University Budget Advisory Committee Report 2020-21
"Explore the breakdown of the University's budget for 2020-21, key changes, and financial allocations. Learn about budget development, operating expenses, and strategic decisions impacting the institution's financial future."
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2020-21 Budget Development University Budget Advisory Committee November 26, 2019
2019-20 Total Operating Budget 2018-19 2019-20 Change Sources State General Funds* Educational and General Programs Student Financial Assistance Belmont / James Monroe Museum Dahlgren Campus Total General Funds Nongeneral Funds Tuition Fees Sales and Services Housing Dining Bookstore Grants and Contracts Other Sources Total Nongeneral Funds Total Sources Uses Instruction Research and Public Service Academic Support Student Services Institutional Support Operation and Maintenance of Plant Scholarships and Fellowships University Housing Dining Bookstore Auxiliary Programs Museums & Cultural Services Higher Education Centers Total Uses Budget Balance 27,647,038 $ 3,428,981 755,065 1,250,000 33,081,084 $ 29,865,353 $ 3,738,262 755,065 1,250,000 35,608,680 $ 8.0% 9.0% 0.0% 0.0% 7.6% 46,624,200 $ 16,854,000 45,602,200 $ 18,860,000 -2.2% 11.9% 10,731,000 11,036,000 2,010,000 4,130,000 4,450,951 95,836,151 $ 128,917,235 $ 9,731,000 10,636,000 4,261,800 4,750,951 93,841,951 $ 129,450,631 $ -9.3% -3.6% -100.0% 3.2% 6.7% -2.1% 0.4% - 32,801,489 $ 1,107,633 9,591,962 8,014,967 11,551,961 5,786,444 15,058,981 10,731,000 11,036,000 2,010,000 18,411,448 1,115,350 1,700,000 128,917,235 $ $ 33,032,216 $ 1,122,633 9,150,082 8,376,914 10,491,435 5,777,491 17,600,062 9,731,000 10,636,000 20,717,448 1,115,350 1,700,000 129,450,631 $ $ 0.7% 1.4% -4.6% 4.5% -9.2% -0.2% 16.9% -9.3% -3.6% -100.0% 12.5% 0.0% 0.0% 0.4% - - -
Key Budget Changes 2019 General Assembly Salary Increases Classified - - 2.75% across-the-board + 2.25% merit Faculty - - 3.0% across-the-board Health Insurance Premium Holiday Two pay periods - - October 2019 Tuition Affordability Pool No tuition increase for resident undergraduate UMW - $957,000 in additional state funding Equivalent to 3% increase
Key Budget Changes 2019 General Assembly (cont d) Career Center - - $375,000 Degree Production - - $338,550 O&M for new facilities - - $50,000 State Financial Aid Program Need-based, Virginia undergraduates + $389,281 - - Total of $3.7M Equipment Trust Fund No change - - $655,746 3% Cap on Non-E&G Fees
Key Budget Changes UMW Actions Privatized Bookstore - - Barnes & Noble $2M impact on revenues and expenditures B&N pays UMW commissions + overhead Residence Hall Renovation Pool + $995,000 - - debt service for Virginia Hall Institutional Financial Aid + $2.1M - - Total budget of $9.6M
University of Mary Washington History of Actual Financial Aid Awards 12,000,000 $9,600,000 Budgeted 10,000,000 Average annual increase of $1.5 million. Requires about a 3.5% tuition & fee increaseeach year. 8,000,000 6,000,000 4,000,000 2,000,000 $1,947,627 $582,250 - 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20
Whats Driving Student Aid Increases? Competitive market place Ability to pay vs willingness to pay UMW is disadvantaged by state aid program Institutional aid to used to cover the shortfall in state funding UMW ranks 10thout of 15 unmet need funded State model is slow to reflect institutional demographic changes Increase of 229% in Pell eligible students at UMW since 2006-07, largest increase of any Virginia public institution, which have averaged 94%
Key Budget Changes (contd) Collapsing Tuition and E&G Comp Fee has no impact on student costs 2018-19 $6,302 2,376 3,976 $12,654 2019-20 $8,678 3,976 $12,654 Tuition E&G Comp Fee Auxiliary Comp Fee Total - Full-time, Virginia undergraduate
Key Budget Changes (contd) Develop a multi-year strategy to align room and board charges with operating budgets Other Auxiliary Programs $20,803,233 26,908,730 2019-20 Budgets Housing $9,731,000 6,361,503 Dining $10,636,000 7,900,000 Total Revenues Expenditures $20,367,000 14,261,503 Difference $3,369,497 $2,736,000 $6,105,497 ($6,105,497) * *Will require 3 years of 11% annual increase to Auxiliary Comp Fee to eliminate the subsidy.
