Agenda Item No.

Washburn University Board of Regents









SUBJECT: FY 2000 Budget Modifications Sales Tax





DESCRIPTION:





At the May Board of Regents meeting the FY 00 operating budget was approved. That budget assumed that Ad Valorem taxes would be a major source of revenue pending the outcome of any delays in the implementation of the sales tax source of revenue. It is now certain that Washburn University has the authority to implement the sales tax on July 1, 1999. Therefore, the operating budget approved in May requires modification.





Key elements of this modified budget are:



1. Adjust revenue to be from sales tax and remove property tax revenues on the General and Employee Benefit funds.

2. Allow for the creation of a "Smoothing Fund" as required by statute to modulate potential fluctuations in sales tax collections that could negatively affect revenues to Washburn.

3. Create a "Sales Tax Capital Improvement Fund" with funds equivalent to those expected from expanding the former capital mill levy county-wide.

4. Undergraduate resident tuition will be rolled back from $106 per credit hour to $103.

5. Complete the fulfillment of unmet needs from early budget deliberations.



FINANCIAL IMPLICATIONS:



Budget adjustment summary attached and revised budget pages attached.



RECOMMENDATION:



President Farley recommends Board of Regents' approval of FY2000 operating budget as modified.





______________ __________________________________

(date) Jerry B. Farley, President


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