2014/ 2015 GENERAL FUND BUDGET MIDDLE BUCKS INSTITUTE OF TECHNOLOGY FEBRUARY 10, 2014

UPDATE First Look November 11, 2013 Budget-to-Budget increase: General Fund & Lease Rental $300,987 or 3.03% Unknowns:  Health insurance costs  Retirement  Insurance  Utilities  State subsidies  Federal grants Goal – to be at or under Act 1 Index of 2.1%

STATUS – GENERAL FUND & LEASE RENTAL Budget-to-budget increase $208,193 or 2.1% 2014/152013/14$% General Fund$8,677,407$8,470,459$206, % Authority Lease$1,468,364$1,467,119$1, % Total Expenditures$10,145,771$9,937,578$208,1932.1%

ASSUMPTIONS  Teachers’ Salaries – per contract  Administrators, Instructional Assistants and Support Staff – used 3% increase on 2013/14 pay rates  Medical & Prescription benefit cost – 5.2% decrease based on second look  PSERS pension cost increases to 21.4% from 16.93% of eligible payroll  Other items – lowered advertising, printing, & supplies lines. Utilities level with 2013/14

COMPONENTS OF INCREASE Net increase salaries & wages $ 61,566 Net decrease health insurance & contract benefits (36,353) Increase on account of employer’s PSERS rate growth 209,093 Net decrease in program supplies (26,015) Net increase in non-instructional supplies 11,350 Net decrease all others (12,693) Total $206,948

GENERAL FUND – RECEIPTS FROM MEMBER SCHOOL DISTRICTS 2014/152013/14$ Change % Change General Fund$7,286,372$7,190,719$95, % Authority Lease$1,468,364$1,467,119$ 1, % Total Expenditures$8,754,736$8,657,838$96, %

OTHER REVENUE 2014/ /2014$ Change % Change Other Local$88,550$95,300-$ 6, % State$1,025,400$898,000$127, % Federal$277,085$286,440-$ 9, % Total$1,391,035$1,279,740$111, %

STATE & FEDERAL REVENUE State Subsidies - Increase Vocational Educational, Social Security and Retirement Subsidies  Total state $1,025,400 vs. $893,000 Decrease Federal funding for Carl D. Perkins Grant  Projected for 2013/2014 = $286,440  Actual received 2013/2014 = $277,085  Federal coordinator recommended same as 2013/2014 funding

OTHER BUDGETS Capital Reserve Fund  Funded at discretion of Executive Council using unspent current year budget contribution – proposed $125,000  Funds to be used for acquisition of program equipment, capital repairs and maintenance to facilities Traffic signal$30,000 Digital road sign$35,000 Concrete walkway & stairs$25,000 Transformer replacement $150,000 Equipment matching funds $50,000

OTHER BUDGETS Adult Education $157,520 vs. $155,195  Fall & Spring Evening Programs  Industry Specific Training Production Fund $316,408 vs. $326,619  Live work  Student Built Modular House  Aspirations  Salon Extreme  Student fees  MBIT Summer School Consortium  Summer Enrichment Camp

OTHER BUDGETS – PROPRIETARY & FIDUCIARY Proprietary  Li’l Bucks Partners in Learning Childcare Center  Educational Programs for Toddlers & Preschool Children Fiduciary  Student Activities Fund - CTSO  Skills USA  HOSA  FFA  PBA

NEXT STEP Finalize General Fund & Lease Rental Budget  March 10, 2014 Executive Council Meeting Finalize Other Budgets  March 10, 2014 Executive Council Meeting Questions