USMB Financial Developments 2015-2018
Source: Financial Accounts, Debate of'oribudget allocation.
Updated: September 2019
Table 1 - Excerpts from the USMB 2015-2018 financial accounts - Income and expenses
Table 1 shows, over the financial years 2015 to 2018, changes in a few major items of income and expenses from the financial accounts of the aggregate budget, as well as the result and self-financing capacity (CAF). It should be recalled that the financial accounts of the USMB have been certified without reservation by the auditor (Mazars firm) since 2012. This table shows some long-term characteristics.
- Revenues will increase by €6.5 million between 2015 and 2018.
- In terms of expenses, the wage bill represents a slightly increased share: 78.7% in 2014 and 79.6% in 2018. The line increases by 7.6% between 2015 and 2018, faster than other charges, faster also than the subsidy for public service charges (SCSP) which is supposed to finance it (+7.1%).
- The result is positive over the four fiscal years, but remains low (0.8% of revenues in 2017 and 2018).
- The CAF is positive and has so far proved sufficient to cover our investments not financed elsewhere (scientific, educational, major maintenance, etc.), by limiting withdrawals from working capital.
Table 2 - Extracts from the USMB 2015-2018 financial accounts - Investments and related financing
Table 2 shows the evolution of the investment section. After a peak in 2017, the volume of resources devoted to capital assets returns to its 2016 level. The year 2018 saw the delivery of the sports hall for the Jacob-Bellecombette campus and the building for the Polytech engineering school in Le Bourget-du-Lac. The amount of depreciation and amortization generated by investments financed from own resources is up slightly by 1.6% (€1.520 million in 2018 and €1.495 million in 2017), confirming that our annual rate of investment from own resources is appropriate.
The change in the working capital resulting from the 2018 budget implementation is €126k, which is increased by corrections of off-budget entries. At the end of 2018, the working capital represented 34 days of disbursable operating expenditure.
Table 3 - Some significant ratios 2015-2018 (aggregate budget)
Table 3 shows the amounts for some indicators. Working capital and cash flow, expressed in days of disbursable expenditure, are significantly above the vigilance thresholds set by our supervisory authorities (15 days and 30 days respectively). The ratio of personnel expenses to cash income is an indicator that remains at the vigilance threshold (82% - 83%), requiring us to approach our employment policy responsibly. The share of the increase in the wage bill explained by the GVT balance calculated for 2018 amounts to 605 k€.
The level of the indicators taken from the balance sheets (FR, cash flow) makes it possible to conclude that the assets and liabilities situation is healthy, without excess, and that it can be maintained at the cost of rigorous and careful management of resources, in particular human resources.