The University of Michigan 2020-2021 Budget Summary
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2020-2021 Budget Table of Contents Fiscal Year 2020-2021 Budget Regents, Executive Officers, Budget Staff ............................................................................................................ 3 Regents’ Communication - Approval of FY 2020-2021 Operating Budgets ........................................................... 4 Campus Sections All U-M Campuses - Ann Arbor, Dearborn and Flint Campuses (combined) .......................................................... 5 Ann Arbor Campus ........................................................................................................................................ 13-14 Dearborn Campus ............................................................................................................................................... 74 Flint Campus .................................................................................................................................................... 99 All U-M Campuses Ann Arbor, Dearborn and Flint Campuses (combined) Summary of Budgeted Revenues and Expenditures…………………………………………….………………….. 5 Summary by Campus ........................................................................................................................................ 6 Schedule A - Summary by Fund ......................................................................................................................... 7 Schedule B - General Fund ............................................................................................................................... 8 Schedule C - Designated Fund ......................................................................................................................... 9 Schedule D - Auxiliary Activities Fund ........................................................................................................ 10-11 Schedule E - Expendable Restricted Funds .................................................................................................... 12 FY 2020-2021 Budget 2 The University of Michigan Ann Arbor Dearborn Flint The Regents of the Jordan B. Acker Shauna Ryder Diggs University of Michigan Michael J. Behm Denise Ilitch Mark J. Bernstein Ron Weiser Paul W. Brown Katherine E. White Mark S. Schlissel (ex officio) Executive Officers Mark S. Schlissel, President Thomas A. Baird, Vice President for Development Sally J. Churchill, Vice President and Secretary of the University Susan M Collins, Provost and Executive Vice President for Academic Affairs Rebecca M. Cunningham, Vice President for Research Debasish Dutta, Chancellor, University of Michigan-Flint Domenico Grasso, Chancellor, University of Michigan-Dearborn Martino Harmon, Vice President for Student Life Kevin P. Hegarty, Executive Vice President and Chief Financial Officer Timothy G. Lynch, Vice President and General Counsel Kallie Bila Michels, Vice President for Communications Ravi Pendse, Vice President for Information Technology and Chief Information Officer Marschall S. Runge, Executive Vice President for Medical Affairs Cynthia H. Wilbanks, Vice President for Government Relations Budget Staff University of Michigan – Ann Arbor Tammy C. Bimer, Associate Vice Provost for Academic and Budgetary Affairs and Executive Director of the Office of Budget and Planning Antony E. Burger, Director of Financial Analysis and Procurement Services Amy K. Dittmar, Senior Vice Provost for Academic and Budgetary Affairs and Executive Vice President for Academic Affairs Lori L. Haskins, Associate Vice Provost for Academic and Budgetary Affairs Brian T. Smith, Associate Vice President for Finance Jo Ann Preissner, Associate Director for University Budget Karen E. Zaruba, Assistant Vice Provost for Academic and Budgetary Affairs University of Michigan – Dearborn Noel G. Hornbacher, Senior Director of Financial Services Dawn M. Roult, Assistant Controller University of Michigan – Flint Gerald L. Glasco, Director of Financial Services and Budget Michael J. Hague, Vice Chancellor for Business and Finance FY 2020-2021 Budget 3 THE UNIVERSITY OF MICHIGAN REGENTS COMMUNICATION Action Item Subject: FY 2020-2021 Budgets Action Requested: Approval of Revenue and Expenditure Operating Budgets for FY 2020-2021 Background and Summary: The three campuses of the University of Michigan have developed budgets for the 2020-2021 fiscal year. At this time, we are presenting summary revenue and expenditure budgets for the General Fund, Designated Fund, Auxiliary Activities, and Expendable Restricted Fund. These budgets conform to all University policies. We recommend that the following summary revenue and expenditure budgets be approved effective July 1, 2020 for the period July 1, 