Agenda Item Background
B6
| To: | Board of Regents
Finance and Business | Date:
July 26, 2013 |
|---|
| From: | Ms. Anita Lockridge, Vice President for
Finance Administration | |
|---|
| Subject: | Preliminary Unaudited Budget vs.
Actual Report for the 11 months ending
May 31, 2013 | |
|---|
| Reason for
Consideration: | Informational | Enclosures: Yes |
|---|
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.
After the student enrollment count was obtained for the Fall and Spring semesters, management adjusted the E&G budget to reflect the decline in enrollment.
Overall all budgeted revenue was decreased by 7.9% for anticipated revenue of $56.9 million, and budgeted expenses were decreased by 9% for projected expenses of $53.1 million. For the eleven months ending May 31, 2013, actual results are within acceptable parameters.
There was a decline in Auxiliary actual revenues due to less than expected occupancy.
Salaries and associated expenses are in line with the reduction in student enrollment. When vacancies have occurred, positions have been evaluated to determine if the position should be filled.
Costs for all but two categories are below budget for the eleven month period ending May 31st. The two areas that exceeded budget are Fixed Costs, which are not driven by student enrollment, and Student Aid, which is a result of the current overall economic environment.
Page