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

Finance and Administration Committee - V. Annual Report of the Treasurer, 2011 - InformationImprovements in Knoxville; the $1.1 million Boling HVACImprovements and a $1.2 million phase of the Dunn DentalBuilding 4th Floor in Memphis; the $1.0 million Boling CenterBallroom Renovation at Martin; and the $8.2 million Grote HallImprovements at Chattanooga.For the next fiscal year, the state has approved $23.92 millionin capital maintenance and $4.5 million in capital outlayappropriations for UT. These approved new projects are theAlexander Building Improvements and Completion of PharmacyBuilding 6th Floor in Memphis; the Electrical DistributionSystem Improvements Phase IV, Utilities Infrastructure Study,and College of Veterinary Medicine Building Improvements inKnoxville; Campus Elevator Upgrades in Martin; and Holt HallImprovements in Chattanooga. In addition, there are variousconstruction and improvement projects at all campuses. Moredetailed information about the university’s capital assets ispresented in Note 5 to the financial statements.DEBTAt June 30, 2011, the university had $540,222,243.51 in debtoutstanding. Table 5 on page 8 summarizes these amounts bytype of debt instrument.The university retired more than $162.9 million in bonds andcommercial paper in fiscal year 2010-2011. The Tennessee StateSchool Bond Authority (TSSBA), in addition to its authorityto issue bonds and notes to finance capital projects, has theresponsibility for approving all long-term debt of the university.TSSBA currently is rated AA by Standard & Poor. To funduniversity projects, the TSSBA issued the 2010 Series A bondsin the amount of $131.2 million and the 2010 Series B bonds inthe amount of $15.9 million. More detailed information aboutthe university’s long-term liabilities is presented in Note 8 to thefinancial statements.3Table 3. Expenses by Natural and Functional Classifications ($thousands)2011 FUNCTIONAL CLASSIFICATIONInstructionResearchPublic serviceAcademic supportStudent servicesInstitutional supportOperation and maintenance of plantScholarshipsAuxiliaryIndependent operationsDepreciationTotal expensesSALARIES$ 373,984131,43568,49667,11840,08671,85133,3333,43543,17348,069—$880,980BENEFITS$ 112,17735,72625,37624,52414,58427,85816,48526,06012,92019,230—$314,9402011 NATURAL CLASSIFICATIONUTILITIES,SUPPLIES, ANDOTHER SERVICES$ 64,83581,92562,19026,90721,8204,65579,73320,24373,969——$436,277SCHOLARSHIPS———————$ 51,542———$ 51,542DEPRECIATION——————————$98,549$98,549TOTAL$ 550,996249,086156,062118,54976,490104,364129,551101,280130,06267,29998,549$1,782,2882010 NATURAL CLASSIFICATION2010 FUNCTIONAL CLASSIFICATIONInstructionResearchPublic serviceAcademic supportStudent servicesInstitutional supportOperation and maintenance of plantScholarshipsAuxiliaryIndependent operationsDepreciationTotal expensesSALARIES$362,847125,75967,50665,81239,12971,51432,7893,85740,07550,418—$859,706BENEFITS$103,47632,92623,84923,08213,39325,22614,97619,90312,19718,945—$287,973UTILITIES,SUPPLIES, ANDOTHER SERVICES$ 59,65976,36433,51918,43523,265—93,70218,84672,179——$395,969SCHOLARSHIPS———————$45,389———$45,389DEPRECIATION——————————$ 94,158$ 94,158TOTAL$ 525,982235,049124,874107,32975,78796,740141,46787,995124,45169,36394,158$1,683,195739