Transcript Grand Rapids Community College Board of Trustees 2015-16 Proposed Budget June 1, 2015 AGENDA 1. 2. 3. 4. 5. 6. General Operating Fund Restricted Fund Designated Fund Auxiliary Fund Plant Fund Looking Ahead.

Grand Rapids Community College
Board of Trustees
2015-16
Proposed Budget
June 1, 2015
AGENDA
1.
2.
3.
4.
5.
6.
General Operating Fund
Restricted Fund
Designated Fund
Auxiliary Fund
Plant Fund
Looking Ahead
General Operating Fund
Summary
Based on the tuition adjustments approved in March, the
following budget is presented for your approval (no changes
from the May work session):
Revenues
Expenditures & Net Transfers
$107,431,692
107,175,702
Addition to Fund Balance
255,990
Fund Balance - 7/1/2015
9,451,515
Fund Balance - 6/30/2016
$9,707,505
Fund Balance - % of Revenues
9.04%
General Operating Fund
Revenue Sources
Other
1.8%
State Aid
21.5%
Property Taxes
27.4%
Tuition & Fees
49.3%
General Operating Fund
Primary Revenue Sources - Historical
60%
53%
50%
55%
54%
53%
50%
51%
49%
45%
40%
33%
30%
20%
10%
0%
Tuition &
Fees
31%
28%
18%
17%
16%
27%
16%
27%
18%
27%
27%
19%
20%
27%
22%
Property
Taxes
State Aid
General Operating Fund
Expenditures
Transfers
0.6%
Other
15.4%
Fringes
29.6%
Salaries
54.4%
Restricted Fund
Used to account for funds restricted as to use by external
funding sources:
Federal sources
$53,900,910
94.8%
State sources
1,382,146
2.4%
Local sources
379,232
0.7%
1,214,314
2.1%
College match (via transfer)
Total funds available
56,876,602
Expenditures
56,876,602
Net Revenue (Exp)
$0
Restricted Fund
Significant changes from 2014-15 Mid Year
• Federal: $1 million decrease – due primarily to substantial completion of
equipment purchases (approx. $830,000) related to the U.S. Dept. of
Labor’s M-CAM grant. Various decreases in other programs such as TRIO
student support services, ASCET Work First, special populations and the
caregiver support grant account for the remainder of the decrease.
• State/Local: comparable to the prior year; includes activity for Michigan
New Jobs Training Grant, Kellogg pathways and other smaller state/local
grant programs.
• Transfers: $74,000 decrease – due to completion of the Kellogg-funded
culture audit and the Ad Hoc committee recommendation to reduce
support for the TRIO grant program. These decreases are partially offset
by a required increase in funding (now 50%) to support a Data Analyst
position related to the Title III program.
Designated Fund
Funds internally designated for specific purposes and/or receiving
substantial external revenues (e.g. admission fees, contract
revenues, etc. )
Significant Changes from 2014-15 mid year:
• Training Solutions is projecting decreased revenues due to a change
in the contract for CNA training (more expenses paid directly by the
client) and a more conservative estimate of training needs by
manufacturers. Related expenses have been adjusted accordingly.
• Transfers from the GF have been reduced by $46,000 due to the Ad
Hoc budget committee recommendation related to the Older
Learner Center.
• We do not anticipate using funds from Budget Stabilization in 201516, thus the transfer to the GF has been eliminated.
Auxiliary Fund
Bookstore Food Service
Parking
Printing
Service
Total
Revenue
$640,000
$1,333,500
$2,527,500
$1,079,500
$5,580,500
Expense
(247,790)
(1,297,500)
(1,111,000)
(1,079,500)
(3,735,790)
Capital
(38,750)
(12,000)
(650,000)
-0-
(700,750)
Operating Rev (Exp)
353,460
24,000
766,500
-0-
1,143,960
(350,000)
(100,000)
(1,230,000)
-0-
(1,680,000)
$3,460
($76,000)
($463,500)
$-0-
($536,040)
Trans to GF
Net Rev (Exp)
•
•
•
•
Overall, revenues decreased approximately 8.5% largely due to lower enrollment levels.
One position has been eliminated in Printing Services to better align costs with expected revenue.
A $30,000 increase in the Transfer to GF represents a recommendation of the Ad Hoc budget
committee to increase public (non-student) parking rates.
Key projects to be funded from Auxiliary revenues in 2015-16 include:
- Technology and equipment upgrades for the Bb Raider Card system - $38,750
- Cafeteria equipment replacements - $12,000
- Parking ramp maintenance and repairs - $650,000
Plant Fund
Operating
Expenditures planned in the 2015-16 budget:
• IT Capital/Tactical Plan - $1,011,000
– Includes classroom technology upgrades, phone system upgrade, PC
“cascading”, etc.
• Capital Allocation and Deferred Maintenance - $1,256,397
– Deferred maintenance allocation - $1,000,000
– Recurring funding for vehicle replacement, SWD equipment, ADA
compliance and bond amortization - $256,397
• Matching funds for the CCSTEP Grant - $430,000
– Will augment donor funds to meet grant match requirements
• Debt service on bond indebtedness - $7,393,618
Looking Ahead
• Second year of VESP departures
• Implementation of GASB #68 as of June 30, 2015
• Continued implementation/exploration of the longer-term Ad
Hoc budget committee recommendations
• Enrollment fluctuations
• On-going prioritization of need for reinvestment in academic
programs and capital resources
Questions/Comments