University of Toledo Financial Analysis: FY2011-FY2015 Budget Comparison & Projections
The financial analysis for the University of Toledo covers fiscal years 2011 to 2015, highlighting a decline in enrollment, state subsidies, and revenue. The management mitigated the impact through various measures such as tuition increases, expense reductions, and refinancing debt. The comparison shows changes in operating revenue, expenditures, and academic unit budgets over the five-year period.
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Office of Finance FY 2011-FY2015 Budget Comparison And 5 Year Projection 1
FY 2011-FY 2015 Historical Look back Fiscal Years 2011 through 2015 have been tumultuous in Higher Ed For UT that is defined by a decline in enrollment of 12%-$26M State Share of Instruction Subsidy decline of 13%-$17M Sales and Service Revenue decline of 16% (housing, meal plans, athletics)-$13M Rising healthcare/benefit costs-$3M These factors had a Total Impact of $60M in reduced Income Management has mitigated this impact and maintained a positive cash flow by Increasing tuition and fees Reducing interest expense: refinancing debt Reduction in FTE s; salaries Reducing Capital Expenditures Non-Salary expenses 2
FY 2011-FY 2015 Budget Comparison $23.5M Decline in Operating Revenue- 4.5% Decline in enrollment (offset by tuition/fee increases) State Share of Instruction/State Appropriations decline Sales and Service Revenue decline Other Revenue decline University of Toledo Academic Unit Comparison of FY2011 Budget vs FY2015 Budget (000's) FY2011 Budget $216,464 $130,993 $94,614 $80,448 $4,530 $527,050 FY2012 Budget $226,363 $119,437 $93,558 $86,944 $2,313 $528,615 FY2013 Budget $230,084 $126,837 $95,006 $74,720 $3,041 $529,689 FY2014 Budget $218,032 $111,678 $94,034 $69,595 $5,504 $498,843 FY 2015 Budget $224,830 $113,678 $94,184 $67,747 $3,091 $503,530 $ Change $8,366 -$17,316 -$431 -$12,701 -$1,439 -$23,520 % Change Net Tuition and Fees SSI/Other Appropriations Grants, Gifts and Contracts Sales and Service Other Revenue Total Operating Revenue 3.9% -13.2% -0.5% -15.8% -31.8% -4.5% Total Enrollment by Level FY2010 Fall Enrollment- Headcount FY2015 Fall Enrollment- Headcount FY2010 Fall Enrollment- FTE FY2015 Fall Enrollment- FTE Enrollment Undergraduate Graduate Total $ Change % Change (2,041) (419) (2,460) $ Change % Change (2,069) (696) (2,364) 18,130 4,955 23,085 16,089 4,536 20,625 16,136 3,866 19,601 14,067 3,170 17,237 3 -11% -12%
FY 2011-FY 2015 Budget Comparison University of Toledo Academic Unit Comparison of FY2011 Budget vs FY2015 Budget (000's) FY2011 Budget $221,762 $87,159 $188,128 $30,000 $13,214 $540,263 FY2012 Budget $217,190 $82,419 $193,005 $36,000 $11,884 $540,499 FY2013 Budget $215,653 $86,466 $190,869 $36,700 $11,493 $541,182 FY2014 Budget $213,777 $87,994 $185,757 $38,500 $11,314 $537,343 FY 2015 Budget $216,198 $89,116 $184,353 $41,763 $9,777 $541,206 $ Change -$5,564 $1,957 -$3,775 $11,763 -$3,437 % Change -2.5% Salaries Benefits Non-Salary Expense Depreciation Interest Total Expenses 2.2% -2.0% 39.2% -26.0% 0.2% $943 Increase in Expenditures of $943K-.2% Salaries decreased due to 7.7% decrease in FTE s Benefit costs increased (healthcare and tuition waivers) Reduced Non-Salary (Operating Expense) Depreciation expenditures increased FY2010 Fall - FTE FY2015 Fall - FTE Employee FTE's Faculty, Admin, Other Staff % Change -7.7% 3,453 3,189 4
