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FY2010 Q1 Finance Committee Meeting Overview: Budget Amendment for Faculty Start-up Commitments

The Finance Committee meeting held on December 14, 2009, addressed a requested budget amendment to fund an additional $1.2 million in faculty start-up commitments for FY2010. Initially, these commitments weren't fully budgeted due to being grouped with other carry-forward requests. The meeting also reviewed financial results from both the Academic and Clinical Enterprises, highlighting revenue collections, operating margins, and management interventions for the first quarter. Future budgeting will separate faculty start-up commitments from other funding requests.

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FY2010 Q1 Finance Committee Meeting Overview: Budget Amendment for Faculty Start-up Commitments

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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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