Texas A&M University- Corpus Christi. Fiscal Year 2015 Operating Budget

Transcription

1 Texas A&M University- Corpus Christi Fiscal Year 2015 Operating Budget

2 Budget 2015 Overall Strategy items Fund fully 2014 mid-year merit/equity Enrollment Growth Instructional first priority due to anticipated large freshmen class (for conservative measure only used 2% SCH growth in revenue before factoring of new guaranteed plans growth) Employer benefit increase for self-supporting accounts to match State funded amounts - approximately 10% Research and Lone Star UAS Center of Excellence & Innovation 2

3 Budget Complexities for Guaranteed Tuition and Fee Plan Implementation All resident undergraduates (others increased but not guaranteed) 2.2% Inflation Index compounded over the term and averaged Semesters guaranteed based upon classification, forecasted income by classifications - never done before 2. Other Fee Increases in Focused Areas Only Health Center Fee (passed by Student Referendum) Athletic Fee (passed unanimously by SGA) Advising Fee College of Business Differential Tuition 3

4 Budget Complexities for University Services Fee (10 fees absorbed into this one fee) 4. Complexity of new format required reserving a portion of income from inflation index for future years as the guaranteed plan for a freshmen would mean no increase for 4 years on that population of students 5. Benefits increases, assessment increases, plan for new HR System 4

5 Guaranteed Tuition Rates (for Colleges other than Nursing and Business) TEXAS A&M UNIVERSITY - CORPUS CHRISTI Guaranteed Tuition and Fees Effective Fall % annual CPI increase FY 2015 Four Year Rates FY 2014 Rates (1) Inflation Adjusted Rate with Increases (2) $ Increase/ Semester % Increase Freshmen Cohort $ 3,864 $ 4,144 $ % Sophomore Cohort 3,864 4, % Junior Cohort 3,864 4, % Senior Cohort 3,864 4, % 1 Rates shown are based on 15 SCHs. Rates for students taking hours in excess of 15 SCHs will be calculated using the same methodology as rates above. 2 Includes increase in Advising Fee, Health Services Fee, and Athletic Fee. 5

6 FY Revenue Budget Comparison Budget Variance Revenues FY 2014 FY 2015 $ % State Appropriations $ 53,365, $ 52,441, $ (923,973.00) -1.73% Higher Education Fund 7,139, ,139, % Tuition and Fees (Gross) 76,635, ,770, ,135, % Contracts and Grants 18,599, ,288, ,689, % Student Financial Aid 20,393, ,166, , % Gifts 3,836, ,124, , % Sales and Services 6,673, ,887, ,214, % Investment Income 2,875, ,863, (11,675.00) -0.41% Other Income 347, , (104,500.00) % Discounts and Allowances - Tuition & Fees (15,666,243.00) (18,688,314.00) (3,022,071.00) 19.29% Total Revenue $ 174,197, $ 194,237, $ 20,039, % 6

7 Student Financial Aid 11% FY 2015 Revenue Budget Gifts 2% Sales Investment Other and Income Income Services 1% 0% 8% State Appropriations 27% Contracts and Grants 11% Higher Education Fund 4% Tuition and Fees (Net) 36% 7

8 FY Expense Budget Comparison E&G and DESIGNATED Budget Variance Expenditures FY 2014 FY 2015 $ % Personnel Costs - Faculty $ 32,917,094 $ 35,435,056 $ 2,517, % Personnel Costs - Non Faculty 25,557,302 27,599,322 $ 2,042, % Personnel Costs - Wages - Student 1,892,123 2,157,829 $ 265, % Personnel Costs - Benefits 16,757,005 17,429,558 $ 672, % Utilities 4,545,542 4,448,212 $ (97,330) -2.14% Scholarships 7,814,182 8,473,773 $ 659, % Scholarship Discounts (4,480,885) (5,345,263) $ (864,378) 19.29% Equipment 5,209,497 9,251,990 $ 4,042, % O&M (Net) 18,120,441 22,472,208 $ 4,351, % Total Expenditure Budget $ 108,332,301 $ 121,922,685 $ 13,590, % 8