FY 2010-FY 2015 Budget Comparison University of Toledo Academic Unit Comparison of FY2011 Budget vs FY2015 Budget (000's) FY2014 Budget $498,843 $537,343 FY 2015 Budget $503,530 $541,206 FY2011 Budget FY2012 Budget FY2013 Budget $527,050 $528,615 $540,263 $540,499 $ Change -$23,520 % Change Total Operating Revenue Total Expenses $529,689 $541,182 $943 Margin -$13,214 -$11,884 -$11,493 -$38,500 -$37,676 -$24,462 Add Back Non-Cash Expense (Depreciation) Principal Payment on Debt Transfer from UTMC State Captal Appropriations Capital Expenditures Interest Income Unrealized Gains/(losses) on Investments Budgeted Cash Flow $30,000 -$7,354 $8,793 $15,500 -$30,000 $220 -$2,500 $1,445 $36,000 -$5,992 $10,000 $36,700 -$4,521 $10,000 $2,700 -$30,000 $220 $38,500 -$5,206 $11,615 $41,763 -$7,384 $14,400 $11,800 -$23,800 $2,400 $11,763 -$30 $5,607 -$3,700 $6,200 $2,180 $2,500 39.2% 0.4% 63.8% -23.9% -20.7% 990.9% -100.0% $0 -$28,000 $220 $1,728 $2,072 -$3,700 $325 $3,034 5 $3,605 $1,503 $58
Items Negatively Affecting Financial condition during this time period and Managements response Management action to offset the Negative Items Increased Tuition and Fees Reduced Interest Expense Managed Salaries by reduction in FTE's Managed Non-Salary Expense Increased Transfer from UTMC Reduced Capital Expenditures Increased Interest Income Unrealized Gains/Losses Total Management Action Total Impact Items Negatively Affecting Financial Condition Reduction in State Share of Instruction/State Appropriations $17,316 Reduction in Sales and Service Revenue Reduction in Other Revenue Reduction in State Capital Appropriations Increase in Benefits Total Impact $8,366 $3,437 $5,564 $3,775 $5,607 $6,200 $2,180 $2,500 $37,630 Total Impact $12,701 $1,439 $3,700 $1,957 $37,113 12% Decline in Enrollment (Estimated impact $26,107 )**Not shown in numbers above Auxiliary Revenue (in millions) $90,000 $85,000 $86,944 $80,000 $80,448 $80,051 $75,000 $74,720 $70,000 Auxiliary Revenue $69,595 $65,000 $67,747 $60,000 $55,000 6 $50,000 FY2010 Budget FY2011 Budget FY2012 Budget FY2013 Budget FY2014 Budget FY 2015 Budget *FY2013 student bookstore moved to UT Foundation
FY 2016 Budget Development University of Toledo Academic Unit FY 2016 Budget Development FY2015 Adjusted Budget Adjustments to Base Budget FY 2016 Base Budget Adjusted FY 2016 Budget Revenue Tuition and Fees Scholarships and Other Aid $288,663 -$64,390 $224,273 $113,678 $86,717 $6,933 $70,226 $4,235 $506,062 $288,663 -$64,390 $224,273 $113,678 $86,717 $6,933 $70,226 $4,235 $506,062 $2,716 $1,680 $4,395 $1,000 $291,379 -$62,710 $228,669 $114,678 $86,717 $6,933 $71,134 $4,235 $512,366 State Share of Instruction Government Grants and Contracts Non Government Gifts and Contracts Sales and Service Other Revenue Total Revenue $908 $6,303 FY2016 Adjusted Budget reflects FY2015 Fall Enrollment Decline and a 3% Increase in both Undergrad Enrollment and Tuition and Fees 7
