FY2010 Interim Plan Timeline
June 5, 2009 – Adoption of an FY 2010 Interim Forecast
November 6, 2009 – Adoption of the FY 2010 Forecast
2
Budget Uncertainty
State Appropriations Revenues• Budget Reduction – One-time reduction $6 million• Use of Federal Stimulus Funding – pending
Tuition and Fees Revenues – should be known by September• Impact of Current Economic Conditions on Enrollment
• First –Time Freshman• Transfer Students• Returning Students • Total Students – 28,500
Endowment Spend Revenues - evaluation of impact on colleges should be known by July
3
Freshman Enrollment Projections Based on Confirmations1
4,557
2,431
2,125
6
1Confirmations include academic deposits, housing deposits and or registration for orientation. If a prospective studentHas taken any of these actions they are reflected a confirmed for purposes of this analysis.
Total
Non-Resident
Resident
8
2010 Interim Plan - Planning Framework
• Maintain a balanced budget excluding unrealized investment losses and GASB 45 Liabilities.
• Encourage normal mission-driven operations to maintain academic quality and limit burdensome spending restrictions, e.g. hiring and travel freezes, additional approvals on capital items.
• Define strategic priorities and invest in those priorities during this uncertain financial environment; e.g. research enterprise, salary increases, new faculty and staff positions, and new programs.
• Focus on identifying new sources of revenue and operating efficiencies.
• Recognize that tuition revenue is paramount to the University’s long-term success. Therefore, we must be sensitive to changing market conditions.
• Limit the impact of permanent budget cuts until there is greater certainty about the level of state support and other revenue sources.
• Effectively manage cash and other resources needed to maintain financial stability and to deal with unforeseen events.
WVU Financial Plan
Operating Revenue Highlights
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State
Nongovernmental
Federal State
Nongovernmental
WVU Financial Plan
Non-Operating Revenues (Expenses) Highlights
State Appropriations
All Other Non-Operating Revenues (Expenses)
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