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Faculty Convocation February 11, 2013
Financial Status 2012-2013
2012-2013 Financial Status Carry Forward Reserves Contingency Fund $ 3,300,000 Cash Carry Forward 2,500,000 Budget Reserve Enrollment Reserve$ 637,538
2012-2013 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)
2012-2013 Financial Status Other Revenue Sources $ 100,000 Other Expenditure Budgets $ 1,200,000 Projected Operating Variance $(2,500,000)
Tuition Budgets 2010-2011 Budget$ 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 2011-2012 Budget$ 53,741,052 Enrollment0.0% Rate2.0% Actual$ 53,198,387 Tuition Variance$( 542,665) Operating Variance$ 1,774,439
Tuition Budgets 2012-2013 Budget$ 55,149,688 Enrollment0.0% Rate2.5% Actual$ 51,308,811 Tuition Variance$( 3,840,877) Operating Variance (est) $( 2,500,000)
Potential Budget 2013-2014
Tuition Budgets 2013-2014 Budget (assumed)$ 52,447,729 Enrollment-6.9% Rate 2.0% Actual? Tuition Variance? Operating Variance ?
2013-2014 Potential Budget Revenues Tuition Revenue Summer/Fall 2012 Actual/ Spring Estimated ($ 3,800,000) 2013-2014 Enrollment ? Rate Increase 2%? $ 900,000
2013-2014 Potential Budget State Appropriations ICHE Recommendation $ 998,422 Governor’s Recommendation $ 437,363 Legislative Approval ?
2013-2014 Potential Budget Revenues Other Income+/-$ 100,000
2013-2014 Potential Budget Expenditures “Unavoidables” $ 1,100,000 Health Insurance Other Employee Benefits PERF Retirement Utilities Other
2013-2014 Potential Budget Expenditures Salary Adjustments? Faculty Promotions$ 98,000
2013-2014 Potential Budget Expenditures Strategic Initiatives Intercollegiate Athletics Information Technology EEOC Commercialization Center Chancellor’s Scholarships
2013-2014 Potential Budget Estimated Budget Shortfall $ 4.4 million Assumes Governor’s recommendation 2% tuition rate increase Enrollment at 2012-2013 level No general salary adjustment
2013-2014 Potential Budget Budget Reductions Instructional Budgets Related Employee Benefits Budgeted Enrollment Reserves Academic Learning Center
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