FY 2016 Budget Development University of Toledo Academic Unit FY 2016 Budget Development FY2015 Adjusted Budget Adjustments to Base Budget FY 2016 Base Budget Adjusted FY 2016 Budget Expenses Salaries Benefits Outside Purchased Services Supplies Seminars and Travel Information and Communication Occupancy Provision for doubtful accounts Pooled Designated and other funds Insurance Reimbursement from Hospital Cost of Goods Sold-Aux. Services Leases Miscellaneous Grants and contracts Carry Forward Operating Exp. Athletics-Full Cost of Attendance Recruitment of President, Provost, VP of Finance, etc. Depreciation Interest Expense $221,622 $88,940 $24,445 $22,827 $7,264 $10,976 $16,795 $3,561 $4,120 $1,353 -$5,182 $19,459 $434 $2,205 $77,505 $221,622 $88,940 $24,445 $22,827 $7,264 $10,976 $16,795 $3,561 $4,120 $1,353 -$5,182 $19,459 $434 $2,205 $77,505 $4,342 $2,000 $489 $457 $145 $220 $1,450 $225,964 $90,940 $24,934 $23,284 $7,409 $11,196 $18,245 $3,561 $5,000 $1,380 -$5,182 $19,848 $434 $2,205 $77,505 $1,142 $1,100 $250 $43,900 $9,469 $562,583 2% increase in salaries for eligible employees Estimated increase in health benefits 2% inflation 2% inflation 2% inflation 2% inflation 9% adjusted electricity rates $880 $27 Increase reserves to 5,000,000 2% inflation $389 2% inflation $1,142 $1,100 $250 $2,137 -$302 $14,726 25% is operating exp. Of the 33% of 13.84 million $41,763 $9,771 $547,858 $41,763 $9,771 $547,858 8 Margin -$41,795 -$41,795 -$8,422 -$50,218
FY 2016 Budget Development University of Toledo Academic Unit FY 2016 Budget Development FY2015 Adjusted Budget -$41,795 Adjustments to Base Budget -$8,422 FY 2016 Base Budget -$41,795 Adjusted FY 2016 Budget -$50,218 Margin Cash Impact Add Back Depreciation Principal Payment on Debt Transfer from Hospital State Capital Appropriations Capital Expenditures Capital Expenditures (From Carry Forward) Change in Cash $41,763 -$7,384 $14,400 $11,800 -$23,800 $41,763 -$8,559 $14,400 $11,800 -$21,900 $2,137 $43,900 -$8,559 $14,400 $11,800 -$43,900 -$3,426 -$36,002 -$22,000 $3,426 -$24,859 * -$5,016 -$4,291 9 * Assumes fully funded depreciation
5 Year Forecast-FY2016-FY2020 3% Enrollment and Related Services FY2015 Adjusted Budget Adjustments to Base Budget FY 2016 Base Budget Adjusted FY 2016 Budget Cash Impact Change in Cash -$5,016 -$4,291 -$24,859 -$36,002 Increase in Expenses in FY2017- FY2020 Annual Salary Increase of 2%- $4.6M annually Annual Benefit Costs Increase of 2%-$1.8M annually Inflation of 2%-Increases in Operational costs-$2.2M annually Depreciation annual Increase of $2.2M Decrease in Principal & Interest on Debt -$200k annually Total Increased Expenses $42.7M Increased Expenses or Other Changes FY 2017 FY 2018 FY2019 FY2020 2% annual salary increase 2% annual benefit increase 2% inflation on non-salary expense (operating costs) Changes in Principal and Interest on Debt Changes in Depreciation Cumulative total $4,419 $1,782 $8,927 $13,525 $3,600 $18,215 $7,346 $5,455 $2,126 $4,294 $6,506 $8,762 $105 $2,100 $10,533 -$25 $4,300 $21,096 $31,022 -$1,064 $6,600 -$634 $9,000 $42,689 10
