The Comprehensive Fiscal Report
The comprehensive fiscal report, on the docket at the November Board of Regents meeting, compares actual revenues and expenditures with Board-approved budgets. This comparison is useful in identifying variances between what was approved in the budget and what was actually spent. The report also includes a five-year history of actual revenues and expenditures for each university and special school.
The comprehensive fiscal report contains a breakdown of General Operating Revenues and UIHC Operating Revenues, as well as University athletics and residence systems.
General Operating Revenues and Expenditures
These revenues, totaling $1.7 billion in FY 2019, are largely comprised of state appropriations ($570.6 million) and tuition revenue ($1.02 billion). Reflective of the services nature of Iowa’s public universities and special schools, salary-related expenses comprised 67 percent ($1.12 billion) of the total operating budget in FY 2019. The Regents Enterprise as a whole spent $21.6 million less than was budgeted, or 1.3 percent under budget.
Over the last five years, total general operating fund expenditures have grown by more than $100 million. Almost all of this growth can be attributed to increases in salary and benefit costs ($59 million) and aid to individuals ($41 million). Tuition revenue generated from higher enrollments and rate increases has been partially offset by a decrease in state appropriations. While state operating funding for FY 2019 partially recovered from cuts in FY 2017 and FY 2018, it remains significantly less than appropriated amounts for prior years.
University of Iowa Health Care Operating Revenues and Expenditures
The vast majority of UIHC revenues come from sales and services ($1.65 billion). As above, the bulk of expenditures for the health care operating units lies in salary and benefits costs ($875.8 million), though professional and scientific supplies ($734.8 million) take a sizeable chunk, as well. Sales and services for the health care operating units have grown by more than $500 million since FY 2015, with expenses for supplies growing by more than $320 million.
Athletics and Residence Systems
All three universities report athletics revenues and expenditures to the Board. The UI and ISU earn a large part of their revenue through conference membership, with UI netting nearly $55 million from the Big Ten and ISU taking more than $41 million from the Big 12. UNI took home $1.6 million from the Missouri Valley Conference. Total athletics expenditures were $122.3 million at the UI, $90.1 million at ISU and $15.3 million for UNI.
The university residence systems provided housing and dining services to more than 21,000 students during FY 2019. Room and board contracts provide the primary source of revenue for the systems. Total revenue during FY 2019 was $219.7 million.
Each year, the Board conducts a series of reviews and approvals for budgetary and financial matters. The compressive fiscal report compares real-world revenues, expenditures and budgets. Understanding how Iowa’s public universities are funded and how they spend those funds is important to fulfilling the Board’s core values of transparency and accountability.