University of North Texas System Annual Financial Report: 2013 Page: 12
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UNAUDITED
UNIVERSITY OF NORTH TEXAS SYSTEM (794)
Management's Discussion and Analysis
For the Year Ended August 31, 2013
Condensed Comparative Statement of Cash Flows
For the Fiscal Years Ended August 31, 2013 and 2012
($ in millions)
2013 2012 Incr/Decr
Cash Provided (Used) by:
Operating Activities $ (204.1) $ (288.4)
Noncapital Financing Activities 262.8 286.8
Capital and Related Financing Activities (76.4) (52.8)
Investing Activities (69.8) (25.3)
Net Change in Cash & Cash Equivalents (87.6) (79.7)
Cash & Cash Equivalents, Beginning of Year 307.0 386.7
Restatement to Beginning Cash & Cash
Equivalents Balance - -
Cash & Cash Equivalents, End of Year $ 219.4 $ 307.0 -28.5%
It is important to note that state appropriations and federal revenues from Pell grants provide a significant portion of
the cash used to fund operating activities related to academic programs, the administration of the System, and the
debt service on tuition revenue bonds. The appropriations and Pell grants, however, are reported in the noncapital
financing activities section of the Statement of Cash Flows in accordance with GASB Statement No. 35 guidelines.
Although operating revenues from sponsored projects and auxiliaries increased, operating expenses had a greater
increase in the areas of salaries and wages and payroll benefits, payments to suppliers, and payments for other
expenses; this resulted in a greater use of cash for operating activities in fiscal year 2013.
The net decline in overall cash was primarily driven by uses for capital and investing activities. This was the result
of the completion of various projects where bond proceeds were invested until needed for construction payments.
Capital Asset and Debt Administration
The System capital asset additions from acquisitions, donations, and construction during the fiscal year totaled $92.5
million; included in the increase in capital assets are Land and Improvements, Buildings and Improvements,
Infrastucture and Improvements, Facilities and Other Improvements.
Bond ratings remained constant in 2013. More detailed information regarding the System bonded indebtedness is
provided in Note 6 of the accompanying Notes to the Combined Financial Statements.
The following table sets forth the Pledged Revenues under the Revenue Financing System for each of the three most
recent fiscal years and an estimate of Pledged Revenues for fiscal year 2013-14:12
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University of North Texas System. University of North Texas System Annual Financial Report: 2013, report, Autumn 2013; Denton, Texas. (https://texashistory.unt.edu/ark:/67531/metapth654674/m1/20/: accessed July 18, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.