Tuition and Fees for 2019-20 ----------On-Campus In-State Students---------- Change 2018-19 $6,302 2,376 $8,678 2019-20 $8,678 $8,678 $ % 37.7% -100.0% 0.0% Tuition E&G Comprehensive Fee subtotal $2,376 (2,376) - $0 Auxiliary Comprehensive Fee Housing Board Total $3,976 6,644 4,086 $23,384 $4,532 6,644 4,086 $23,940 $556 - - $556 14.0% 0.0% 0.0% 2.4% ----------On-Campus Out-of-State Students---------- Change 2018-19 $22,236 2,376 $24,612 2019-20 $25,104 $25,104 $ % 12.9% -100.0% 2.0% Tuition E&G Comprehensive Fee subtotal $2,868 (2,376) $492 - Auxiliary Comprehensive Fee Housing Board Total 3,976 6,644 4,086 $39,318 4,532 6,644 4,086 $40,366 $1,048 556 - - 14.0% 0.0% 0.0% 2.7%
How Do UMWs Tuition & Fees Compare to Other Virginia Public Universities for 2019-20?
Undergraduate Cost Comparisons 2019-20 - FINAL Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 IS Commuter* OS Commuter* Room & Board IS Total OS Total W&M VMI UVA CNU VCU VT LU UMW GMU JMU RU ODU UVA-W NSU VSU $23,628 $19,118 $16,632 $14,924 $14,596 $13,691 $13,520 $13,210 $12,564 $12,206 $11,350 UVA-W $28,808 UVA-W $10,751 $11,020 CNU $27,790 $10,252 RU $23,432 $9,622 NSU $21,550 $9,154 VSU $20,909 UVA W&M $46,854 VMI GMU VCU VT ODU UMW $29,636 LU JMU $49,962 W&M $12,926 CNU GMU UVA LU VSU JMU ODU NSU VCU W&M $36,554 VMI UVA CNU VCU LU GMU UMW $23,940 JMU VT ODU UVA W&M $59,780 VMI GMU VCU VT ODU LU UMW $40,366 JMU $61,665 $11,760 $11,705 $11,703 $11,668 $11,554 $10,938 $10,868 $10,844 $10,823 $28,884 $28,335 $26,684 $25,419 $25,188 $24,269 $45,962 $36,024 $35,904 $32,835 $31,180 $55,728 $47,729 $46,727 $42,177 $42,048 $41,168 $29,480 $29,106 $23,144 $23,033 $21,888 UVA-W $39,559 CNU $20,987 RU $20,698 VSU $20,466 NSU $40,044 UMW $10,730 UVA-W $21,003 VMI $9,766 RU $9,637 VT $9,342 $39,550 $33,069 $32,453 $32,394 RU VSU NSU *Includes tuition and all mandatory fees.
Virginia Institution Pricing Source: NCES College Navigator
Current Capital Projects Seacobeck Hall Renovations Currently on-hold pending additional funding request 2020 General Assembly Jepson Science Center Addition and Renovations Fall 2019 Willard Hall Renovation $24.5 million in revenue bonds Reopen after 2019 winter break Virginia Hall Renovation $24.5 million in revenue bonds Begin construction after Willard reopens Palmieri Fountain Reopen Fall 2021 Alvey Hall?? Maintenance Reserve Various $1.7 million annually in state funds
FY21 Capital Priorities New Theatre / Renovation of Fine Arts Complex State funding request - - $78.6 million New Theatre at Sunken Road and William Street Demolish Marshall Hall Renovate Pollard, Melchers and DuPont Renovate Simpson Library State funding request - - $25.3 million
Preliminary 2020-21 Operating Budget Estimates
