Download 2015-16 detailed operating budget 2015-16 operating budget:

2015-16 detailed
operating budget
What is the detailed operating budget?
The university’s detailed operating budget, which represents about 50 per
cent of all university activity, outlines the operating revenue the university
expects to receive and the operating expenses to be incurred related to core
teaching and support activities in the upcoming year. The budget year runs
from May 1 to April 30.
Budgeted revenue is approximately 65 per cent provincial operating grant
(including targeted funding such as medicine class size expansion), along
with projections for tuition/enrolment and investment income. Budgeted
expenses are approximately 75 per cent personnel costs, along with utilities,
scholarships, insurance and other operating costs.
The detailed operating budget is one element of the university’s financial
management process.
2015-16 operating budget:
key figures
Revenues............................................................. $489.4M
Allocations to units/initiatives...................... ($441.0M)
Expenses paid/provisioned centrally......... ($68.0M)
Budgeted deficit................................................ ($19.6M)
The university will use existing accumulated fund
balances to offset this deficit, which is due to the
one-time $20 million holdback in provincial operating
grant funding.
A few facts on the 2015-16 operating budget
•
The university received a one per cent increase in base funding, plus
targeted funding, from the provincial government in 2015. In addition,
the provincial government inplemented a one-time $20 million holdback.
•
The university is moving to a responsibility centre management resource
allocation model. This means that colleges, schools and units will be
provided with allocations/funding envelopes determined by their
activitity levels and alignment with the strategic directions, and will have
greater responsibility for the use of this funding.
•
The Board of Governors requires the university to hold an amount
equivalent to two to six per cent of the overall operating budget
expenses in an operating reserve to deal with uncertainties and risks. At
the start of the 2015-16 fiscal year, the reserve is at its maximum six per
cent.
Did you know?
•
Funding to students for scholarships and bursaries from the operating
budget will be approximately $9.9 million in 2015-16, representing about
22 per cent of all scholarship and bursary funding.
•
All additional incremental revenue received from 2015-16 tuition/
enrolment increases will go directly to the colleges and schools.
•
$5 million will be put toward capital renewal through RenewUS.
•
The university is projecting over $1 billion in total revenue.
•
Required additional payments for pension and long term disability plans
are about $6.4 million, which is lower than 2014-15 due to changes in plan
structure and performance.
2015-16 detailed operating budget |
Oct 2015 REV
|
University of Saskatchewan
2015-16 detailed
operating budget
2015-16 detailed operating budget with 2014-15 comparative ($000’s)
Original board-approved budget
2015-16
2014-151
$317,345
$330,974
Revenue:
Provincial operating grant (includes targeted funding)
Provincial operating grant (InterVac)2
2,131
Other government (WCVM)
Credit and certificate tuition and student fees
Income from investments
Miscellaneous income
Total revenue
21,065
20,652
120,774
118,980
25,500
18,100
4,741
3,039
$489,425
$493,876
$402,800
$379,482
Expenditures:
Funding envelopes to colleges, schools and units3
Utilities
16,766
17,759
Scholarships and bursaries
9,920
9,629
Additional pension and long-term disability payments
6,441
7,478
Capital renewal
5,000
5,000
Other expenses paid/provisioned centrally
29,902
47,905
Academic priorities/strategic initiatives
11,929
7,528
Library acquisition and renewal
14,146
10,562
Allocations to other institutional initiatives
12,143
11,616
Total expenses
$509,047
$496,959
Budgeted surplus (deficit)
($19,622)
($3,083)
General operating reserve, projected beginning
29,818
One-time funds returned from accumulated fund balances
20,000
General operating reserve, projected ending
1
$30,196
2014-15 budget numbers have been reclassified as required to maintain consistency with the 2015-16 presentation.
Effective 2015-16, InterVac operating funding ($2.131M) is provided by Innovation SK and is administered outside of the operating budget. Up to and
including 2014-15, InterVac funding was provided by the Ministry of Advanced Education and was administered within the operating budget. For
2015-16, the operating budget allocation envelope to InterVac has been reduced accordingly by $2.131M as InterVac will now receive this amount directly
from Innovation SK. In 2015-16, Innovation SK will provide funding totaling $9.731M ($2.131M for InterVac, $3.50M for VIDO and $4.10M for CLS).
2
Operating budget allocations to colleges/units are provided in the form of funding envelopes. The expenditure of these envelopes on salaries and benefits
and non-salary expenses is determined by the college, school or unit.
3
2015-16 detailed operating budget |
Oct 2015 REV |
University of Saskatchewan