2020 through June 30, 2021. Revenue Budget: Ann Arbor Dearborn Flint Total General Fund $ 2,300,039 $ 158,265 $ 113,650 $ 2,571,954 Designated Fund 195,653 520 745 196,918 Auxiliary Activities 5,259,348 1,220 5,254 5,265,822 Expendable Restricted 1,268,003 27,500 20,225 1,315,728 Totals $ 9,023,042 $ 187,505 $ 139,874 $ 9,350,421 Expenditure Budget: Ann Arbor Dearborn Flint Total General Fund $ 2,300,039 $ 158,265 $ 113,650 $ 2,571,954 Designated Fund 195,653 520 745 196,918 Auxiliary Activities 5,275,252 1,220 5,254 5,281,726 Expendable Restricted 1,254,503 27,500 20,225 1,302,228 Totals $ 9,025,447 $ 187,505 $ 139,874 $ 9,352,826 Note: Budget amounts are shown in thousands. Detail may not add exactly to totals due to rounding. Respectfully Submitted, Susan M. Collins Kevin P. Hegarty Marschall S. Runge Interim Provost and Executive Executive Vice President Executive Vice President Vice President for Academic Affairs and Chief Financial Officer for Medical Affairs and Dean of the Medical School June 2020 FY 2020-2021 Budget 4 All U-M Campuses Ann Arbor, Dearborn and Flint Summary of Budgeted Revenues and Expenditures FY 2020-2021 Budget 5 All U-M Campuses Summary Budgeted Revenues and Expenditures by Campus 2020-2021 2019-2020 FY11- FY21 Ann Arbor Dearborn Flint Total Ann Arbor Dearborn Flint Total % Chg CGR Revenues: General Fund $ 2,300,038,741 $ 158,265,000 $ 113,649,800 $ 2,571,953,541 $ 2,307,880,831 $ 162,300,000 $ 117,656,600 $ 2,587,837,431 -0.6% 3.9% Designated Fund 195,653,000 520,000 745,000 196,918,000 232,028,000 1,020,000 1,340,000 234,388,000 -16.0% 3.6% Auxiliary Activities 5,259,347,929 1,220,000 5,254,000 5,265,821,929 5,699,782,656 1,770,000 5,260,000 5,706,812,656 -7.7% 6.3% Expendable Restricted Fund 1,268,002,792 27,500,000 20,225,000 1,315,727,792 1,398,914,821 22,500,000 21,730,000 1,443,144,821 -8.8% 1.9% Total Revenues $ 9,023,042,462 $ 187,505,000 $ 139,873,800 $ 9,350,421,262 $ 9,638,606,308 $ 187,590,000 $ 145,986,600 $ 9,972,182,908 -6.2% 4.8% Expenditures: General Fund $ 2,300,038,741 $ 158,265,000 $ 113,649,800 $ 2,571,953,541 $ 2,307,880,831 $ 162,300,000 $ 117,656,600 $ 2,587,837,431 -0.6% 3.9% Designated Fund 195,653,000 520,000 745,000 196,918,000 232,028,000 1,020,000 1,340,000 234,388,000 -16.0% 3.6% Auxiliary Activities 5,275,252,467 1,220,000 5,254,000 5,281,726,467 5,730,164,516 1,770,000 5,260,000 5,737,194,516 -7.9% 6.6% Expendable Restricted Fund 1,254,502,792 27,500,000 20,225,000 1,302,227,792 1,383,914,821 22,500,000 21,730,000 1,428,144,821 -8.8% 1.8% Total Expenditures $ 9,025,447,000 $ 187,505,000 $ 139,873,800 $ 9,352,825,800 $ 9,653,988,168 $ 187,590,000 $ 145,986,600 $ 9,987,564,768 -6.4% 5.0% Forecast Margin $ (2,404,538) $ - $ - $ (2,404,538) $ (15,381,860) $ - $ - $ (15,381,860) This schedule summarizes the total revenue and expenditure budgets for the The total expenditure budget has decreased $634,738,968 or approximately University of Michigan's three campuses. The budgets for each campus are 6.4% over the Fiscal Year 2020 budget. The compound growth rate from Fiscal summarized by current operating funds: General Fund, Designated Fund, Year 2011 is approximately 5.0%. After adjusting for inflation, this compound Auxiliary Activities, and Expendable Restricted Fund. growth rate equates to 3.2%. The total revenue budget has decreased $621,761,646 or approximately 6.2% over the Fiscal Year 2020 budget. The compound growth rate from Fiscal Year 2011 is approximately 4.8%. After adjusting for inflation, this compound growth rate equates to 3.1%. FY 2020-2021 Budget 6 Schedule A All U-M Campuses Summary of Budgeted Revenues and Expenditures by Fund 2020-2021 Auxiliary Expendable 2019-2020 General Designated Activities Restricted Total Total $ Change Revenues: State Appropriations $ 375,752,600 $ - $ - $ - $ 375,752,600 $ 375,919,300 $ (166,700) Student Tuition & Fees 1,921,246,733 - - - 1,921,246,733 1,921,000,952 245,781 Government Sponsored Programs: Federal - - - 1,005,000,000 1,005,000,000 1,100,000,000 (95,000,000) Non-Federal - - - 11,800,000 11,800,000 13,000,000 (1,200,000) Non-Government Sponsored Programs - - - 198,500,000 198,500,000 232,000,000 (33,500,000) Indirect Cost Recovery 265,354,208 27,018,000 - - 292,372,208 305,855,179 (13,482,971) Indirect Cost Recovery Alloc to Gen Oper - - - (292,372,208) (292,372,208) (305,855,179) 13,482,971 Private Gifts - 2,000,000 340,000 126,000,000 128,340,000 143,040,000 (14,700,000) Income from Investments: Endowment Income - 49,000,000 98,163,087 258,000,000 405,163,087 391,372,038 13,791,049 Other Investment Income 350,000 23,900,000 - 7,800,000 32,050,000 51,400,000 (19,350,000) Auxiliary Activities: Michigan Medicine - - 4,822,578,367 - 4,822,578,367 5,194,934,736 (372,356,369) Other Auxiliary Units - - 344,740,475 - 344,740,475 416,465,882 (71,725,407)