While the Colorado economy has shown signs of improvement and Gov. John Hickenlooper the past year restored about $9 million to the University of Colorado operating budget, higher education funding remains unpredictable at best. With this in mind, the University of Colorado continues to be prudent and efficient in its practices and is well positioned, despite fiscal fluctuation and uncertainty.
As this report shows, our primary funding streams have held steady and even grown as we continue to increase revenue resources and improve on our efficiencies. For the year that ended June 30, 2013, the University's net position increased by nearly $218 million. We are in this position because we have taken active steps to ensure the financial health of the University.
Research funding from federal sources remains healthy, despite the recent federal government shutdown and the potential effects of sequestration. Fundraising is at record levels, having raised $258.8 million in private support in Fiscal Year 2013. Our auxiliary enterprises (housing, parking, etc.) are healthy. Student enrollments are steady. Legislation we secured in recent sessions of the Colorado General Assembly allows us to operate more efficiently and effectively - our administrative overhead is 43 percent lower than our peers. We have successfully pursued operational efficiencies that are driven by suggestions from our staff and faculty. And we have made strategic reductions and have grown revenues in select areas.
Our financial health is critical to ensuring that we meet our obligation to serve our students, state and nation. Accountability is important to the University and we will continue to share our progress in reports such as this and online at cu.edu/accountability.
Bruce D. Benson