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Finance Committee forwards FY09 budget for approval by full board |
| By
Tobin J. Klinger |
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Jun 3, 2008
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When The University of Toledo Board of Trustees next meets, members will be asked to formally approve the first fully integrated budget inclusive of the former Medical University of Ohio and The University of Toledo.
According to Dr. Scott Scarborough, senior vice president for finance and administration, the $739 million budget was built with two goals in mind: To solicit input from appropriate stakeholders and to align resources with the strategic plan.
President Lloyd Jacobs said, “We have followed a process that has not only accomplished our goals, but also has improved our fiscal soundness. This budget puts us on a course that will help us achieve the objectives set forth in our strategic directions document.”
The budget reflects:
• Reallocations of $10.6 million within academic units to strengthen the strategic plan;
• $2.5 million in reallocations from “back-room functions” to academic initiative implementation;
• Positive cash flow and a bottom line of $10 million; and
• $12 million in increases in salaries and benefits.
“This budget fully funds our completed union contracts and provides for salary increases for non-union faculty and staff,” Scarborough said. “Meanwhile, it accounts for depreciation, interest expenses and other obligations. With this fully loaded budget, we have a clearer picture as to where we need to allocate resources to maintain our beautiful campuses and assure long-term financial stability.”
Scarborough noted to the Board’s Finance Committee June 2 that the budget was built on several key assumptions, including the enrollment of 400 new undergraduate students, an increase in State Share of Instruction dollars, and an increase in patient revenues, among others.
The full Board of Trustees is expected to meet June 16.
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