B3
Agenda Item Background
| To: | Board of Regents
Finance and Business Committee | Date:
April 26, 2013 |
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| From: | Ms. Anita Lockridge Vice President for
Finance Administration | |
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| Subject: | Budget vs. Actual | |
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| Reason for
Consideration: | Informational | Enclosures: Yes |
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Background: Revenues and expenses are presented for the Educational and General Fund (E&G), Auxiliary Fund, Land Grant and Action Agenda Funds. Budget vs. Actual does not include restricted grants and contracts.
The summary of operations presented below is to assist in understanding the results reflected in the budget vs. actual report as of March 2013.
The state appropriates funds for Land Grant as required by the U.S. Department of Agriculture. Land Grant, Action Agenda and Auxiliary Funds are not available to the University for discretionary spending.
State appropriations are received in installments of 30% (July), 25% (October), 25% (January) and 20% (April) of each year. At March 2013, $18.8 million (80%) of appropriations have been received.
Student Tuition and Fees have been posted for Fall 2012 and Spring 2013 enrollment. Auxiliary revenues represent housing and board for resident students enrolled for Fall 2012 and Spring 2013. Student tuition and fees revenue amounts may decrease for the Spring 2013 semester due to student withdrawals after they have enrolled.