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Faculty Convocation February 11, 2013
Financial Status Carry Forward Reserves Contingency Fund $ 3,300,000 Cash Carry Forward 2,500,000 Budget Reserve Enrollment Reserve$ 637,538
Financial Status Tuition Revenue Summer-6.43% ($ 260,605) Fall-7.08% ($1,789,107) Total To Date: ($2,049,712) Spring (Estimate)-7.51% ($1,791,159) Estimated Annual Total ($3,790,239)
Financial Status Other Revenue Sources $ 100,000 Other Expenditure Budgets $ 1,200,000 Projected Operating Variance $(2,500,000)
Tuition Budgets Budget$ 51,179,218 Enrollment2.4% Rate5.0% (6.0% out of state ) Actual$ 55,012,069 Tuition Variance$ 3,832,821 Operating Variance$ 6,216,689
Tuition Budgets Budget$ 53,741,052 Enrollment0.0% Rate2.0% Actual$ 53,198,387 Tuition Variance$( 542,665) Operating Variance$ 1,774,439
Tuition Budgets Budget$ 55,149,688 Enrollment0.0% Rate2.5% Actual$ 51,308,811 Tuition Variance$( 3,840,877) Operating Variance (est) $( 2,500,000)
Tuition Budgets Budget (assumed)$ 52,447,729 Enrollment-6.9% Rate 2.0% Actual? Tuition Variance? Operating Variance ?
Potential Budget Revenues Tuition Revenue Summer/Fall 2012 Actual/ Spring Estimated ($ 3,800,000) Enrollment ? Rate Increase 2%? $ 900,000
Potential Budget State Appropriations ICHE Recommendation $ 998,422 Governor’s Recommendation $ 437,363 Legislative Approval ?
Potential Budget Revenues Other Income+/-$ 100,000
Potential Budget Expenditures “Unavoidables” $ 1,100,000 Health Insurance Other Employee Benefits PERF Retirement Utilities Other
Potential Budget Expenditures Salary Adjustments? Faculty Promotions$ 98,000
Potential Budget Expenditures Strategic Initiatives Intercollegiate Athletics Information Technology EEOC Commercialization Center Chancellor’s Scholarships
Potential Budget Estimated Budget Shortfall $ 4.4 million Assumes Governor’s recommendation 2% tuition rate increase Enrollment at level No general salary adjustment
Potential Budget Budget Reductions Instructional Budgets Related Employee Benefits Budgeted Enrollment Reserves Academic Learning Center
Campus Budget Update October 12, Tuition Proposed Tuition Rates: + 2.5% Fall 2010 Fall 2011 Fall 2012 Undergraduate Resident $ $
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The board of each community college district shall within or before the first quarter of each fiscal year, adopt an annual budget which it deems necessary.
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State Aid. State Aid makes up 31.4% or $9.7M of the District’s funding for the General Fund. Funding is based on previous year enrollment and expenditures.
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