This annual review highlights the Division of Finance's accomplishments and contributions in fiscal year 2019.
ENSURING UVM'S FINANCIAL SUSTAINABILITY
In support of academic quality and affordability
- Developed a funding plan for the Multipurpose Center that was approved by the Board of Trustees
- Maintained a stable credit rating for the University, despite the rating agencies' overall negative outlook for the higher education sector
- Issued $53M in new bonds to fund the multipurpose center, deferred maintenance, and other capital projects, and refinanced 2009 bonds achieving a $17M present value savings for the University
- Implemented Incentive-based Budgeting (IBB) model 2.0 changes
- Engaged deans and vice presidents in a strategic budgeting process to generate and reach consensus about ideas for recurring revenue growth and efficiency and effectiveness improvements
- Modeled fringe benefit and F&A rates in preparation for rate proposals to the federal government
- Began implementing PeopleSoft Lease Administration in preparation for compliance with Governmental Accounting Standards Board (GASB) Standard 87: Leases
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Thank you for taking the time to explore this report. I welcome any feedback on how our Division may serve you better.
Richard H. Cate, VP for Finance and Treasurer