Meeting Information
Finance Committee
QUARTERLY BUDGET REPORT
As of September 30, 1997
and
June 30, 1997
This report compares, on a quarterly basis, the approved budget with
actual revenues and expenditures for the Academic Division. Enclosed
is the quarterly report for the first quarter of 1997-98 and the
fourth quarter of 1996-97.
For the first quarter of the 1997-98 fiscal year, 45.1 percent of budgeted revenue had been collected, and actual expenditures totaled 24.4 percent of budget. It is important to note that revenue collections and expenditures are not distributed evenly throughout the year. For the fourth quarter of the 1996-97 fiscal year, 102.2 percent of budgeted revenue had been collected, while actual expenditures were at 96.2 percent of budget.
A definition of terms is included to explain the sources of revenues and the purposes of expenditures.
SOURCE:Budget Office
DATE: October 7, 1997
ACADEMIC DIVISION 1997-98 REVENUE BUDGET SUMMARY
|
1997-98 Original Budget |
9/30/97 Actual Revenues |
Uncollected Budget Balance |
9/30/97 Percentage Collected |
|||
|
Revenue Projections Educational & General |
||||||
|
Tuition & Fees |
$ 133,243,526 |
$ 36,914,710 |
$ 96,328,816 |
27.7% |
||
|
State Appropriations |
126,550,219 |
123,208,565 |
3,341,654 |
97.4% |
||
|
Endowment Income |
24,265,357 |
3,904,430 |
20,360,927 |
16.1% |
||
|
Gifts |
56,762,850 |
28,743,068 |
28,019,782 |
50.6% |
||
Sponsored Programs & Indirect Cost Recoveries |
130,650,800 |
41,071,849 |
89,578,951 |
31.4% |
||
|
Sales, Services & Other |
15,031,099 |
3,504,633 |
11,526,466 |
23.3% |
||
|
Total Educational and General
|
486,503,851 |
237,347,255 |
249,156,596 |
48.8% |
||
|
Student Financial Assistance |
||||||
|
State Appropriations |
5,228,275 |
151,264 |
5,077,011 |
2.9% |
||
|
Transfer from Tuition |
8,076,463 |
103,936 |
7,972,527 |
1.3% |
||
Sponsored Programs & Indirect Cost Recoveries |
13,083,200 |
1,692,827 |
11,390,373 |
12.9% |
||
|
Gifts & Endowment Income |
17,999,628 |
1,273,148 |
16,726,480 |
7.1% |
||
|
Other Income |
1,582,112 |
54,397 |
1,527,715 |
3.4% |
||
|
Total Student Financial Assistance
|
45,969,678 |
3,275,572 |
42,694,106 |
7.1% |
||
|
Auxiliary Enterprises |
||||||
|
Athletics & Related Activities |
18,491,287 |
6,528,547 |
11,962,740 |
35.3% |
||
|
Dining Services |
2,999,000 |
5,178,436 |
(2,179,436) |
172.7% |
||
|
Housing |
17,560,500 |
7,953,122 |
9,607,378 |
45.3% |
||
|
Newcomb Hall & Related Activities |
3,499,168 |
1,487,721 |
2,011,447 |
42.5% |
||
|
University Bookstores |
17,391,000 |
6,204,935 |
11,186,065 |
35.7% |
||
|
Parking & Transportation |
5,162,200 |
1,677,854 |
3,484,346 |
32.5% |
||
|
Student Health |
5,227,174 |
2,611,615 |
2,615,559 |
50.0% |
||
|
Other Auxiliary Activities |
6,085,443 |
2,601,464 |
3,483,979 |
42.7% |
||
|
Total Auxiliary Enterprises |
76,415,772 |
34,243,694 |
42,172,078 |
44.8% |
||
|
Total Revenues |
$ 608,889,301 |
$ 274,866,521 |
$ 334,022,780 |
45.1% |
||
ACADEMIC DIVISION
1997-98 EXPENDITURE BUDGET SUMMARY
|
1997-98 Original Budget |
9/30/97 Actual Expenditures |
Unexpended Budget Balance |
9/30/97 Percentage Expended |
|||
|
Expenditure Projections |
||||||
|
Educational & General |
||||||
|
Instruction |
$ 183,637,736 |
$ 34,949,988 |
$ 148,687,748 |
19.0% |
||
|
Research |
10,360,907 |
4,267,797 |
6,093,110 |
41.2% |
||
|
Public Services |
13,115,380 |
4,613,132 |
8,502,248 |
35.2% |
||
|
Academic Support |
72,309,831 |
21,110,585 |
51,199,246 |
29.2% |
||
|
Student Services |
11,296,032 |
4,356,491 |
6,939,541 |
38.6% |
||
|
Institutional Support |
42,140,293 |
10,919,892 |
31,220,401 |
25.9% |
||
|
Operation & Maintenance of Physical Plant |
