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

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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$1,683,195739
Finance and Administration Committee - V. Annual Report of the Treasurer, 2011 - InformationTable 5. Outstanding Debt Schedule($thousands)Bonds-current portionBonds-noncurrentUnamortized bond premiumCommercial paper-noncurrentTotal TSSBA authorized debtNotes-current portionNotes-noncurrent portionTotal DebtFigure C. Operating Expenses by Natural Classification($thousands)1,0002011$ 27,703468,0447,78736,688$540,222$540,222FY 20112010$ 22,299359,731163,126$545,15612$545,168FY 2010ECONOMIC FACTORS THAT WILL AFFECTTHE FUTUREFor fiscal year 2012, the University of Tennessee Board ofTrustees has authorized individual campus fee increases of9.9% to 12% that are expected to generate approximately $53million in new funding, net of related scholarships, with acontinued projected enrollment increase. State appropriationswill continue to be reduced. The university continues to besuccessful competing for grants and contracts. The capitalmarkets remain unstable which may adversely affect theuniversity’s investment income.REQUESTS FOR INFORMATIONThis financial report is designed to provide a general overviewof the university’s finances for all those with an interest inthe university’s finances. Questions concerning any of theinformation provided in the report or requests for additionalinformation should be directed to Mr. Ron Maples, Controller,201 Andy Holt Tower, Knoxville, Tennessee, 37996-0100.38006004002000SalariesBenefitsUtilities, Supplies and Other ServicesScholarshipsDepreciationFigure D. Operating Expenses by Function ($thousands)600FY 2011 FY 20105004003002001000InstructionResearchPublic ServiceAcademic SupportStudent ServicesInstitutional SupportOperation & Maintenance of PlantScholarshipsAuxiliaryFunctional increases in instruction and research were due to the addition of stimulus and one-time state funds.Independent OperationsDepreciation840
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