Guest Shari Shuman attended to discuss two items: the current UNF budget, and some materials on assets, reserves and revenues that were anonymously provided to the Committee.
Current UNF Budget: The 2015-16 budget process was hampered by the legislature’s adjournment prior to establishing a state budget. This necessitated developing a University budget that was flat relative to the prior year. This projection included approximately $157 million in recurring funds (E&G) and approximately $12 million in non-recurring funds. The budget projected a 10,300 FTE enrollment and included reserves to accommodate an enrollment shortfall. Ms. Shuman shared a budget presentation provided to the Board of Trustees in May 2015, which details the budget projection: http://unf.novusagenda.com/agendapublic/CoverSheet.aspx?ItemID=2353&MeetingID=318.
The final E&G budget was approximately $161 million in recurring (E&G) funds. Ms. Shuman noted that Approximately 77% of the university budget is salaries and benefits; another 4% is utilities; this leaves very little that can be easily cut or reallocated. Academic Affairs received 68.5% of the 2015-16 budget’s E&G funds (approximately $107 million), versus 68.6% in 2014-15. The Committee requested information on how much of this amount went to Academic Affairs administration versus the department and programs, and Ms. Shuman will provide this.
Materials on Assets, Reserves and Revenues: An anonymous source provided four pages of figures on UNF finances to the Committee with an expression of concern. We forwarded these to Ms. Shuman for comment. The information had been generated by Administration and Finance with the intent of showing trends in UNF’s assets, income, and expenditures. Ms. Shuman reviewed the figures with the Committee, explaining the trends evidenced in each of the four tables and graphs. A number of events provide context for the trends related to assets, debt and expenditures, including the purchase of The Flats and the Eastpark warehouse, construction of the new Wellness Center and Dining Commons, and changes in the funding structure for major construction projects (e.g. ability to finance through bonds). The University has also had an increase in post-employment liabilities since 2011. Reserves are now trending up, and net operating revenue will continue to trend upward as well. The figures will be updated in January to reflect some changes based on new accounting for pensions.
Finally, Ms. Shuman addressed a question regarding how funding is being allocated to improve UNF’s performance on the BOG metrics. She noted that additional funds for Career Services, particularly in COAS, were targeted toward the post-graduation employment metric; additional funds for advising and the Enrollment Services Call Center were targeted toward the retention and graduation metrics; and funds to increase student capacity in BCOH would address the STEM degree generation metric.