Executive Summary - 6 year plan and fiscal year budget upda…

Executive Summary - 6 year plan and fiscal year budget upda…

BoardofTrusteesMeeting FulBoardPacket Dec.2017

Full Board Packet - Nov 2-3, 2017 (Presentation & Background Materials) Submitted by dawsonk on Mon, 10/23/2017 - 16:13

WORK SESSION - Thursday, November 2, 2017 - Sid Morrison Board Room 1:30-2:30 PM - Enrollment & Budget • Update FY 18 Budget Forecast + 6-Year • Final Fall 2017 Enrollment Report • Strategic Enrollment Management Plan

CENTRAL WASHINGTON UNIVERSITY Board of Trustees November 2, 2017

EXECUTIVE SUMMARY-INFORMATION – 6 Year Plan and Fiscal Year 2018 Operating Budget Update

In July the Board of Trustees approved the fiscal year 2018 operating budget. Each year after fall census, when student enrollment levels are known, we provide the Board with a forecast for the full year based on enrollment and other known changes. The attached update presents the current forecast for all operating and non-operating fund groups for the current year, which is slightly more favorable in most areas due to strong enrollment growth. In addition, at the last meeting in July, the Trustees requested a longer-term forecast for the operating funds of the university. The attached update also presents a six-year forecast for the core functions of the university and provides a platform to continue long term operational and financial planning. These six-year plans were developed using driver-based methodologies informed by history on rates, projected headcounts and FTE, and expected margins. Undergraduate enrollment and staffing are naturally the main drivers.

Submitted:

Approved for submission:

_________________________________ __________________________________ Joel Klucking, Vice President James L. Gaudino Business and Financial Affairs President

2018 Financial Update Board of Trustees November 2, 2017

Joel Klucking Vice President for Business and Finance Affairs

FY18 Operating Funds Operating Funds FY17-FY18 as of 10/18/17 (in millions)

Original

Current $$

FY 17 Actual

%

Budget Forecast Var

Var

Revenues State General

122.7 122.7 (0.1)

115.9 5.9% 27.9 13.2% 13.3 3.3% 47.3 6.4% 204.4 6.8%

Local

31.2 13.6 50.2

31.6 0.4 13.8 0.2 50.3 0.1

Student Activities

Enterprise

Total Operating Revenues

217.8 218.4 (0.6)

Expenses State General

122.6 122.1 0.5 116.2 5.1%

Local

30.4 13.5 48.4

32.1 (1.6) 12.8 0.7 48.1 0.3

29.6 8.5% 11.2 14.5% 43.8 9.8% 200.8 7.2%

Student Activities

Enterprise

Total Operating Expenses

215.0 215.2 (0.2)

Revenue Less Expense

2.8

3.2 0.4

3.6

Full Year Tuition Forecast Flat State/Tuition Fund

When compared to budget drivers: – First year students way up – Transfers students down – Graduate students down – Fall 16 cohort retention down

Gross Tuition minus $650K full year

– Tuition waiver rate lower • Mostly resident undergrad

Waivers reduced $750k full year

FY18 Non-Operating Funds Budget vs Forecast FY17-FY18 as of 10/18/17 (in millions)

Original

Current

$$

FY 17 Actual

%

Budget Forecast

Var

Var

Revenues Grants & Contracts

51.4 29.1

50.6 (0.8) 25.9 (3.1) 8.7 1.0 5.8 0.7 91.0 (2.3) 49.8 (1.6) 25.8 (5.3) 8.5 0.4 5.5 0.7 89.6 (5.9)

47.3 7.1% 67.4 -61.5% 8.9 -2.0% 5.3 8.3% 128.9 -29.4% 48.6 2.6% 68.9 -62.6% 9.2 -8.0% 5.2 6.4% 131.9 -32.0%

Capital Projects Internal Service

7.7 5.1

Trust, Agency, and Loan Total Non-Op Revenues

93.3

Expenses Grants & Contracts

51.4 31.1

Capital Projects Internal Service

8.2 4.9

Trust, Agency, and Loan Total Non-Op Expenses

95.5

Revenue Less Expense

(2.3)

1.4 3.7

(3.0)

6 Year Projections

Annual Assumptions • Enrollment increases 100 first-year, 100 transfer every year until 2,500 each • Retention & persistence at prior 3-year average • Tuition increases at 2% • Wage increases at recent rates (2-3%) • Benefits costs increase 6% • Housing & Dining rate increases 5% • General inflation on goods & services at 2%

Need for Growth State/Tuition

Revenue % Increase-Flat

Expense % Increase

6.0%

Revenue % Increase – Planning level

5.0%

4.0%

3.0%

2.0%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

6 Year Projection State/Tuition Funds

160

$156M

Revenues

~$37M for investments 2019-2024 but….

