Financial and Administrative Budget Updates May 9, 2023
FY23 projection shows margin improvement in Q3 with revenue and expenses breakdown. FY24 budget includes guidance on additional state appropriations and COLA increase. Capital plan review focuses on resources, compliance, and strategic alignment.
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F&A Budget Updates May 9, 2023
FY23 Projection (Q3) Margin improvement from 0% to 1.8% ($9.0M) Revenue Gross Tuition & Fees Tuition Discounts Net Tuition & Fees Grants ESS Auxiliary Enterprises Other Operating State Approp. Other Non Operating Total Revenues % Growth from FY22 Expenses Salary & Fringe Non-Personnel Scholarships/Fellowships Depreciation Interest Total Expenses % Growth from FY22 Operating Margin Total Revenues Total Expenses Surplus / (Deficit) Operating Margin % FY23 Budget Projection (Q3) 258,097 (78,360) 179,736 61,799 1,652 12,756 2,586 171,424 40,544 470,496 -2.5% $ % Comments 259,537 (86,292) 173,246 75,456 2,343 14,891 2,677 187,237 44,540 500,391 3.7% 1,441 (7,931) (6,491) 13,657 2,135 15,813 3,997 29,894 0.6% Int'l enrollment, T&F rate/structure 10.1% Restricted/Merit/Shorelight -3.6% 22.1% Direct revenue/RTF/Advancement 41.9% 16.7% Dining/Parking 3.5% 9.2% Financial Aid, Inflation, Discretionary 9.9% GASB 87/Cell tower/TFI return/Gifts 6.4% 691 Additional state support is the largest positive impact 91 Enrollment down (net) but gross T&F revenue up 289,333 108,864 20,593 33,919 17,787 470,496 298,011 121,628 18,141 34,390 19,220 491,391 2.0% 8,678 12,764 (2,452) 1,433 20,894 3.0% Restricted/student worker & GEO/accruals 11.7% Restricted/Shorelight/utilities -11.9% Net with Tuition Discounts above 1.4% 8.1% SDQD Commerical paper 4.4% 471 Able to push ARPA funds ($3M) to support FY24 (one-time) -2.3% 470,496 470,496 - 0.0% 500,391 491,391 9,000 1.8% 29,894 20,894 9,000 6.4% 4.4% 100.0% Summer tuition revenue and year-end costs??
FY24 Budget Update UMPO guidance excluded some state funds received in current year Submitted a balanced budget Governor s Budget (House 1) January House Ways & Means Budget - April Updated guidance/campuses resubmitted budgets with: Additional state appropriations (Inflation, financial aid, mental health, etc.) COLA increase up from guidance at 2.5% to 4% July/4% January Net better position than original submission Senate Ways & Means Budget (May) UMASS Board of Trustees meets June 1st Conference Committee Budget (June) Governor veto/Legislative override (June/July)
FY24-28 Capital Plan Review Resources tightening Compliance project costs Title IX Safety/Risk General cost increases Inflation Review of planed projects based on: Use of external (state/grant/gift) and/or alternative funds (RTF/Lab) Net positive operating budget impacts Alignment with Strategic/Master plans Facilities bandwidth Total reserves in excess of cash generated from depreciation limt of $20M
