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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.