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Budget Allocation Advisory Council Budget Overview December 15, 2014 http://mubudget.missouri.edu/ 1 Financial Reports & Background Public Financial Reports • Changes In Net Position • Statement of Revenues, Expenses and Changes in Net Position – by Fund http://www.umsystem.edu/ums/fa/controller/financial-reports 2 Funding Sources Fiscal Year 2015 Budget Operating Fund Targeted Tuition & Student Fees Restricted Appropriations Grants & Contracts Gifts, Endowment & Investment Income Enterprise Operations Total Revenue $608M 108M 30M 163M 73M 1,198M 27.9% 5.0% 1.4% 7.4% 3.3% 55.0% $2,180M 100% “Enterprise” Operations Fiscal Year 2015 Budget Hospitals & Clinics University Physicians Athletics University Stores Residential Life Campus Dining Veterinary Medicine Research Reactor Agriculture Parking KOMU Office of Research/Patent & Royalty Other $739M 162M 56M 53M 47M 30M 15M 14M 9M 8M 7M 4M 54M 61.7% 13.5% 4.7% 4.5% 3.9% 2.5% 1.2% 1.2% 0.8% 0.6% 0.6% 0.3% 4.5% $1,198M 100% General Operating Sources Total: $608M Fiscal Year 2015 Budget Operating Fund • State Appropriations $217M • Tuition $355M • Indirect Cost $36M Budget Cycle Overview July 1st December Long Range Planning Annual Budget Development Budget Management and Reporting June 30th Revenue Aspects of the Cycle – State Funding – Senate Bill 389 – MUSOP 7 State Appropriations for Operations FY 2001 – FY 2015 Millions 225 220 215 210 205 200 195 190 185 180 175 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Revenue Drivers FY 2001 – FY 2014 60% Head Count 50% 40% CPI 30% 20% 10% State Appropriations 0% -10% -20% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Head Count State Appropriations FY Based CPI SENATE BILL NO. 389 94TH GENERAL ASSEMBLY 2007 2 3 2 3 4 5 6 7 8 9 10 173.1000. The provisions of sections 173.1000 to 173.1006 shall be known and may be cited as the "Higher Education Student Funding Act". 173.1003. 1. Beginning with the 2008-2009 academic year, each approved public institution, as such term is defined in section 173.1102, shall submit its percentage change in the amount of tuition from the current academic year compared to the upcoming academic year to the coordinating board for higher education by July first preceding such academic year. 2. For institutions whose tuition is greater than the average tuition, the percentage change in tuition shall not exceed the percentage change of the consumer price index or zero, whichever is greater. 10 Consumer Price Index The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. CPI market basket major groups and examples: • • • • • • • • FOOD AND BEVERAGES (breakfast cereal, milk, coffee, chicken, wine, full service meals, snacks) HOUSING (rent of primary residence, owners' equivalent rent, fuel oil, bedroom furniture) APPAREL (men's shirts and sweaters, women's dresses, jewelry) TRANSPORTATION (new vehicles, airline fares, gasoline, motor vehicle insurance) MEDICAL CARE (prescription drugs and medical supplies, physicians' services, eyeglasses and eye care, hospital services) RECREATION (televisions, toys, pets and pet products, sports equipment, admissions); EDUCATION AND COMMUNICATION (college tuition, postage, telephone services, computer software and accessories); OTHER GOODS AND SERVICES (tobacco and smoking products, haircuts and other personal services, funeral expenses). 11 Strategic Operating Plan University of Missouri http://strategicoperatingplan.missouri.edu/ 12