples Name: Martino Hall Purchased: 2015 Cost: How funded: $52 million Debt Budget impact: Depreciation and interest Budget Forum November
26 Uses Contingency FISCAL YEAR 2018 BUDGET Unfunded mandates Unplanned or unanticipated costs Non-routine, critical expenses TOTAL SOURCES $ 790.6M **Not for recurring costs** CONTINGENCY 0.8M Budget Forum November TOTAL ON HAND $ 0.3M
27 Uses Total FISCAL YEAR 2018 BUDGET TOTAL SOURCES $ 790.6M Financial Aid People (Salaries, Wages, Benefits) Operating (security, utilities, supplies, travel) Physical Campus (Buildings, Debt) TOTAL USES $ 790.3M Budget Forum November TOTAL ON HAND $ 0.3M
28 84%OF WHAT WE COLLECT COMES FROM TUITION AND FEES
29 11% OF WHAT WE COLLECT COMES FROM ROOM AND BOARD
30 5% OF WHAT WE COLLECT COMES FROM OTHER SOURCES
31 26%OF WHAT WE COLLECT IS USED TO GIVE FINANCIAL AID
32 32%OF WHAT WE COLLECT IS USED TO PAY SALARIES AND WAGES
33 12%OF WHAT WE COLLECT IS USED TO PAY FRINGE BENEFITS
34 19%OF WHAT WE COLLECT IS USED TO PAY OTHER COSTS OF OPERATION
35 9% OF WHAT WE COLLECT IS USED TO FUND BUILDING COSTS, DEPRECIATION AND INTEREST
36 1% OF WHAT WE COLLECT IS RESERVED FOR UNEXPECTED COSTS
37 The budget is balanced so what s the problem? We spend what we collect little opportunity for saving or new initiatives. $300,000 on-hand is not enough. More is needed. Increasing Revenues Sources Uses Decreasing Expenses Budget Forum November
38 Why On-Hand Amounts are Thin We expect to collect more in FY 2018 than 2017 Tuition increases ($27 Million) Room and board increases ($2 Million) Revenue increases ($29 Million) and expect to pay it all out Financial aid increases ($18 Million) Salary increases ($9 Million) Fringe benefit increases ($2 Million) Expense (increases ($29 Million) Budget Forum November
39 Operating Result in $ mil. Operating Results Have Declined Over Time $6.0 $5.0 $4.0 $3.0 $2.0 $1.0 $- $5.4 Million, 1.1% $0.6 Million, 0.1% $1.3 Million, 0.2% $0.3 Million, 0.1% $0.5 Million, 0.1% FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 Budget Budget Forum November
40 How Much On-Hand is Enough? Little On-Hand $0 to $5 Million Little cushion for unplanned costs Little room for strategic growth Some On-Hand $6 to $14 Million Strong finances Sources begin to significantly outweigh uses Sufficient On- Hand $15 to $20 Million Significant capacity for strategic growth and bold initiatives Budget Forum November
41 Making Strategic Choices Budget Forum November
42 Strategic Choices Higher Education Possibilities for Adding Sources and/or Trimming Uses Review financial aid allocations Eliminate less valuable programs Optimize dorm capacity Create new programs (e.g. cyber, health care) Grow international enrollment Selling/leasing assets (e.g. real estate) Giving for nonendowment purposes Voluntary separation and early retirement programs Eliminate redundant infrastructure Enhance teaching loads Corporate sponsorships and affiliations Monetize assets (parking, technology, infrastructure) Reduce capital spending Online Learning initiatives Outsource niche programs and services Reduce other operating expenses Optimize space/block schedule Optimize enrollment and retention Efficiencies Cost Reduction Revenue Growth Real Estate Budget Forum November
43 Budget Seasons Budget Forum November
44 Looking Ahead Budget Forum November
45 Fordham s Strategic Plan Budget Forum November
46 In a dynamic University community, perspectives abound. Budget Forum November
47 Budget Forum November
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