Budget Reserves

The Florida Auditor General’s Report No. 2016-175 Financial  Audit  (March 2016) (page 43) reveals that UNF computes the total pension liability by assuming that UNF employees (including faculty) receive an annual increase in salary of 3.5% (including an inflation adjustment of 2.6% percent). The result is that the total amount put into “reserves” is based on an estimate for a raise, even when all faculty do not receive a raise. These allocations to pension liability lock up recurrent funds that are no longer available for other uses at UNF.

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