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 BUDGETUnrestricted Net Assets (Continued)4Encumbrances are funds carried over from the previous fiscal year for purchases andcommitments that were not received before the close of the fiscal year. These funds arebudgeted in the appropriate expenditure accounts as the items or services are received.Reappropriations are funds reserved for allocation to programs and initiatives in FY 2012 or insubsequent fiscal years. E&G and Auxiliary schedules for Unrestricted Net Assets by campusand unit may be found on pages 20 and 21.1298
Finance and Administration Committee - VI. FY 2012 Revised Operating Budget - ActionFY2012 REVISED BUDGETRecommendation4The FY 2012 Educational and General (E&G) and Auxiliary Enterprises revised budgets arebalanced and within available resources. The Revised Budget complies with all applicablepolicies and guidelines. The following action by the Board of Trustees is recommended:1. The FY 2012 revised budget be approved with the understanding that if the GeneralAssembly or the Department of Finance and Administration further alters the FY 2012appropriations or if changes in estimated resources require, the budget shall be modifiedaccordingly so expenditures will not exceed available resources.2. The Board of Trustees expressly authorizes the campus, institute, and unitadministrations, in response to current and anticipated future budget reductions, toimplement mandatory furloughs without pay, reduction of time worked, across-the-boardsalary reductions, and similar salary-related measures during FY 2012, subject toapproval by the Executive and Compensation Committee, the President, and theTreasurer, Chief Investment Officer and Interim Chief Financial Officer in consultationwith the General Counsel and Human Resources.3. Any remaining balance of New Assets may be considered as reserve for contingencies tobe used for:a) Employing additional staff where enrollments and reorganization requirementswarrant;b) Modifying departmental operating budgets where changing conditions during theyear require funding adjustments;c) Funding to make salary adjustments for personnel as may be necessary during theyear in keeping with state and university salary guidelines;d) Improving physical facilities for academic and research departments asopportunities arise;e) Mandated cost increases; andf) State impoundment of funds or appropriations rescission during the budget year.1399
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