Transcript CREIGHTON UNIVERSITY

CREIGHTON UNIVERSITY
2007/08 Budget Presentation
Board of Directors Meeting
June 4, 2007
2007/08 Operating Budget Overview

Represents a balanced budget for University operations,
including the medical clinics

Undergraduate enrollment sustained at near-record levels

Undergraduate tuition & fee rate for new students up 6%
(will be 15th of 28 Jesuit colleges and universities)

2007/08 operating budget is $326 million, an increase of
$14 million (4.5%) from the current year estimate

Medical School budget (including clinics) is 41% of the
University’s total operating budget
2007/08 Operating Budget
($Millions)
2005/06
Actual
Revenue
Gross Tuition
Less Financial Aid
Net Tuition
Student Fees
Endowment
Gifts (Unrestricted operating)
Clinical & Affiliate Revenue
Auxiliary
Other
Expense & Transfers
Salaries
Employee Benefits
Other Expenses & Transfers
Net
2006/07
Estimated
2007/08
Budget
154
(38)
116
9
9
7
124
21
13
299
168
(43)
125
10
9
8
123
23
14
312
179
(46)
133
11
9
8
128
24
13
326
166
38
95
299
175
43
92
310
185
46
95
326
0
2
0
2007/08 Revenue Highlights

General undergraduate tuition and fee rate increased 6%

Other tuition rate increases: Law 4%, Medicine 4.5%,
Dentistry 7.3%, Pharmacy 5.5%, OT/PT 4%, Graduate
2%, Summer & Univ. College 0%

Room & board rates increased 4%

Total enrollment budgeted to be basically even with the
FY07 record enrollment

Clinical activities and affiliate revenues are up 4.2%

Endowment distribution of $9.6M is 1.2% above FY07
Annual Enrollment
(Full-time Equivalent)
06/07
Adjusted
Budget
Undergraduate
Professional
Law
Pharmacy/Hlth. Prof.
Dentistry
Medicine
Graduate
TOTAL UNIVERSITY:
06/07
Estimated
07/08
Budget
3,566
3,647
3,642
462
1,071
313
472
2,317
454
1,120
318
488
2,380
462
1,087
316
485
2,349
294
320
342
6,177
6,347
6,334
Fall New Student Enrollment
(Full-time Equivalent)
05/06
Actual
1st Time Freshman
Arts & Science
COBA
Nursing
Total
External Transfers
Total
06/07
Budget
06/07
Actual
07/08
Budget
749
155
68
972
720
160
70
950
739
145
81
965
745
145
80
970
109
1,081
105
1,055
104
1,069
105
1,075
Total Scholarships to Tuition/Fees
(Includes Discount, Funded Aid & Employee Remissions)
04/05
Actual
05/06
Actual
06/07
Est.
07/08
Budget
Undergrad.-New Freshmen
48.5%
47.1%
49.2%
47.8%
Undergraduate-Total
42.3%
43.2%
43.8%
44.3%
Graduate/Professional
10.4%
9.4%
9.1%
9.7%
Total
27.5%
27.8%
28.4%
29.0%
Unrestricted Operating Gifts
($000's)
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
1,670
1,750
1,900
1,899
3,735
926
4,790
956
4,961
4,734
1,249
1,208
05/06 Act. 06/07 Bud. 06/07 Est. 07/08 Bud.
Athletics
Other
Fin. Aid
Endowment
M arke t Value ($M illions)
CU only:
does not
include HFF
($91 Million
at 4/30/07)
$350
$300
$250
$200
$150
$100
B
08
07 /
E
07
06 /
06
05 /
05
04 /
04
03 /
03
02 /
ud
st
($ Millions)
02/03
03/04
04/05
05/06
06/07 Est
07/08 Bud
Year-End
Market
Value
188
216
240
268
310
330
Prog. Support
& Other
4.6
5.3
4.8
5.8
5.8
6.0
Distributions
Scholarships
& Restricted
4.8
4.0
4.1
4.3
5.0
5.2
Total
9.4
9.3
8.9
10.1
10.8
11.2
Approximate
Distribution
%
5.1%
4.9%
4.1%
4.2%
4.0%
3.6%
2007/08 Expense Highlights

Salary merit pool increase 3.50% (plus .25% for equity
adjustments in each VP area): $4.1M

Targeted faculty salary enhancements: Pharmacy,
Nursing, Dentistry ($547K)

8 new faculty: A&S, COBA, Dentistry ($540K)

Jesuit & staff salary market adjustments ($310K)

New programs in Dentistry & Nursing ($662K)
2007/08 Expense Highlights

(cont.)
General non-salary increase 2.0% for schools and
administrative depts ($724K)

Library materials increase $333K (9%)

Arts & Sciences additions related to increased
enrollment levels (PT faculty, tenure-track faculty
start-up costs & other) $405K

Increased diversity scholarships ($415K - Medicine,
Pharmacy/HP, Dentistry)
Salary Merit Pool Increases
(Excludes targeted faculty salary enhancements in various schools)
4.50%
4.00%
4.00%
3.50%
3.25%
3.50%
06/07
07/08
3.25%
3.00%
3.00%
2.50%
2.00%
1.50%
1.00%
0.50%
0.00%
0.00%
02/03
03/04
04/05
05/06
(05/06-07/08: Additional .25% above pool approved for
equity issues at each VP area)
Employee Benefits
04/05 ($000’s)
05/06
Actual
Actual
FICA
Retirement
Medical/Dental
Tuition Remission
Other
Total:
% Increase
Employee Benefit Rates
10,086
8,875
10,848
6,234
1,714
37,757
4.6%
30.3%
10,777
9,178
11,089
6,301
2,383
39,728
5.2%
31.3%
06/07
Est.
11,583
9,846
14,614
6,819
2,477
45,339
14.1%
30.5%
07/08
Budget
12,180
10,310
14,668
7,663
2,751
47,572
4.9%
31.0%
School of Medicine 2007/08
Operating Budget Overview

Enrollment budgeted at 485 (down from est. 488 in 06/07)

Tuition increase held to 4.5% to address student debt

Net clinic revenue projected at $98M (5.3% over 2006/07
budget & 6.5% over estimated 06/07 results)

New chair in Medicine; actively recruiting for Anesthesiology

Clinic volume growth: 12 new faculty recruitments (Surgery,
Radiology, Medicine & Anesthesiology)

Reflects reduced payments from CUMC under GME, Cardiac
and medical lab agreements
School of Medicine
2007/08 Operating Budget
($Millions)
05/06
Actual
Revenue
Gross Tuition
Less Financial Aid
Net Tuition
Clinical Revenue
Affiliate Revenue
Other
Expense & Transfers
Salaries
Employee Benefits
Other Expenses & Transfers
Net Contribution to Gen. Operations
06/07
Estimated
07/08
Proposed
Budget
19
(2)
17
94
22
9
142
20
(2)
18
92
23
9
142
21
(2)
19
98
22
8
147
83
18
30
131
85
19
27
131
88
20
27
135
11
11
12
RECAP
 Balanced
 Less
budget for FY08
cushion in enrollment targets
 Highest
risk areas: medical clinic
operations, health plan, utilities
 Operating
reserve expected to be adequate
to cover potential variances