Central Washington University Board of Trustees February 8-9, 2018 EXECUTIVE SUMMARY-INFORMATION/ACTION – Budget and Finance Briefing
Fiscal Year 2018 Budget Update Each quarter after enrollment census, we provide the Board with a financial forecast for the remainder of the 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. The full year tuition forecast is down $1M due to lower than expected fall and winter enrollment. In response, we have made a mid-year expense budget reduction of $1M. In January the state legislature approved the state biennial capital budget , on which action had been suspended since July 2017 pending resolution of a water policy issue. The budget bills contain about $33 million for CWU: • Health Sciences - $23 million This project, proposed more than eight years ago, will construct a modern educational facility for our allied health programs, now spread across about four buildings. The funding is for only the first phase of the project, which will be constructed approximately where Hertz Hall now resides. • Minor Works Preservation - $7.5 million Minor works projects are between $25,000 and $2 million in cost and have to be completed in a biennium. Examples include new roofs, landscaping, heating and cooling systems, etc. • Preventive Facility Maintenance and Building System Repairs- $2.422 million Fiscal Year 2019 budget development is currently underway. In February, each department will participate in campus wide budget forums, and outline the purpose of the department, priorities, and contributions to strategic goals. Those that seek budget increases will discuss these in these open forums. On February 5, the Washington State Auditor’s Office held an exit conference with representatives of the Board of Trustees and Business & Finance Management for the purpose of reviewing the results of the independent audits of fiscal year 2017, and to provide an open forum for discussion. The SAO performed two audits: • The university’s Comprehensive Annual Financial Report, which included a “clean” opinion with no findings. • An audit of the System (a combination of the housing/dining, bookstore, parking and student fee funds), which also included an unmodified or “clean” opinion with no findings.
Made with FlippingBook - professional solution for displaying marketing and sales documents online