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University Budget

University of the Pacific's budget is intended to fulfill the University's mission of providing a superior, student-centered learning experience integrating liberal arts and professional education and preparing individuals for lifetime achievement and responsible leadership in their communities. This page offers resources for understanding the University budget and the process by which it is set each year. Please send feedback or questions to president@pacific.edu.

Regents approve Pacific's fiscal year 2019 university budget

The Board of Regents approved the university's operating budget for fiscal year 2019 (July 2018-June 2019) at its April 2018 meeting. The $263M budget, developed by the Institutional Priorities Committee (IPC), assumes a projected total revenue of $267M. The majority (89 percent in FY 2017) of the university's revenue is net tuition, which is projected to increase slightly for 2018-19.

Highlights:

  • Pacific has had flat enrollments and higher discount rates, which have resulted in flattening revenues the past few years. This is squeezing the budget to the point where it is not covering mandatory costs.
  • To cover the FY19 shortfall, the Board approved a one-time allocation from the accumulated, unused Strategic Investment Fund reserve with a commitment to repay the amount.
  • The Board was willing to approve relying on reserves to balance the FY19 budget because the university committed to reduce spending by FY20 to:
    • ensure a balanced budget without relying on reserves.
    • addresses faculty and staff compensation gaps.
    • reduce expenditures to be no more than 95 percent of revenue.

Budget Reductions

  • Pacific must reduce its universitywide budget by approximately 10 percent for FY20 (which begins July 1, 2019) by cutting spending by about 4.5 percent and reallocating about 5 percent of our budget to create a pool for compensation adjustments.
  • The actual budget reduction targets will be finalized in August 2018 using revised enrollment and revenue projections for FY19.
  • Members of the university community can visit the Budget Adjustments SharePoint site here (Pacific login required).

Financial Health

  • Overall, Pacific is financially strong:
    • We have a strong endowment and modest debt.
    • Our reserves are solid according to national standards.
    • Moody's Investors Services has given Pacific a strong A2 credit rating.
  • Members of the university community can visit the University Budget SharePoint site here (Pacific login required).

 

Strategic Investment Fund

University of the Pacific has established a Strategic Investment Fund (SIF) to allow us to invest in critical strategic efforts over the next few years.  The SIF will help Pacific change with the times, without relying on steep tuition increases.  The fund will be used for projects or initiatives that will lead to the accomplishment of Pacific 2020's four strategies: building our academic strength and reputation, pursuing new students in our three cities, preparing our students for success, and developing organizational capacity.  Once accomplished, these strategies will enable the University to fulfill its 2020 vision of a transformative educational experience for all students.

Audited Financial Statements

This page lists the latest University audited financial statements, as filed each year with the IRS. This is a complete accounting of all spending at the University. As with all nonprofit universities, Pacific's latest posted financial statements are for the fiscal year 2016.

Institutional Priorities Committee (IPC)

The Institutional Priorities Committee is made up of faculty, University administrators, staff and students who study the budget each year and make recommendations to the President for changes to the budget.