Transcript Slide 1

Grand Rapids Community College
Board of Trustees
2013-14
Proposed Budget
June 3, 2013
AGENDA
1.
2.
3.
4.
5.
General Operating Fund
Restricted Fund
Designated Fund
Auxiliary Fund
Plant Fund
General Operating Fund
Summary
Based on the tuition adjustments approved in April, the
following budget is presented for your approval:
Revenues
$106,742,766
Expenditures & Net Transfers
$106,742,766
Addition to Fund Balance
$-0-
Fund Balance - 7/1/13
$10,998,649
Fund Balance - 6/30/14
$10,998,649
Fund Balance - % of Revenues
10.3%
General Operating Fund
Revenue Sources
Other
1.9%
State Aid
16.7%
Property Taxes
26.5%
Tuition & Fees
54.9%
General Operating Fund
Revenue Sources - Historical
60%
53%
50%
55%
55%
55%
50%
45%
40%
42%
33%
33%
31%
30%
20%
28%
20%
Tuition & Fees
27%
27%
26%
Property Taxes
18%
17%
16%
16%
17%
17%
State Aid
10%
0%
2007-08
2008-09
2009-10
2010-11
2011-12
2012-13 2013-14
(mid year) (budget)
General Operating Fund
Expenditures
Transfers
0.6%
Other
15.2%
Fringes
26.5%
Salaries
57.7%
Restricted Fund
Used to account for funds restricted as to use by external
funding sources:
Federal sources
$74,869,627
95.6%
State sources
$1,553,184
2.0%
Local sources
$661,168
0.8%
$1,238,000
1.6%
College match (via transfer)
Total funds available
$78,321,979
Expenditures
$78,321,979
Net Revenue (Exp)
$0
Restricted Fund
Significant changes from 2012-13 Mid Year
• Federal: $1.1 million decrease; due primarily to non-renewal
of the Ottawa County Employment Services (Michigan Works)
contract, and estimated lower federal work study fund due to
sequestration.
• State/Local: $23,000 decrease; lower projected future
spending for MI New Jobs Training Program contracts is
partially offset by a $30,000 grant from the Kellogg
Foundation for a culture audit.
• Total revenue decrease = $1,167,749, or 1.5%
Designated Fund
Funds internally designated for specific purposes and/or receiving substantial
external revenues (e.g. admission fees, contract revenues, etc. )
Significant Changes:
• Training Solutions is projecting lower revenues from contracted training
activity. Related expenses have been adjusted accordingly.
• Transfers from the GF have been reduced by approx. $1 million from 201213 mid year due to:
– Elimination of the budgeted transfer to budget stabilization and use of $77K this
fund for one-time mandatory requests in 2013-14 ($622,000)
– Elimination of GF operating for Training Solutions. This program will need to be self
sustaining from operations and available fund balance ($115,000)
– Elimination of the one-time transfer to fund 100th anniversary activities ($100,000)
– Temporary reductions in various other transfers, including SLT Initiatives, due to
projected available fund balances at June 30, 2013 ($165,000)
Auxiliary Fund
Bookstore Food Service
Parking
Printing
Service
Total
Revenue
$760,000
$1,312,000
$2,285,000
$1,403,000
$5,760,000
Expense
($262,500)
($1,246,500)
($1,295,000)
($1,494,000)
($4,298,000)
Capital
($80,000)
$0
($1,230,000)
($10,000)
($1,320,000)
Operating Rev (Exp)
$417,500
$65,500
($240,000)
($101,000)
$142,000
($350,000)
($100,000)
($450,000)
$0
($900,000)
$67,500
($34,500)
$690,000
($101,000)
($758,000)
Trans to Gen Fund
Net Rev (Exp)
Overall, revenues increased 3.9%, largely due to the agreement to provide printing
services to the KISD. Auxiliary operations continue to provide $900,000 in GF support,
in addition to funding for the following projects:
•Technology and equipment upgrades for the Bb Raider Card system - ($80,000)
•Bostwick parking ramp lighting - ($830,000)
•Sneden parking ramp repaving - ($400,000)
•Copier equipment replacement ($10,000)
Plant Fund
Operating
Expenditures planned in the 2013-14 budget:
• IT Capital/Tactical Plan - $600,000
– Includes classroom technology upgrades, phone system upgrade, PC
“cascading”, etc.
• Capital Allocation and Deferred Maintenance - $812,000
– Deferred maintenance allocation - $600,000
– Recurring funding for vehicle replacement, SWD equipment, bond
amortization and classroom & office moving costs - $212,000
• Cook Hall renovations - $8,779,600 (offset by $6,242,000 in
donations to be received from the Foundation)
• Debt service on 2012 renovation bonds, paid with revenues from
the Facilities Fee - $1,973,393
• Debt service on other bond indebtedness - $5,996,000
Questions/Comments