150

Expenses

$147M

140

130

120

110

100

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23

FY24

With Equipment Replacement State/Tuition Funds

160

$ 156M

Revenues

150

~$30M equipment backlog

Expenses

$149M

140

130

120

110

100

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23

FY24

6 Year Projection Local General Funds

43

$39M

40

Revenues Expenses

38

Equipment Replacement

35

$37.6M

33

30

28

Aviation & Sammamish Startup

25

$26.6M

23

20

18

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 15

State/Tuition & Local Combined

$195M

200

Revenue

190

Expenses

180

$185M

170

160

150

$135M

140

130

120

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24

6 Year Projections Enterprise

65

$62.0M

Revenues

60

Expenses

55

$57.6M

50

$44.1M

New Residence Hall opens – bond payments increase

45

40

$40.1M

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 35

Axis Title

6 Year Projection Student Activities

$18.4M

19

Revenues

18

17

16

Expenses

15

$12.9M

$15.6M

14

13

12

$12.5M

11

10

9

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 8

Axis Title

Questions?

Central Washington University Board of Trustees November 2, 2017

Executive Summary – Fall 2017 Census Enrollment Report

Enrollment is a key institutional revenue driver. Official enrollment statistics are always tabulated on the tenth instructional day of the academic year. The July projection of new first-time freshman enrollment was within 5 students of the final enrollment of 2,131, an accuracy rate of 99.75%. The enrollment of new transfer students fell short of the July projection by 46 students. The full Fall 2017 Census Enrollment Report includes headcounts by campus, student type, legal residence, demographics, and student enrollment by full-time equivalent. >Page 1 Page 2 Page 3 Page 4-5 Page 6-7 Page 8-9 Page 10-11 Page 12-13 Page 14-15 Page 16-17 Page 18-19 Page 20-21 Page 22-23 Page 24-25 Page 26-27 Page 28-29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48-49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56-57 Page 58 Page 59 Page 60 Page 61 Page 62 Page 63 Page 64 Page 65 Page 66-67 Page 68-69 Page 70 Page 71 Page 72 Page 73 Page 74 Page 75 Page 76 Page 77 Page 78 Page 79 Page 80 Page 81 Page 82-83 Page 84-85 Page 86-87 Page 88-89 Page 90-91 Page 92-93 Page 94-95 Page 96-97 Page 98-99 Page 100-101 Page 102-103 Page 104-105 Page 106-107 Page 108-109 Page 110-111 Page 112-113 Page 114-115 Page 116-117 Page 118-119 Page 120-121 Page 122-123 Page 124-125 Page 126-127 Page 128-129 Page 130 Page 131 Page 132 Page 133 Page 134 Page 135 Page 136 Page 137 Page 138 Page 139 Page 140 Page 141 Page 142 Page 143 Page 144 Page 145 Page 146 Page 147 Page 148 Page 149 Page 150-151 Page 152 Page 153 Page 154 Page 155 Page 156 Page 157 Page 158 Page 159 Page 160 Page 161 Page 162 Page 163 Page 164 Page 165 Page 166 Page 167 Page 168 Page 169 Page 170 Page 171 Page 172 Page 173 Page 174 Page 175 Page 176 Page 177 Page 178 Page 179 Page 180 Page 181 Page 182-183 Page 184-185 Page 186-187 Page 188-189 Page 190-191 Page 192-193 Page 194-195 Page 196-197 Page 198-199 Page 200-201 Page 202-203 Page 204-205 Page 206-207 Page 208-209 Page 210-211 Page 212-213 Page 214-215 Page 216-217 Page 218-219 Page 220-221 Page 222-223 Page 224-225 Page 226-227 Page 228-229 Page 230-231 Page 232-233 Page 234-235 Page 236 Page 237 Page 238 Page 239 Page 240-241 Page 242-243 Page 244-245 Page 246-247 Page 248-249 Page 250-251 Page 252-253 Page 254-255 Page 256-257 Page 258-259 Page 260-261 Page 262-263 Page 264 Page 265 Page 266 Page 267 Page 268 Page 269 Page 270 Page 271 Page 272 Page 273 Page 274 Page 275 Page 276 Page 277 Page 278 Page 279 Page 280 Page 281

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