Executive Summary – FY 2019 Recap and FY2020 Overview
From a financial point of view, 2019 was another great year at CWU. Despite a slight shortfall in budgeted, fall-student headcount, actual revenues exceeded expectations in all operating funds. With faculty and staff vacancies at typical percentages, expenses generally were lower than budgeted. Higher revenues and lower expenses is a good place to be, and it allows the university to set some funds aside for things that do not always fit in annual budgets, such as equipment replacement and funds for strategic investments. State/Tuition and Local General Funds. Although we did not achieve budgeted fall enrollment (+61 actual vs. +100 budgeted), the increase in non-resident undergraduate students (who pay higher tuition) and a slight increase in average credit load more than offset the minor shortfall in total student headcount. As a result, gross tuition revenue came in $1.5 million higher than target. The 2018 summer session was much better than expected, delivering about $1.0 million in additional income to the four academic colleges. First-year retention will not be known until the fall census (day ten), however mid-year persistence indicates that we may have a slight improvement over the prior year. This good news was offset by higher-than-expected tuition waivers, of about $1.5 million. In FY 2019 CWU waived $17 million in tuition (in the State/Tuition fund group). Generally, the optimization of tuition waivers continues to be an area of opportunity for the university. Looking ahead to FY20, we anticipate another increase in fall headcount of about 150 students, a strong summer session, and similar operating conditions to FY19 overall. This budget accommodated across-the-board increases in wages and benefits, another increase in the state’s minimum wage, and a long list of state-mandated wage classification upgrades. However the compounding effect of these increases will put pressure on future years. The Enterprise Fund Group , specifically Housing and Dining, experienced solid financial performance, benefitting from a near-capacity residential population and efficient operations. Looking forward to FY20, there will be significant budgetary pressure on these areas as we open the 402-bed Dugmore Hall, the new 6,000-square-foot dining facility, and experience the full impact of investments made to improve the comprehensive residential experience. The Student Activities Fund also experienced higher than budgeted revenues in FY19, which more than offset higher than planned expenses. With significant student employment, this area has felt the impact of the multi-year increase in minimum wage acutely, and will in FY20 as well. Capital Development continued in FY19 with the completion of Samuelson Hall, and the start of construction of the Health Sciences facility. In the fall of 2018, Central completed new recreation facilities and an upgrade to Tomlinson Stadium, funded by the CWU Foundation. FY20 will include the aforementioned opening of Dugmore Hall and dining facility, as well as significant upgrades to the Brooklane Village apartment complex and Stephens-Whitney residence hall.
4 | P a g e
Made with FlippingBook - Online magazine maker