Introduction

from the Vice President and Chief Financial Officer

I am pleased to present the University of Florida’s Annual Financial Report for the fiscal year ending on June 30, 2017. This report provides timely, useful information about the University’s financial activities, status and well-being in the past fiscal year. The mission of the Office of the Vice President and Chief Financial Officer is to “provide leadership in financial planning, decision making and process improvement.” We are continually seeking ways to provide financial support and guidance to the campus community and collaborate with partners across UF.

Here are some highlights from the year:

  • Under the auspices of the Business Process Improvement Office, we provided campus with Bridge Staffing, which processes transactions to ensure business continuity when there is staff turnover or leave; Reporting Services, which helps units more effectively manage their business operations; and Shared Services, which provides human resources expertise, expense transaction processing and financial management support across UF.
  • Finance and Accounting began construction on a new Surplus Property Warehouse to expand available space and provide more services to University departments. The warehouse, which will house UF’s Surplus Property Operations, is expected to be completed in early 2018.
  • The University Budget Office launched a Commitments Ledger during the fourth quarter of the fiscal year. The Ledger is already being used by campus and will, for the first time, provide a centralized report of commitments, such as startup packages for incoming faculty, capital needs and other future needs of the units across campus. The application will continue to be refined to offer colleges and departments the most effective tool possible.
  • The Procurement department earned the 2017 Annual Achievement of Excellence in Procurement Award for the fourth consecutive year and was one of only 25 higher education organizations in the U.S. and Canada to receive the award. The award recognizes organizational excellence in public procurement, taking into account innovation, professionalism, e-procurement, productivity and leadership.
  • Representatives from the CFO’s Office gave a “best practices” presentation to the NACUBO Planning and Budgeting Forum about modifications to the University’s budget model. With input from stakeholders across campus, the modified budget model was designed to simplify the allocation process and increase transparency and predictability at the college level from one year to the next.

In addition to the business process improvements and efforts noted above, the fiscal year 2017 included the completion of some major construction projects:

  • Exactech Arena at the Stephen O’Connell Center has a redesigned entrance and innovative interior, including a premium club lounge, increased courtside seating and a new high-efficiency utility system.
  • Joseph Hernandez Hall Chemistry/Chemical Biology Building provides approximately 110,000 square feet of modern teaching laboratories, lecture rooms, and teaching support.
  • Newell Hall has been renovated and repurposed to create a modern learning commons for our students.

Construction continues on several major projects including Phase II of Innovation Hub, the addition and renovation of the Career Resource Center, a new IFAS Bee Unit Facility, and the Herbert Wertheim Laboratory for Engineering Excellence.

I encourage you to read the following report to learn more about the financial health and activities of the University of Florida – the state of Florida’s oldest, largest and most comprehensive flagship university – a place dear to us all and where preeminence thrives.

Most cordially, Vice President and Chief Financial Officer Signature Michael V. McKee
Vice President and Chief Financial Officer