5 Year Forecast-FY2016-FY2020 3% Enrollment and Related Services FY2015 Adjusted Budget Adjustments to Base Budget FY 2016 Base Budget Adjusted FY 2016 Budget Cash Impact Change in Cash -$5,016 -$4,291 -$24,859 -$36,002 Management Actions in FY2016-FY2020 3% Annual Increase of Tuition/Fees (undergrad)-$4.6M Average/annually 3% Annual Net Increase in Enrollment & Related Services (undergrad)-$5.4M Average/annually Reduce Capital Spend to 52% funded depreciation in 2016 to 83% in 2020 Faculty Retirement Savings-$1M Increase Auxiliary Margin- $1M Additional Management Actions $48.3M Management Action Items FY 2016 $0 $0 -$725 $22,000 $1,000 FY 2017 $4,497 $5,279 -$1,450 $16,000 $1,000 $1,000 $26,326 FY 2018 $9,128 $10,717 -$2,175 $14,000 $1,000 $1,000 $33,670 FY2019 $13,899 $16,317 -$2,900 $10,000 $1,000 $1,000 $39,316 FY2020 $18,812 $22,086 -$3,625 $9,000 $1,000 $1,000 $48,273 Increase Tuition and Fee (Undergrads) Increase Enrollment & Related Services (Undergrads) Faculty expenses-Enrollment related growth Reduce Capital Spend Faculty Retirement Savings Improve Auxilliary Margin Cumulative Total 11 $22,275 Increase in Tuition/Fees and Enrollment for 2016 are included in 2016 s Adjusted Budget of $-36M
5 Year Forecast-FY2016-FY2020 3% Enrollment and Related Services FY 2016 Budget -$36,002 -$36,002 -$36,002 -$36,002 -$36,002 Increased Expenses or Other Changes 2% annual salary increase 2% annual benefit increase 2% inflation on non-salary expense (operating costs) Changes in Principal and Interest on Debt Changes in Depreciation Cumulative total FY 2016 FY 2017 $4,419 $1,782 $2,126 $105 $2,100 $10,533 FY 2018 $8,927 $3,600 $4,294 -$25 $4,300 $21,096 FY2019 $13,525 $5,455 $6,506 -$1,064 $6,600 $31,022 FY2020 $18,215 $7,346 $8,762 -$634 $9,000 $42,689 Management Action Items FY 2016 $0 $0 -$725 $22,000 $1,000 FY 2017 $4,497 $5,279 -$1,450 $16,000 $1,000 $1,000 $26,326 FY 2018 $9,128 $10,717 -$2,175 $14,000 $1,000 $1,000 $33,670 FY2019 $13,899 $16,317 -$2,900 $10,000 $1,000 $1,000 $39,316 FY2020 $18,812 $22,086 -$3,625 $9,000 $1,000 $1,000 $48,273 Increase Tuition and Fee (Undergrads) Increase Enrollment & Related Services (Undergrads) Faculty expenses-Enrollment related growth Reduce Capital Spend Faculty Retirement Savings Improve Auxilliary Margin Cumulative Total $22,275 Cumulative Surplus (Deficit) -$13,727 -$20,209 -$23,429 -$27,708 -$30,418 Additional Management Action Required $14,000 $21,000 $24,000 $28,000 $31,000 12 Improvement in Cash Flow (Before Investment Income) $273 $791 $571 $292 $582
5 Year Forecast-FY2016-FY2020 3% Enrollment and Related Services FY 2016 FY 2017 FY 2018 FY2019 FY2020 Cumulative Surplus (Deficit) -$13,727 -$20,209 -$23,429 -$27,708 -$30,418 Additional Management Action Required $14,000 $21,000 $24,000 $28,000 $31,000 Improvement in Cash Flow (Before Investment Income) $273 $791 $571 $292 $582 Investment Income @ 5.5% ROR $9,500 $10,023 $10,574 $11,155 $11,769 Principal Payments on Debt $8,559 $9,053 $9,341 $8,750 $9,595 Improvement in Net Assets $18,331 $19,866 $20,486 $20,197 $21,945 FY 2016 $22,000 -$11,000 $11,000 52% FY 2017 $28,000 -$11,000 $17,000 67% FY 2018 $30,000 -$11,000 $19,000 71% FY2019 $34,000 -$11,000 $23,000 81% FY2020 $35,000 -$11,000 $24,000 83% Capital Spend Less: State Appropriations Capital Funded From Operations % of Depreciation * Gradually increasing capital spend towards fully funding depreciation Allocation of Capital Facilities Provost IT Contingency $4,280 $3,056 $3,667 $5,667 $4,722 $5,667 $944 $6,333 $5,429 $6,333 $905 $7,667 $6,708 $7,667 $958 $7,111 $7,111 $7,111 $2,667 13
5 Year Forecast-FY2016-FY2020 Flat Enrollment FY2015 Adjusted Budget Adjustments to Base Budget FY 2016 Base Budget Adjusted FY 2016 Budget Cash Impact Change in Cash -$5,016 -$4,291 -$24,859 -$36,002 Increase in Expenses in FY2017- FY2020 Annual Salary Increase of 2%- $4.6M annually Annual Benefit Costs Increase of 2%-$1.8M annually Inflation of 2%-Increases in Operational costs-$2.2M annually Depreciation annual Increase of $2.2M Decrease in Principal & Interest on Debt -$200k annually Total Increased Expenses $42.7M Increased Expenses or Other Changes FY 2017 FY 2018 FY2019 FY2020 2% annual salary increase 2% annual benefit increase 2% inflation on non-salary expense (operating costs) Changes in Principal and Interest on Debt Changes in Depreciation Cumulative total $4,419 $1,782 $8,927 $13,525 $3,600 $18,215 $7,346 $5,455 $2,126 $4,294 $6,506 $8,762 $105 $2,100 $10,533 -$25 $4,300 $21,096 $31,022 -$1,064 $6,600 -$634 $9,000 $42,689 14
5 Year Forecast-FY2016-FY2020 Flat Enrollment (000 s) FY2015 Adjusted Budget Adjustments to Base Budget FY 2016 Base Budget Adjusted FY 2016 Budget Cash Impact Change in Cash -$5,016 -$4,291 -$24,859 -$36,002 Management Actions in FY2016-FY2020 3% Annual Increase in Tuition/Fees (undergrad)-$4.6M Avg./annually Increase Enrollment and Related Services by 3% in FY2016, Flat FY2017-2020 Reduce Capital Spend to 52% funded depreciation in 2016 to 83% in 2020 Faculty Retirement Savings-$1M Increase Auxiliary Margin- $1M Additional Management Actions $29M Management Action Items FY 2016 $0 $0 -$725 $22,000 $1,000 FY 2017 $4,497 $0 -$725 $16,000 $1,000 $1,000 $21,772 FY 2018 $9,128 $0 -$725 $14,000 $1,000 $1,000 $24,403 FY2019 $13,899 $0 -$725 $10,000 $1,000 $1,000 $25,174 FY2020 $18,812 $0 -$725 $9,000 $1,000 $1,000 $29,087 Increase Tuition and Fee (Undergrads) 3% Annually Increase Enrollment & Related Services (Undergrads) Faculty expenses-Enrollment related growth Reduce Capital Spend Faculty Retirement Savings Improve Auxilliary Margin Cumulative Total 15 $22,275 Increase in Tuition/Fees and Enrollment for 2016 are included in 2016 s Adjusted Budget of $-36M