9 FY Expense Budget Comparison AUXILIARY Budget Variance Expenditures FY 2014 FY 2015 $ % Personnel Costs - Faculty $ 4,516 $ 52,516 $ 48, % Personnel Costs - Non Faculty 6,561,348 7,232,559 $ 671, % Personnel Costs - Wages - Student 673, ,982 $ 106, % Personnel Costs - Benefits 1,980,053 2,345,974 $ 365, % Utilities 859,859 1,010,891 $ 151, % Scholarships 3,399,987 3,737,012 $ 337, % Scholarship Discounts (1,054,360) (1,257,750) $ (203,390) 19.29% Equipment 546, ,218 $ (2,013) -0.37% O&M (Net) 6,372,098 6,010,198 $ (361,900) -5.68% Total Expenditure Budget $ 19,343,169 $ 20,455,600 $ 1,112, % 9

10 FY Expense Budget Comparison RESTRICTED Budget Variance Expenditures FY 2014 FY 2015 $ % Personnel Costs - Faculty $ 1,333,017 $ 2,123,534 $ 790, % Personnel Costs - Non Faculty 5,471,060 7,644,294 $ 2,173, % Personnel Costs - Wages - Student 1,084,818 1,312,788 $ 227, % Personnel Costs - Benefits 1,642,402 2,436,276 $ 793, % Utilities 394, ,800 $ 13, % Scholarships 23,727,238 25,538,181 $ 1,810, % Scholarship Discounts (10,130,998) (12,085,301) $ (1,954,303) 19.29% Equipment 1,130,242 2,475,072 $ 1,344, % O&M (Net) 7,336,454 9,494,386 $ 2,157, % Total Expenditure Budget $ 31,988,271 $ 39,347,030 $ 7,358, % 10

11 FY Expense Budget Comparison TOTAL CURRENT FUNDS Budget Variance Expenditures FY 2014 FY 2015 $ % Personnel Costs - Faculty $ 34,254,627 $ 37,611,106 $ 3,356, % Personnel Costs - Non Faculty 37,589,710 42,476,175 $ 4,886, % Personnel Costs - Wages - Student 3,650,378 4,250,599 $ 600, % Personnel Costs - Benefits 20,379,460 22,211,808 $ 1,832, % Utilities 5,799,439 5,866,903 $ 67, % Scholarships 34,941,407 37,748,966 $ 2,807, % Scholarship Discounts (15,666,243) (18,688,314) $ (3,022,071) 19.29% Equipment 6,885,970 12,271,280 $ 5,385, % O&M (Net) 31,828,993 37,976,792 $ 6,147, % Total Expenditure Budget $ 159,663,741 $ 181,725,315 $ 22,061, % 11

12 O&M (Net) 21% Expense Budget FY 2015 Equipment 7% Scholarships 10% Personnel Costs 59% Utilities 3% 12

13 New Allocations from Tuition and DT New Allocations Amount Faculty, Adjuncts and Associated Benefits $ 1,816,360 Faculty Recruitment/Research Support Start-Up Funding 203,000 Other Research and Graduate Program Support 163,555 Student Services 65,000 Student Wages 20,000 Marketing and Development Support 113,603 Data Warehouse Support/Staffing and Associated Benefits 330,200 Security Staffing and Associated Benefits 46,280 Human Resources Staffing and Associated Benefits 54,200 Other Administrative Support/Staffing 248,729 Facilities Contractual Increase and System Assessments 165,000 Total New Allocations $ 3,225,927 13

14 Budget for Beyond 2015 Overall Strategy Items Being Considered System led Initiatives Example New HR System Momentum 20/20 will have Linkage to Budget Lone Star UAS Faculty Excellence Student Support (Financial Aid, Jobs) Research Excellence and Support Library Excellence IT Infrastructure and Support Security/Safety/Environment 14

15 Questions? 15