Sean P Nelson Vice President for Finance and Administration Board of Regents Business and Finance Committee October 5 2023 FY23 Total Unrestricted Balances Overall the total Unrestricted Balances ID: 1027857
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1. FY23 Program Revenue Balances ReviewSean P. Nelson, Vice President for Finance and AdministrationBoard of Regents Business and Finance CommitteeOctober 5, 2023
2. FY23 Total Unrestricted BalancesOverall, the total Unrestricted Balances are down over previous year by $6.4M, or approximately 0.6%Total FY23 Unrestricted Balances: $1.081 billionFY13 total in inflation-adjusted dollars: $1.39BNearly 87% of Total Unrestricted Balance meets the Legislative Audit Bureau’s definition of obligated, planned or designated for a specific project, initiative, program, or capital commitment
3. FY23 Total Unrestricted Balances SummaryTuition balances are down by $51.6M (or 17%)55% below FY13 GPR/Tuition balancesBalance represents approximately 31 days of operating expensesAuxiliary balances are down by $8.9M (or 3%)General Operations balances are up by $19.9M (or 13%)Federal Indirect Cost Reimbursement balances are up by $35.2M (or 14%)
4. Tuition BalancesT U I T I O NF R O Z E NGreen line represents 12% of budgeted expenditures, the BOR reporting threshold for program revenue balances in Regent Policy Document 21-6Tuition balances are down $51.6M, or 17% from prior year
5. Deficit Spending by Fund SourceDeficit Spending & Unbudgeted Salaries $64.4M
6. Auxiliary Balances: A Closer Look at Commitments62% of Auxiliary balances are allocated for new or ongoing capital commitments and debt service
7. Key TakeawaysExpenses increasing to pre-pandemic levelsExample: Travel declined 84% between FY19 and FY21, but returned to near-FY19 levels in FY23Inflation adding to campus operating costs and eroding purchasing power of reservesUW universities anticipate further reductions in FY24 balancesOne-time Federal COVID relief funding is now fully drawn down10 campuses project budgetary shortfalls$64.4 million identified for planned shortfalls and funding staff positions not funded in the current FY24 operating budget11 comprehensive campuses comprise 33% of total unrestricted balances
8. Questions?