5 Year Forecast-FY2016-FY2020 Flat Enrollment FY 2016 Budget -$36,002 -$36,002 -$36,002 -$36,002 -$36,002 Increased Expenses or Other Changes 2% annual salary increase 2% annual benefit increase 2% inflation on non-salary expense (operating costs) Changes in Principal and Interest on Debt Changes in Depreciation Cumulative total FY 2016 FY 2017 $4,419 $1,782 $2,126 $105 $2,100 $10,533 FY 2018 $8,927 $3,600 $4,294 -$25 $4,300 $21,096 FY2019 $13,525 $5,455 $6,506 -$1,064 $6,600 $31,022 FY2020 $18,215 $7,346 $8,762 -$634 $9,000 $42,689 Management Action Items FY 2016 $0 $0 -$725 $22,000 $1,000 FY 2017 $4,497 $0 -$725 $16,000 $1,000 $1,000 $21,772 FY 2018 $9,128 $0 -$725 $14,000 $1,000 $1,000 $24,403 FY2019 $13,899 $0 -$725 $10,000 $1,000 $1,000 $25,174 FY2020 $18,812 $0 -$725 $9,000 $1,000 $1,000 $29,087 Increase Tuition and Fee (Undergrads) 3% Annually Increase Enrollment & Related Services (Undergrads) Faculty expenses-Enrollment related growth Reduce Capital Spend Faculty Retirement Savings Improve Auxilliary Margin Cumulative Total $22,275 Cumulative Surplus (Deficit) -$13,727 -$24,764 -$32,696 -$41,850 -$49,604 Additional Management Action Required $14,000 $25,000 $33,000 $42,000 $50,000 16 Improvement in Cash Flow (Before Investment Income) $273 $236 $304 $150 $396
5 Year Forecast-FY2016-FY2020 Flat Enrollment FY 2016 FY 2017 FY 2018 FY2019 FY2020 Cumulative Surplus (Deficit) -$13,727 -$24,764 -$32,696 -$41,850 -$49,604 Additional Management Action Required $14,000 $25,000 $33,000 $42,000 $50,000 Improvement in Cash Flow (Before Investment Income) $273 $236 $304 $150 $396 Investment Income @ 5.5% ROR $9,500 $10,023 $10,574 $11,155 $11,769 Principal Payments on Debt $8,559 $9,053 $9,341 $8,750 $9,595 Improvement in Net Assets $18,331 $19,312 $20,219 $20,055 $21,760 FY 2016 $22,000 -$11,000 $11,000 52% FY 2017 $28,000 -$11,000 $17,000 67% FY 2018 $30,000 -$11,000 $19,000 71% FY2019 $34,000 -$11,000 $23,000 81% FY2020 $35,000 -$11,000 $24,000 83% Capital Spend Less: State Appropriations Capital Funded From Operations % of Depreciation * Gradually increasing capital spend towards fully funding depreciation Allocation of Capital Facilities Provost IT Contingency $4,280 $3,056 $3,667 $5,667 $4,722 $5,667 $944 $6,333 $5,429 $6,333 $905 $7,667 $6,708 $7,667 $958 $7,111 $7,111 $7,111 $2,667 17
FY 2011-FY 2015 Budget Comparison University of Toledo UTMC Comparison of FY2011 Budget vs FY2015 Budget (000's) FY2014 Budget $258,984 $17,369 $276,352 FY 2015 Budget $273,421 $13,916 $287,338 FY2011 Budget FY2012 Budget FY2013 Budget $253,911 $249,083 $14,895 $268,806 $258,956 $ Change $19,510 % Change Net Patient Revenue Other Revenue Total Operating Revenue $256,264 $11,649 $267,913 7.7% -6.6% 6.9% $9,873 -$979 $18,532 $18.5M or 6.9% increase in Operating Revenue Growth in Cancer Treatment Growth in Emergency Room visits Growth in Clinic volume (new locations) Growth in Kidney Transplants, Vascular Surgery, GI, Interventional Neurology, LVAD (Heart), Pain Services, Wound services, Rehab Services, Behavioral Health, etc.. Improved contracts with commercial payers Increased complexity of inpatients, CMI went from 1.6976 to 1.7977 CMI: a relative value assigned to a diagnosis-related group of patients in a medical care environment. The CMI value is used in determining the allocation of resources for the care and/or treat of patients. 18