30,726,872 |
8,402,780 |
22,324,092 |
27.3% |
||
Sponsored Programs & Indirect Cost Recoveries |
122,916,800 |
38,879,830 |
84,036,970 |
31.6% |
||
|
Total Educational & General |
486,503,851 |
127,500,495 |
359,003,356 |
26.2% |
||
|
Student Financial Assistance |
45,969,678 |
4,092,501 |
41,877,177 |
8.9% |
||
|
Auxiliary Enterprises |
||||||
|
Athletics & Related Activities |
18,446,238 |
5,865,676 |
12,580,562 |
31.8% |
||
|
Dining Services |
2,949,000 |
425,476 |
2,523,524 |
14.4% |
||
|
Housing |
17,428,100 |
3,496,467 |
13,931,633 |
20.1% |
||
|
Newcomb Hall & Related Activities |
3,499,168 |
859,279 |
2,639,889 |
24.6% |
||
|
University Bookstores |
17,257,795 |
5,411,014 |
11,846,781 |
31.4% |
||
|
Parking & Transportation |
5,162,200 |
657,526 |
4,504,674 |
12.7% |
||
|
Student Health |
5,227,174 |
1,306,904 |
3,920,270 |
25.0% |
||
|
Other Auxiliary Activities |
5,977,143 |
(1,000,179) |
6,977,322 |
(16.7%) |
||
|
Total Auxiliary Enterprises |
75,946,818 |
17,022,163 |
58,924,655 |
22.4% |
||
|
Total Expenditures |
$ 608,420,347 |
$ 148,615,159 |
$ 459,805,188 |
24.4% |
||
ACADEMIC DIVISION
1996-97 REVENUE BUDGET SUMMARY
|
1996-97 Revised Budget |
6/30/97 Actual Revenues |
Uncollected Budget Balance |
6/30/97 Percentage Collected |
|||
|
Revenue Projections |
||||||
|
Educational & General |
||||||
|
Tuition & Fees |
$ 129,505,235 |
$ 132,242,288 |
$ (2,737,053) |
102.1% |
||
|
State Appropriations |
117,044,244 |
117,044,244 |
- |
100.0% |
||
|
Endowment Income |
22,290,181 |
18,265,123 |
4,025,058 |
81.9% |
||
|
Gifts |
49,828,159 |
59,401,831 |
(9,573,672) |
119.2% |
||
Sponsored Programs & Indirect Cost Recoveries |
130,498,000 |
127,460,636 |
3,037,364 |
97.7% |
||
|
Sales, Services & Other |
14,976,741 |
19,224,002 |
(4,247,261) |
128.4% |
||
|
Total Educational and General |
464,142,560 |
473,638,124 |
(9,495,564) |
102.0% |
||
|
Student Financial Assistance |
||||||
|
State Appropriations |
5,335,564 |
5,418,490 |
(82,926) |
101.6% |
||
|
Transfer from Tuition |
8,056,593 |
7,973,185 |
83,408 |
99.0% |
||
Sponsored Programs & Indirect Cost Recoveries |
12,987,000 |
11,670,310 |
1,316,690 |
89.9% |
||
|
Gifts & Endowment Income |
15,770,678 |
15,145,635 |
625,043 |
96.0% |
||
|
Other Income |
1,552,056 |
1,603,663 |
(51,607) |
103.3% |
||
|
Total Student Financial Assistance |
43,701,891 |
41,811,283 |
1,890,608 |
95.7% |
||
|
Auxiliary Enterprises |
||||||
|
Athletics & Related Activities |
17,173,073 |
19,527,675 |
(2,354,602) |
113.7% |
||
|
Dining Services |
3,000,000 |
3,207,600 |
(207,600) |
106.9% |
||
|
Housing |
16,687,400 |
16,975,539 |
(288,139) |
101.7% |
||
|
Newcomb Hall & Related Activities |
3,267,410 |
2,969,409 |
298,001 |
90.9% |
||
|
University Bookstores |
15,453,000 |
17,325,741 |
(1,872,741) |
112.1% |
||
|
Parking & Transportation |
4,563,407 |
4,729,983 |
(166,576) |
103.7% |
||
|
Student Health |
4,118,013 |
4,695,655 |
(577,642) |
114.0% |
||
|
Other Auxiliary Activities |
5,503,379 |
5,719,443 |
(216,064) |
103.9% |
||
|
Total Auxiliary Enterprises |
69,765,682 |
75,151,045 |
(5,385,363) |
107.7% |
||
|
Total Revenues |
$ 577,610,133 |
$ 590,600,452 |
$ (12,990,319) |
102.2% |
||
ACADEMIC DIVISION
1996-97 EXPENDITURE BUDGET SUMMARY
|
1996-97 Revised Budget |
6/30/97 Actual Expenditures |
Unexpended Budget Balance |
6/30/97 Percentage Expended |
|||
|
Expenditure Projections |
||||||
|
Educational & General |
||||||
|
Instruction |
$ 167,879,984 |
$ 141,473,235 |
$ 26,406,749 |
84.3% |
||
|
Research |
8,941,751 |
11,101,459 |
(2,159,708) |
124.2% |
||
|
Public Services |
13,042,244 |
17,057,063 |
(4,014,819) |
130.8% |
||
|
Academic Support |
69,499,886 |
