Kentucky State University Finance and Business Committee Meeting April 27, 2012

Finance and Business (F&B) is pleased to present the following summary report for consideration at the quarterly Finance and Business Committee meeting of the Board of Regents.

• Fiscal Year 2012 Interim Results. For fiscal 2012, the interim results are presented below:
• Budget vs. Actual as of February 2012 is presented for information along with comments about the variances.
• Unaudited Financial Statements (Statement of Net Assets, Statement of Revenues, Expenses and Changes in Net Assets and Statement of Cash Flows) in the GASB format are presented for February 2012.
• Included in the financial statements section (as an attachment) is a historical view of the change in unrestricted net assets.
• 2012- 2013 Tuition/Fee Rates. A 5% increase is proposed according to recommendations from the Council on Postsecondary Education.

Fiscal 2013 Financial Plan. The Proposed 2013 Financial Plan includes a 6.4% reduction in state appropriations and a 5% tuition/fee increase. Room and board fees for 2012-2013 were approved by the Board of Regents at the January 27, 2012 meeting.

Health, dental and life insurance rates have been established for plan year 2012-2013. Plan modifications, as recommended by the Employee Benefits Advisory Committee, include increased deductibles, improved coverage/benefits, and co-pays.