Ma n a g eme n t ’ s D i s c u s s i o n a n d A n a l y s i s J u n e 3 0 , 2 0 2 3 a n d 2 0 2 2 Capital Projects The university invested $42.7 million in capital projects during fiscal 2023, bringing gross land, buildings, and equipment before accumulated depreciation to $1.6 billion. During fiscal 2023, the university completed construction of leasehold improvements at the Tampa Bay Regional Campus for the new dental clinic as previously described. Other significant ongoing projects included renovating facilities to provide new locker rooms, improved fields, and other athletic amenities, as well as renewal and expansion of the university’s chiller plants on the main campus in Fort Lauderdale/Davie. Debt and Other Liabilities Total liabilities decreased $36.7 million, or 4.0 percent, to $875.5 million as of June 30, 2023, from $912.2 million as of June 30, 2022. The university’s debt portfolio is comprised of all fixed rate bonds, with no variable-rate debt outstanding. Total debt at par value decreased by $13.5 million to $571.6 million as of June 30, 2023, from $585.1 million as of June 30, 2022, due to regularly scheduled principal payments. Also contributing to the decrease in total liabilities year over year was an $18.5 million or 19.3 percent decrease in operating lease liabilities, which total $77.1 million as of June 30, 2023, compared to $95.5 million as of June 30, 2022. ASSETS AND LIABILITIES FY 2023 COMPOSITION * Includes finance and operating leases (beginning FY 2021 upon adoption of new accounting standard) $0 $250 $500 $750 $1,000 $1,250 $1,500 $1,750 $2,000 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 Cash and Investments Plant Assets, Net Lease Assets* All Other Assets Debt Lease Liabilities* All Other Liabilities TOTAL LIABILITIES TOTAL ASSETS 45% 44% 4% 7% 68% 9% 23% LIABILITIES ASSETS (inmillions) 7
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