Budget at a glance


Fiscal Year 2017-18 Consolidated Budget

In FY08, the University’s operating budget totaled $2,072,187,800, about 57 percent of the recommended FY18 budget. The changes in the University’s operating budget over the last nine years reflect a significant increase in patient care, an increase in extramurally funded research grants and contracts, and a shift in funding from the state to our students.  

 

Understanding the University’s Consolidated Budget 

A balanced (revenues equal expenses and transfers), consolidated budget is established prior to the beginning of each fiscal year and amended during the year as plans change and unanticipated events occur. Financial activity is reported quarterly to the Board of Trustees with interim financial statements. An independent accounting firm audits the annual financial statements.  The University’s consolidated budget is primarily comprised of four types of current funds: General, Auxiliary, Restricted, and Fund Balance. The first three types are recurring (funds that generally are received or earned every year such as state appropriations and tuition and fees revenue).