Executive & Finance Committee

May 2023, Agenda Notes

Profit & Loss Sheet

• Remaining Project Revenue (line 11) is expected in the 4th quarter.

• Remaining State Appropriations fund (line 13) expected in the 4th quarter.

• On track to be at or under projected expenditures for the year.

• On track to be at or over projected revenue for the year.

Balance Sheet

• State Endowment Assets up $350k in last quarter

• Total Unrestricted Assets up $320k in last quarter

• Total Managed Funds and Assets up $400k in last quarter

• Total Liability and Equity down 11.6 % in past year compared to national average of 19.4%

• Line 258.100, Accumulated Amortization is new GASB required notation, netting against lease asset

FY2023 – 2024 Draft Budget

• Line 13, Project Based Revenue major increase from VR ArtCIE Federal Grant. TAT acting as subcontract/grant manager

• Line 15, State Appropriations, increased by $450k for full state funding of HSHT

• Line 24, ArtCIE Grant Project includes subcontracts and our expense for grant management

• Line 25, Tampa Collective Impact Grant & industry-specific training projects (example: USF College of Nursing summer immersion experience for HSHT students)

• Line 38, Research/Data Analysis, $60k for new legislative statewide assessment & report

• Line 39, Innovation Grants & Projects now funded under Line 25, Grants & Capacity Building Support

• Line 52, Marketing and Support Materials increase of $13k to consolidate expenses that have been spread across program and more accurately track (i.e. HSHT, Project Venture, DEAM, etc.)

• Line 81, Salaries, 5% across the board increase with small cushion for additional merit increases

Investment Policy Revision

The following statement is added to comply with Governor’s Office and Legislative Mandate: