KENTUCKY STATE UNIVERSITY BOARD OF REGENTS AGENDA ITEM BACKGROUND
B3
To: Board of Regents Finance and Business Committee Date: April 27, 2012
From: Alice B. Johnson Vice President for Finance and Business Affairs
Subject: Budget vs. Actual February 2012
Reason for Consideration: Informational Item Enclosures: Yes
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 February 2012.
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 February 2012, $19.7 million of appropriations have been received.
Student Tuition and Fees have been posted for Fall 2011 and Spring 2012 enrollment. Auxiliary revenues represent housing and board for resident students enrolled for Fall 2011 and Spring 2012. Student tuition and fees revenue amounts may decrease for the Spring 2012 semester due to student withdrawals after they have enrolled.
Other revenue includes athletic income, indirect cost recovery, facility rentals, interest income, state funding for Regional Stewardship and fund balance revenue offset. As of February 2012, $345,582 has been received for Regional Stewardship. A budgeted fund balance spend in 2012 will be posted at fiscal year end up to $2,686,800.