October2009BoardOfRegentsBook.pdf — PaddleOCR-VL (Baidu)

Kentucky State University Finance and Business Committee Meeting October 23, 2009

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.

Update on State Funding Actions - FY2010. General Fund Budget Reduction Order 10-01 was issued on September 18, 2009 by Governor Steve Beshear. The Order directed the reduction of certain appropriations to funded units of the Commonwealth to prevent a deficit in the finances for 2010. Kentucky State University's appropriation was reduced by $2,540,600 from $27,180,100 to $24,639,500.

The Governor expressed his commitment to maintain fund institutional base operations FY10 at the same level as FY09 by using a combination of General Funds and State Fiscal Stabilization Funds (SFSF). Fiscal year 2010 SFSF grant funds made available to institutions amount to $70 million with KSU's allocation being $1,766,300.

Finance Division Banner Project Update. An informational update is included regarding progress of the Banner conversion project in Finance.

Finance Department Updates. A summary of department activity is presented for Administrative Support, Business Operations, Budget Policy and Planning, Human Resource Services and Capital Planning and Construction.

Fiscal Year 2010 Interim Results as of August 2009. Reports for Budget vs. Actual and Condensed Financial Statements are included:
Budget vs. Actual as of August 2009 is presented for information along with comments about the variances.
Unaudited Financial Statements as of August 2009 are included for the statement of net assets, the statement of revenue, expenses and changes in net assets and the statement of cash flows.
Total operating revenue at August 2009 total $17.1 million and operating expenses total $56.2 million creating an operating income loss of $6.9 million. State appropriations are recognized as non-operating revenues and have been received in the amount of $8.1 million at August 2009.