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University of Colorado

University of Colorado. Looking to the Future. Our Economic Future. How We Excel. Where We Are Headed. Todd Saliman Vice President & Chief Financial Officer , CU System . Kelly Fox Senior Vice Chancellor and Chief Financial Officer, CU-Boulder. Higher Education Funding Background.

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University of Colorado

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  1. UniversityofColorado Looking to the Future Our Economic Future How We Excel Where We Are Headed Todd Saliman Vice President & Chief Financial Officer , CU System Kelly Fox Senior Vice Chancellor and Chief Financial Officer, CU-Boulder

  2. Higher Education Funding Background • FY 1990-91, 19% of the state budget went to higher education. • FY 2000-01, that share had fallen to 14%. • FY 2013-14, the share will likely be about 8%. CU’s share of the 8% will likely be about $150.2 million. • The state budget “high point” for higher education was $706 million in FY 2008-09. The Governor’s request for FY 2013-14 is $543 million. • This year, 5.3% of CU’s budget comes from the state. • Colorado ranks 48thin the nation for state funding per full-time student in higher education.

  3. Colorado’s Revenue Growth Trend

  4. Allocation of the State’s General Fund Projection

  5. Higher Ed Cut Deeply per Resident Student FY 2001-02 through FY 2012-13

  6. CU’sRevenueSources Total Budget = $2.9 billion

  7. CU-Boulder’sRevenueSources Total Budget = $1.3 Billion FY2012-13

  8. CU-Boulder’sEducation-Related Revenue Sources = $600 Million Fees/Other 3.3% State Support 8.9% Indirect Cost Recovery 9.2% • Tuition dependent • Residents = 2/3 enrollment; 39% of budget revenue (tuition + state tax support) • Nonresidents continue to subsidize resident education and access Resident Tuition 29.8% Nonresident Tuition 48.8%

  9. HowCUSpendsaStateDollarinFY 2012-13 69.3 cents 9.1 cents 4.8 cents 6.5 cents 10.3 cents

  10. CU’sAdministrativeExpensesBelowPeers

  11. Tuition + Fees + State Support Far Below Peers

  12. State Funding for CU Not Keeping Up

  13. Resident Tuition and Fees Peer Comparison, UCB

  14. Non Resident Tuition and Fees Peer Comparison, UCB

  15. Per Student State Funding Plus Tuition and Fees Peer Comparisons, UCB

  16. State Budget Shortfalls on Horizon

  17. Precarious Future for Higher Education Funding

  18. National Leader in Research

  19. CU Awards 42% of all Public Undergraduate Degrees in Colorado

  20. CU Awards 60% of all Public Graduate Degrees in Colorado

  21. Education’s Return on Investment Unemploymentratesforindividualswithatleastabachelor’sdegreeisconsistentlyabouthalftheunemploymentrateforhighschoolgraduates. Unemployment rate in Sept. 2012 (%) Bachelor’s degree and higher 4.1% Some college or associate degree 6.5% High school graduates, no college 8.7% Less than a high school diploma 11.3% Source: U.S. Bureau of Labor Statistics. Employment status of the civilian population 25 years and over by educational attainment.

  22. CU-Boulder Current Budget Year Update • Enrollment • FY 2013 Freshman class approximately 5,450 • FY 2013 Overall enrollment 29,850 • FY 2014 Applications are strong • Developed new yield strategies • Tuition Revenue • Unexpectedly high undergraduate nonresident conversion rate • Overall enrollment lower than original budget • All other revenue categories are meeting expectations

  23. CU-Boulder • Doing business differently • Innovative Advisory Group • Efficiency Office • New Merit Aid Program • FY 2014 Proposal to the Board represents a 3.4% total expenditure increase

  24. Didyouknow? • More than 57,500 students enrolled in degree programs at CU, fall 2012. • CU contributed $5.3 billion to Colorado’s economy in 2011. • Superlative record of five Nobel Laureates and eight MacArthur Genius Fellows. • CU is Colorado’s third-largest employer. • Technology from CU research labs started 11 new companies last year. • CU is an important contributor to key industry sectors, including health care, aerospace, renewable and sustainable energy, and biotechnology. • Spent $246 million on construction projects (some are multi-year projects), helping sustain an industry particularly hard hit by the recession.

  25. Looking Ahead • State revenues looking up… for now • Medium term state revenue outlook challenging • Continue to identify opportunities for efficiencies • Foundation efforts are critical • Work with stakeholders to identify future needs • Maximize technology to enhance learning experience and achieve efficiencies

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