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>» 6 NHRS New Harps eros San DENTLAL Beant of Tastes Dick Ingram September 14,2010 FY 12-13 Budget Actin: XX Discussion: _— Informational: Attached for your review and approval i the NHRS budget forthe FY 12-13 biennium. The package contains the following materials: Some comments on this budget, the admin Page | and 2 — Total Budget Summary Pages 3 through 6 ~ detail of non-administrative budget items Page 7 A summary budget that compares proposed FY12 and 13 with actual FY10, and projected an! authorized EYI1 Page 8 - A reconciliation of projected FYI to authorized FY 1 Page 9- A reconciliation of proposed FY12 0 authorized FY U1 Pages 10 and 11 Schedules that show the adjustments From the drat budget presented ia June tothe Fal proposal presented here. These schedules further break down the tot ‘budget into the individual departments as contemplated by the new organization Pages 12 through 15 ~ notes describing each ofthe individual budget line items shown in the schedules on pages 7 through LI Page 16 ~ the organization chart contemplated by this budget and discussed withthe board earlirthis year. While minor changes to the structure continue, the essential elements of are already in place. rative budget in particular, and the analysis that Follows: ‘The projcteé actual administrative budget for FY] has boen revised upward from catlir versions, showing anteipated expenditures approximating 95% ofthe authorized amount, The analysis ofthe difference is on page 8 that follows, At the direction ofthe ad hoe committe, {have funded the administrative budget to just shy of 95% of authorized FY11 amounts. © As wehave discussed, the Governor has asked agencies to prepare both @ ‘maintenance (Le, ze inrease) and a 95% (of authorized FYI) veesion of the FY12 and 13 administrative budgets. With your approval, we will submit the same version foreach scenario since what you see here adequately funds the reeds ofthe system. ‘© We have managed to the 95% budget by including funding o provide reserves for Future T system investments (Pension Gold). We have targeted tis funding up ‘oan amount that leaves the administrative budget just below the 95% target. 1+ Aswe have discussed, one change in the FY12-13 administrative budget is that we now ‘how all investment staff department expenses separately as part ofthe total budget. While we have included most of these costs in the administrative budget line over the years, the accountng literature clearly states they should be separately stated, + Had we kept investment department costs inthe administrative budget and included funding for I reserves atthe levels shown here, it would have resulted in FY 12 and FY3 budgets that were approximately 3% higher than the FY 11 authorized amount Inchuding investment department costs and eliminating funding for future IT cost (i.e, Funding only current IT maintenance) would have esulted in an administrative budget for FY 12 and FY 13 of roughly 92.3% and 94.2% of FY, © Tota investment department costs are $764,000 and $790,000 in FY12 and 13, respectively. ‘© This includes wages, benefits, dreet costs such as Bloomberg services, invesment related tavel, and other miscellaneous expenses. 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