The Davis Medical center completed several major projects this year, some of which have been under construction for several years. Such projects include Tower II, the Lawrence J. Ellison Ambulatory Care Center, Central Plant, and Inpatient Radiology. At Irvine, the Academic Laboratory Seismic Replacement Facility was completed this year. Medical Center projects currently under construction at the Los Angeles campus include the Westwood Replacement Hospital and the Santa Monica Replacement Hospital. Plant expenditures are financed from a variety of sources, including University funds, federal and state funds, medical center funds, revenue bonds, certificates of participation, bank loans and leases.
Commercial paper provides interim financing.
In addition, a refunding of State Public Works Board debt resulted in economic savings associated with lower lease payments. These appropriations will be recorded as expenditures are incurred. The change in threshold will enable the University to reduce administrative costs and improve compliance with materiel management and federal audit requirements. The most significant component of the fund balance increase is attributable to realized gains from the sale of investments. The net appreciation in fair value of investments includes both realized and unrealized gains and losses on investments.