Identifying Strategic Goals Within Major Strateav Categories Strategy Categories Student Success X Financial Sustainability (Check all that apply): X Affordabilitv Academic Proaram Array New Continuing X Diversitv/Eauitv/lnclusion X Workforce Strategic Goal: Continue to Right-size the Annual Operating Budget. Strategic Goal(s) description and populations impacted: After years of declining revenues, the university has benefitted from a substantial increase in state appropriation funding over the past two years. This additional revenue has allowed the university to cover rising personnel costs without the need to significantly reduce our workforce or make base budget reductions to operating lines. This has been a welcomed change after many years of reducing faculty, staff, and cutting discretionary spending. A balanced budget, where annual recurring revenues match our annual expenses, is still our primary focus. Anticipated/Achieved student success, DEi, or financial sustainability outcomes: Achieved financial sustainability outcomes in support of our efforts to right-size the annual operating budget: o We have maintained a balanced budget without the use of cash reserves for the past six consecutive years. o We have stopped multiple years of enrollment declines as evidenced by our annualized FTE enrollment for fiscal year 2023-24 outpacing the previous two years. o We continue to receive a larger share of the annual increases to state appropriation due to our success with the enrollment metrics tied to the allocation formula. o We continue to reduce our FTE faculty to align with our enrollment as evidenced by the increase in our student-to-faculty ratio from 16.7 in fall 2019 to 18.6 in fall 2023. This was achieved by reducing our fall FTE faculty by 88 (441 to 353). o After years of a negative annual operating margin, we achieved a positive 2.3% in fiscal year 202223 and expect another positive result in fiscal year 2023-24. o We continue to improve our annual primary reserve ratio with the most recent year (fiscal year 2022-23) surpassing the 40% System target at 41.6%. o Our minimum reserves in days have increased from 169 in fiscal year 2018-19 to 229 in fiscal year 2022-23. o We have no plans to use unrestricted net assets or cash reserves to balance our annual operating budget in future years. Strategy funding and resources: The university has reallocated base budget funding to fully support our increased student aid. In FY 2023, the KU Foundation completed a comprehensive campaign that raised $46,852,180 in gifts and pledges. These dollars continue to support student scholarships and significant capital improvements. Multi-campus and Systemwide implications, if applicable: KU has engaged in Shared Services with the Eastern Regional Procurement Office to reduce personnel costs. Additionally, KU is providing Human Resource Management for the Office of the Chancellor. 6
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