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Budget update michael lake

Budget update michael lake. State of the Economy. State Revenues – Consumer spending is up; therefore, state revenues are up Revenue Estimating Conference – State revenues fell short of the budget: 9 out of 12 months in fiscal year 2008-09

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Budget update michael lake

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  1. Budget updatemichael lake

  2. State of the Economy • State Revenues – Consumer spending is up; therefore, state revenues are up • Revenue Estimating Conference – State revenues fell short of the budget: • 9 out of 12 months in fiscal year 2008-09 • Only 2 out of 9 months reported thus far for fiscal year 2009-10 • Unemployment – Exceeds 8% locally, exceeds 10% state-wide Budget Update

  3. State of the Economy • Funding of State Universities • Increases in state revenues translate to good news for the State University System (“SUS”) • FSU receives approximately 15% of the funds allocated to the SUS • Long-range Forecast – While 2010-11 looks fairly good compared to recent years, additional reductions are expected for 2011-12 and possibly 2012-13 Budget Update

  4. Key Issues for 2010 Session • New Florida Initiative • Created to demonstrate how the SUS can help Florida to build an economy based on knowledge and innovation • Will provide $10 million in non-recurring funds to the SUS in fiscal year 2010-11 • Science, Technology, Engineering & Mathematics (“STEM”) – Fields emphasized by the New Florida Initiative Budget Update

  5. Key Issues for 2010 Session • Bright Futures Program – Proposed bills: • Required award recipients to work in Florida for a specific time period after graduation • Died in committee • State University System Governance • House Bill 7237 • Shifts a great deal of authority to the Board of Governors (“BOG”) Budget Update

  6. Key Issues for 2010 Session • Florida Transparency Act – Proposed bill: • Required the State’s CFO to establish a chart of accounts to be used by all state agencies • Died in House messages • Gambling Compact with the Seminole Tribe – Expected to provide over $400 million to the State this year Budget Update

  7. Proposed 2010-11 Appropriations Tuition & Fees – Increases will be finalized in May Public Education Capital Outlay (“PECO”) – $34 million for 2010-11 American Recovery & Reinvestment Act of 2009 (“ARRA”) Stimulus Funds – Including the College of Medicine, $23 million for 2010-11 Budget Update

  8. Proposed 2010-11 Appropriations • Salaries, Insurance Benefits & Retirement • No expected salary decreases, nor employee contributions to retirement plans • There will be increases related to insurance premiums and copays (employees will be notified of the details very soon) • Potential Budget Reductions – It appears at this point that budget reductions for 2010-11 will not impact departments Budget Update

  9. 2010-11 Operating Budget Submission • Memos and Other Communications • Will be sent via email • Memos are available at http://www.budget.fsu.edu/Budget-Director-s-Memoranda • Training • Required for those who will need to enter a 2010-11 budget request that did not complete last year’s training • http://campus.fsu.edu/budgetoffice/ Budget Update

  10. 2010-11 Operating Budget Submission • Key Dates • Available at http://www.budget.fsu.edu/2010-11-Operating-Budget-Information • Also available on the Fiscal Year-End Calendar • As always, if you have questions, please contact a member of the Budget Office staff (http://www.budget.fsu.edu/Budget-Office-Staff) Budget Update

  11. Budget Office Contacts • Michael Lake – Director • mlake@admin.fsu.edu • 644-2478 • Katie Martindale – Associate Director • kmartindale@admin.fsu.edu • 645-7164 Budget Update

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