66,153,071 |
3,346,815 |
95.2% |
||
|
Student Services |
12,273,569 |
12,077,036 |
196,533 |
98.4% |
||
|
Institutional Support |
39,330,361 |
45,275,606 |
(5,945,245) |
115.1% |
||
|
Operation & Maintenance of Physical Plant |
31,161,765 |
33,576,266 |
(2,414,501) |
107.7% |
||
Sponsored Programs & Indirect Cost Recoveries |
122,013,000 |
114,077,836 |
7,935,164 |
93.5% |
||
|
Total Educational & General |
464,142,560 |
440,791,572 |
23,350,988 |
95.0% |
||
|
Student Financial Assistance |
43,701,891 |
40,561,280 |
3,140,611 |
92.8% |
||
|
Auxiliary Enterprises |
||||||
|
Athletics & Related Activities |
17,139,248 |
18,107,840 |
(968,592) |
105.7% |
||
|
Dining Services |
3,000,000 |
2,892,646 |
107,354 |
96.4% |
||
|
Housing |
16,592,900 |
17,079,616 |
(486,716) |
102.9% |
||
|
Newcomb Hall & Related Activities |
3,267,210 |
2,542,258 |
724,952 |
77.8% |
||
|
University Bookstores |
14,901,867 |
17,601,502 |
(2,699,635) |
118.1% |
||
|
Parking & Transportation |
4,563,407 |
4,679,064 |
(115,657) |
102.5% |
||
|
Student Health |
4,118,013 |
3,742,835 |
375,178 |
90.9% |
||
|
Other Auxiliary Activities |
5,252,329 |
6,750,347 |
(1,498,018) |
128.5% |
||
|
Total Auxiliary Enterprises |
68,834,974 |
73,396,108 |
(4,561,134) |
106.6% |
||
|
Total Expenditures |
$ 576,679,425 |
$ 554,748,960 |
$ 21,930,465 |
96.2% |
||
- DEFINITION OF TERMS
Educational and General - those activities which embrace the three programs directly related to the higher education mission: (1) instruction, (2) research, and (3) public service. These activities also encompass the support programs: academic support, institutional support, and maintenance and operation of physical plant; and sponsored programs associated with instruction, research, and public service.
Student Financial Assistance - those activities which promote student accessibility to the University through scholarships and fellowships. Student loans, student wages, and aid from third parties is not included.
Auxiliary Enterprises - those activities which are supported entirely though fees charged to users, such as housing, athletics, dining services, the telephone system, and the bookstore.
Sponsored Programs and Indirect Cost Recoveries - primarily research projects, but also includes activities restricted to institutional and service programs.
Instruction - expenditures for the primary mission of the University, including teaching faculty, support staff, instructional equipment, and related routine operating costs.
Research - includes expenditures for activities such as support for research faculty, but does not include sponsored research. Activities include the Center for Public Service, the State Climatologist, and the Center for Liberal Arts.
Public Service - includes activities such as the Miller Center of Public Affairs, the Virginia Foundation for the Humanities and Public Policy, and that portion of the medical school's clinical physicians salaries and fringe benefits related to patient care.
Academic Support - the program which encompasses the libraries, the activities of the deans of the schools, and other related expenditures.
Student Services - activities whose primary purpose is to contribute to the students' emotional and physical well-being and to their intellectual, cultural, and social development outside the classroom. Institutional Support - primarily includes the financial, administrative, logistical, and development activities of the University.
Operation and Maintenance of Plant - includes expenditures for activities related to the operation and maintenance of the physical plant, net of amounts charged to auxiliary enterprises and the Medical Center.