Finance and Administration - Board of Trustees - The University of ...

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Finance and Administration Committee - VI. FY 2012 Revised Operating Budget - ActionFY2012 REVISED BUDGET4Auxiliary EnterprisesAuxiliary Enterprises furnish services to the students, faculty, and staff. Each is a business thatis self funded through sales, fees, and private gifts. These stand alone operations includeHousing, Food Services, Bookstores, Parking, and Other miscellaneous operations. It alsoincludes UTK Men’s Athletics since it is a self-supporting operation. Total Auxiliary FY 2012revenues are $198.2 million. The charts below reveal the relative size of each auxiliaryenterprise and the change in revenue and expense from FY 2012 Original to 2012 RevisedBudgets.$120$100$80$60$97.6Auxiliary Revenues – FY 2012 Proposed Budget(in millions)$53.3$40$20$0Knoxville Men'sAthletics$23.7 $12.0Auxiliaries Summary(in millions)$4.9$6.7Housing Bookstores Parking Food Services OtherREVENUES AND EXPENSESFY 2012ORIGINALFY 2012REVISED$CHANGE%CHANGERevenues $ 197.4 $ 198.2 $ 0.8 0.4%Expense and TransfersExpense 136.1 137.7 1.6 1.2%Transfers 61.3 60.5 (0.8) -1.3%Total Expenditures and Transfers $ 197.4 $ 198.2 $ 0.80 0.4%Fund Balance Change 0.0 0.0 0.0 0.0%Beginning Net Assets $ 19.5 $ 21.4 $ 1.90 9.7%Ending Net Assets $ 19.5 $ 21.4 $ 1.90 9.7%1096
Finance and Administration Committee - VI. FY 2012 Revised Operating Budget - ActionFY2012 REVISED BUDGETUnrestricted Net AssetsThe University of Tennessee’s practice is to maintain 2-5 percent ofunrestricted Educational and General (E&G) expenditures and 3-5percent of unrestricted auxiliary enterprise funds in its unallocated fundbalance to function as a “rainy day” fund. The fund is needed in case ofa downturn in enrollment, a sharp decline in state appropriations, orother situations that cause expenditures to exceed available revenues.This provides short-term funding support while necessary expenditureadjustments are made to bring the budget back into balance.4With the FY 2012 Revised Budget, unrestricted E&G unallocated fundbalance projected at June 30, 2012, is $42.3 million, or 3.8 percent of expenditures, which iswithin the target range. The unrestricted auxiliary enterprises unallocated balance is $7.2million, or 3.6 percent of expenditures, which is also within the target range. The totalunallocated balance projected at June 30, 2012, is $49.5 million, which is 3.8 percent ofexpenditures.FY 2012 Revised Budget Unrestricted Net Assets (in millions)$49.7$50.0$45.0$42.5$40.0$35.0$30.0$18.7$25.7$27.8$30.5UnallocatedWorking CapitalRevolving Funds$25.0Reappropriations$20.0Encumbrances$15.0$10.0$5.0$9.7$6.7$7.2$9.1$4.8$0.3$0$9.7$7.0$0.0E&G Auxiliaries Total$42.5 million$7.2 million$49.7 millionUnallocated Balance3.83%3.62%3.80%Percent Unallocated1197
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