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FY2010 Q1 update

FY2010 Q1 update. FINANCE COMMITTEE MEETING DECEMBER 14, 2009. Requested Budget Amendment to Fund Additional Faculty Start-up Commitments. FINANCE COMMITTEE MEETING DECEMBER 14, 2009. Faculty Start-up Commitments.

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FY2010 Q1 update

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  1. FY2010 Q1 update FINANCE COMMITTEE MEETING DECEMBER 14, 2009

  2. Requested Budget Amendment to Fund Additional Faculty Start-up Commitments FINANCE COMMITTEE MEETING DECEMBER 14, 2009

  3. Faculty Start-up Commitments • When the FY 2010 budget was prepared, faculty start-up commitments were included in a larger category of budget requests to spend carry-forward balances. • As a result, not all faculty start-up commitments were budgeted in FY 2010. • This budget amendment funds an additional $1.2 million of FY 2010 faculty start-up commitments. • In the future, faculty start-up commitments will be addressed separately from other carry-forward requests.

  4. Faculty Start-up Commitments

  5. Financial Report FINANCE COMMITTEE MEETING DECEMBER 14, 2009

  6. Academic Enterprise • Budgeted a 0% 0perating margin. • Three months into the fiscal year: • Collected 40% of budgeted revenue (a little higher than last year) • Expenses are 25% of budgeted expenses (as expected) • More federal Pell grant revenue and expenditures. • Long-term investments rose $12 million. • GASB Statement No. 53 adjustment. • Still projecting a 0% operating margin.

  7. Academic Financial Results

  8. Clinical Enterprise • Budgeted a 3% operating margin for the year. • First quarter results: • Budgeted a 2.2% operating margin for the 1st quarter. • Actual: 0.7% operating margin. • $1 million behind budget. • Management interventions taken: • New vendor contracts / drug cost initiatives. • Reduction in force. • New patient financial counseling procedures. • Year-to-date November results: • Budgeted a 2.8% operating margin for year-to-date November. • Actual: 3.4% operating margin. • Projecting a 3% operating margin for the year.

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