B3
Agenda Item Background
| To: | Board of Regents
Finance Administration | Date:
October 25, 2013 |
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| From: | Ms. Anita Lockridge, Vice President for Finance Administration | |
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| Subject: | Preliminary Unaudited Budget vs. Actual Report & Financial Statements – for two months ending August 31, 2013 | |
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| Reason for Consideration: | Informational Item | Enclosures: Yes |
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The Budget vs. Actual Report presents the revenue and expenses for the Educational and General Fund (E&G), Auxiliary fund, as well as Land Grant and Action Agenda Funds. Grants and contract revenue and expenses are excluded from this report.
The comparative Interim Financial Statement of Net Position is included as of August 31, 2013 and May 31, 2013. The comparative Interim Statement of Revenues, Expenses and Changes in Net Position is included as of August 31, 2013 and August 31, 2012.
Budget vs. Actual Report revenues are at 41.05% of budget. First quarter of State Appropriations (30%) were received in July 2013. Student tuition/fees and auxiliaries are at 55.65% and 49.76% of budget, respectively. Expenditures as of August 31, 2013 are at 15.76% of budget, which is 0.9% below budgeted amount of 16.67%. Total surplus is at $13.8M.
Highlights of the Comparative Interim Financial Statements are discussed below:
Cash and cash equivalents total $25.6 million and $26.2 million for August 2013 and May 2013, respectively. The amount for August 2013 includes $19.2 million that is restricted for Land Grant and Action Agenda items.
Accounts receivable totaling $21.1 million and $14.9 million for August 2013 and May 2013, respectively, includes the receivables from students, grants