Transcript AMS Wage Review

Final Budget 2014-2015
Office of the Vice President Finance
Presented by: Mateusz Miadlikowski
Overview
1. Final Budget- Purpose
2. Process
3. Finances- breakdown
4. Funds- transfers
5. Current financial situation
6. Moving forward
Purpose
FINAL BUDGET
Purpose
• Code: Article 8(4):
– Final budget shall include the budget projections adopted
by Council the previous year, the actual expenditures and
revenues to date, variances, and the next fiscal year‟s
budget projections for all the Society‟s operations,
including but not limited to the business operations.
– final budget shall provide a detailed breakdown of
revenues and expenditures within each department of the
Society, a department in this context meaning an individual
student service, Commission, business, staff department
or position, executive member, and so forth.
Step by step
PROCESS
Process
•
Internal review of Actuals 13/14- not final
•
Departments:
– Documents sent: handbook, budget template for each department
– Required Documents: filled budget template, priorities, justifications, statement,
presentation
•
Review by the VP Finance
•
Individual meetings with the heads of departments- VP Finance and
Executive Director
•
Final Review, adjustments, consolidation
•
Submission to the Budget Committee
•
Budget Committee’s review
– Meetings with heads of departments and executives
•
Adjustments of the Budget, provision of additional information
•
Submission to the AMS Council
Features of the 2014-2015
Budgeting Process
• Decentralized process
– Involvement of departments/ consultations
• Bottom- up approach
– Involvement of all departments
• Ongoing consultations
– Ongoing communication/ multiple rounds of review
• Zero based
– Full justification of expenses
• Sustainability and future planning
– Long term vision/ fiscal year in perspective
• Creative thinking
– Not following previous budgets/ reorganization
• Realistic planning/avoiding budgeting slack
– Overestimation of expenses/ underestimation of revenues
– Solution: Required justifications and multiple rounds of review
Proposal Requirements
• Purpose
• Goals
• Projects/Functions
• Rank & Prioritize
• Formulation of Expenses
• Justification
• Filled out budget template
Evaluation
•
•
•
•
Identified Purpose
Realistic Goals
Prioritized Projects
Proper Justification of each
expense
• Metrics
• Student Focus- AMS mission
statement
• Realistic and Researched
Numbers
AMS Mission
Statement
To improve the
quality of the
educational,
social, and
personal lives of
the students of
UBC.
AMS Values
Honesty
Effectiveness
Accountability
Respect
Teamwork
Breakdowns
FINANCES
Revenues
Total fees:
17,562,124
Business
Contribution:
485,694
Investment
Returns:
275,000
TOTAL REVENUES FROM
FEES
BUSINESSES
INVESTMENTS
TOTAL
REVENUE:
18,322,818
Student Fees
General Fee
Capital Projects Fund Fee
Student Aid Bursary Fee
Athletics and Intramural Fee
University and External Lobbying Fee
Student Services Fee
Ombudsperson Fee
Sexual Assault Support Services Fee
SUB Renewal Building Fee
WUSC Fee
Resource Groups Fee
Lighter Footprint Fee
International Fee
Bike Kitchen Fee
Clubs Benefit Fee
Childcare Bursary Levy Fee
CiTR Fee
Student Legal Fund Fee
Health and Dental Fee
Graduating Class and Constituency Fees
Student Fees
• Expected Number of Students
– Average of the previous 3 years
46,604 Students
60,000
50,000
40,000
30,000
20,000
10,000
0
2014-2015 Year
Prediction
2012-2013 Actuals
2011-2012 Actuals
2010-2011 Actuals
2009-2010 Actuals
Discretionary Funds
•
Non- discretionary
allocations:
15,760,023
•
Net Discretionary
Income:
1,776,998
•
Total transfers from
Funds
Net Discretionary
Income
Transfers from
funds:
432,372
•
Businesses:
485,694
•
Investments:
275,000
Businesses
•
Administration:
- 809,828
Investments
•
Total Income:
2,185,339
•
FY 2013-14:
1,161,256
Total Operations Income
• Revenue
Total Fees:
17,562,124
NonDiscretionary -15,760,023
Business
485,694
Investments
275,000
Administration -809,828
• Transfers
SASC:
Services
New SUB
External/University
________________________
Net Dis. Income $1,752,967
________________________
________________________
______
Add Net Dis. Income
$432,372
Total
$ 2,185,339
130,642
239,502
26,078
37,650
•
Expenditures
Total Student
Government
764,780
•
Total Student
Services
464,869
•
Total Programs
and Publications
348,062
•
TOTAL STUDENT
GOVERNMENT
TOTAL STUDENT
SERVICES
TOTAL PROGRAMS AND
PUBLICATIONS
CONTINGENCY
Contingency
87,648
• TOTAL
EXPENDITURE:
1,577,711
Transfers from funds
• January 2014 Referendum eliminated fees:
– University and External Lobbying- $4.14
– Services- $7.25
• But the restricted funds still exist:
– U & EL- $40,462.81
– Services- $561,077.46
• Plan:
– use the funds until they reach zero
– eliminate the structural deficit
• Without the transfers still in a large surplus of:
$242K
Rationale
SURPLUS
Surplus
• High Surplus due to:
– Increased businesses’ contribution
• $ 485K estimated revenue
• $ 380K actual net contribution FY 13/14
– Budgeted $106K
• New SUB
– New structure of student fees
• Significant increase in discretionary funds
• But increased contingency
– Increased number of members
– Transfers from the funds
Surplus
• Projected Surplus FY 2014/15
$519,980
• Budget Committee shall:
– make recommendations about dealing with deficits, surpluses,
and unallocated revenue from donors and sponsors, in
accordance with Section IX B, Articles 4 and 5;
– If there is an unforeseen surplus, it shall be deposited in the
AMS Endowment Fund
• Protection from unpredictable businesses’ contribution
• Need to eliminate the deficit first
Accumulated Deficit
• Previous Structural Deficit
– Ending FY 13/14 with a surplus:
$97,783
• Lower expenditures- Student Government and
Programs/Publications
• Higher business contribution
• Higher investment returns
• Current accumulated structural Deficit:
-$196,242
Moving forward
• Projections:
– Elimination of the entire deficit by the end of
FY 14/15
• -196K + 519K = + 323K
• Amendments Event Department:
– Block Party
– “Welcome Back Concert”