FY 2011-FY 2015 Budget Comparison University of Toledo UTMC Comparison of FY2011 Budget vs FY2015 Budget (000's) FY2014 Budget $258,984 $17,369 $276,352 FY 2015 Budget $273,421 $13,916 $287,338 FY2011 Budget FY2012 Budget FY2013 Budget $253,911 $249,083 $14,895 $268,806 $258,956 $ Change $19,510 % Change Net Patient Revenue Other Revenue Total Operating Revenue $256,264 $11,649 $267,913 7.7% -6.6% 6.9% $9,873 -$979 $18,532 $ % Change Change FY10 FY11 FY12 FY13 FY14 Admissions/Observation Pts. 13,087 13,004 13,482 13,444 13,501 414 3.2% Staffed Beds Acute Rehabilitation Psychiatric FY9 180 22 16 FY10 180 22 16 FY11 186 22 16 FY12 200 22 16 FY13 209 22 16 FY14 211 22 16 Total Patient Days 64,620 59,718 58,292 63,509 59,515 -203 -0.3% Clinic Visits 195,531 215,616 216,808 205,292 205,260 9,729 5.0% 18 267 Geri Psych Total Emergency Visits 31,197 32,594 34,937 34,800 33,989 2,792 8.9% 218 218 224 238 247 19 I/P Surgeries O/P Surgeries Total Surgeries 4,387 5,385 9,772 4,138 5,638 9,776 4,359 5,685 10,044 4,205 5,670 9,875 4,210 5,614 9,824 -177 229 52 -4.0% 4.3% 0.5%
FY 2011-FY 2015 Budget Comparison University of Toledo UTMC Comparison of FY2011 Budget vs FY2015 Budget (000's) FY2011 Budget FY2012 Budget FY2013 Budget FY2014 Budget FY 2015 Budget $103,125 $103,310 $103,453 $26,732 $25,865 $116,367 $107,609 $113,448 $14,024 $14,024 $3,655 $4,869 $263,903 $255,678 $264,679 $ Change % Change Salaries Benefits Non-Salary Expense Depreciation Interest Total Expenses $108,558 $28,062 $117,219 $15,925 $4,602 $274,365 $113,101 $29,017 $115,336 $16,833 $4,251 $278,537 $9,976 $2,285 -$1,032 $2,809 $596 $14,634 9.7% 8.5% -0.9% 20.0% 16.3% 5.5% $27,312 $15,743 $4,724 Increase in Expenditures of $14.6M or 5.5%. Salary Expenses increased on average 2.5% annually due staffing increases (i.e., New Clinics and Cancer Treatment) and wage increases. Benefit costs increased (healthcare and tuition waivers) Increase in supply costs, kidney acquisition, pharmaceutical sales. Depreciation expenditures increased Purchased Services increased related to software and equipment maintenance. 20
FY 2010-FY 2015 Budget Comparison University of Toledo UTMC Comparison of FY2011 Budget vs FY2015 Budget (000's) FY2011 Budget $253,911 $14,895 $268,806 FY2012 Budget $249,083 $9,873 $258,956 FY2013 Budget $256,264 $11,649 $267,913 FY2014 Budget $258,984 $17,369 $276,352 FY 2015 Budget $273,421 $13,916 $287,338 $ Change % Change $19,510 -$979 $18,532 Net Patient Revenue Other Revenue Total Operating Revenue 7.7% -6.6% 6.9% Total Expenses $263,903 $255,678 $264,679 $274,365 $278,537 $14,634 5.5% Margin $4,903 $3,278 $3,234 $1,987 $8,801 $3,898 FY2011 Budget $14,024 -$2,101 -$8,793 FY2012 Budget $14,024 -$4,128 -$10,000 FY2013 Budget $15,743 -$2,064 -$10,000 FY2014 Budget $15,925 -$7,049 -$11,615 FY 2015 Budget $16,833 -$6,606 -$14,400 $ Change % Change $2,809 -$4,505 -$5,607 $0 $2,000 -$1,406 Add Back Non-Cash Expense (Depreciation) Principal Payment on Debt Transfer to College of Medicine State Captal Appropriations Capital Expenditures (Funded from Operations) Budgeted Cash Flow 20.0% 214.5% 63.8% 0.0% -25.0% $0 $0 $0 $0 $0 $0 -$8,000 -$10,000 -$3,087 -$3,700 -$4,452 -$6,000 -$1,372 * $33 $3,174 21 * Does not include Capital Expenditures funded from Bond Debt
