Transcript Grand Rapids Community College Board of Trustees 2014-15 Proposed Budget June 2, 2014 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
2014-15
Proposed Budget
June 2, 2014
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:
Revenues
$107,963,860
Expenditures & Net Transfers
$107,963,860
Addition to Fund Balance
$-0-
Fund Balance - 7/1/2014
$11,121,151
Fund Balance - 6/30/2015
$11,121,151
Fund Balance - % of Revenues
10.3%
General Operating Fund
Revenue Sources
Other
1.8%
State Aid
19.4%
Property
Taxes
26.4%
Tuition & Fees
52.4%
General Operating Fund
Primary Revenue Sources - Historical
60%
53%
50%
55%
54%
53%
52%
50%
45%
40%
42%
33%
33%
30%
20%
10%
0%
Tuition &
Fees
31%
28%
20%
18%
17%
16%
27%
16%
27%
18%
26%
26%
19%
19%
Property
Taxes
State Aid
General Operating Fund
Expenditures
Other (incl.
Transfers
15.4%
Fringes
27.9%
Salaries
56.6%
Restricted Fund
Used to account for funds restricted as to use by external
funding sources:
Federal sources
$54,950,180
95.0%
State sources
$1,223,228
2.1%
Local sources
$396,882
0.7%
$1,288,000
2.2%
College match (via transfer)
Total funds available
$57,858,290
Expenditures
$57,858,290
Net Revenue (Exp)
$0
Restricted Fund
Significant changes from 2013-14 Mid Year
• Federal: $18.4 million decrease; the majority of this change ($17.5
million) is due to Financial Aid estimates of lower Direct Loan and Pell
awards, primarily due to lower enrollment. The remainder of the
decrease is due to non-renewal of the ASCET contracts and other minor
adjustments.
• State/Local: comparable to the prior year; includes activity for Perkins
Voc. Ed., M-CAM and other smaller state/local grant programs.
• Transfers: $38,000 increase; reduced need for local (college) funding for
work-study is offset by a commitment for an additional Learning Coach
and a Data Analyst position (partial funding) for the Title III program.
• Total revenue decrease = $18,331,659, or 24.1%
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 increased revenues from contracted
training and customized programming activity. Related expenses
have been adjusted accordingly.
• Transfers from the GF have been reduced by approx. $140,000 from
2013-14 mid year following a comprehensive review by executive
leadership and the academic administration (see Schedule of
Transfers for detail).
• We do not anticipate using any funds from Budget Stabilization in
2014-15, thus the transfer to the general fund has been eliminated.
Auxiliary Fund
Bookstore Food Service
Parking
Printing
Service
Total
Revenue
$680,000
$1,327,500
$2,970,500
$1,265,500
$6,243,500
Expense
($249,500)
($1,275,000)
($1,069,500)
($1,389,000)
($3,983,000)
Capital
($61,250)
($12,000)
($1,150,000)
($4,000)
($1,227,250)
Operating Rev (Exp)
$369,250
$40,500
$751,000)
($127,500)
$1,033,250
($350,000)
($100,000)
($1,200,000)
$0
($1,650,000)
$19,250
($59,500)
($449,000)
($127,500)
($616,750)
Trans to Gen Fund
Net Rev (Exp)
Overall, revenues increased approximately 14%, largely due to the increase in the per
swipe parking rate ($2.50 to $3.50). The additional parking revenue is offset by a
$750,000 increase in the transfer for GF support.
Key projects to be funded from Auxiliary revenues in 2014-15 include:
•Technology and equipment upgrades for the Bb Raider Card system - ($61,250)
•Cafeteria equipment replacements - ($12,000)
•Parking ramps repaving and other lot maintenance - ($1,150,000)
•Printer replacement ($4,000)
Plant Fund
Operating
Expenditures planned in the 2014-15 budget:
• IT Capital/Tactical Plan - $650,000
– Includes classroom technology upgrades, phone system upgrade, PC
“cascading”, etc.
• Capital Allocation and Deferred Maintenance - $837,000
– Deferred maintenance allocation - $650,000
– Recurring funding for vehicle replacement, SWD equipment and bond
amortization - $187,000
• Final phase of Cook Hall renovations - $5,000,000 (funded by state
capital outlay funding of an equal amount)
• Main Bldg. renovations - $3,750,000 (funded by capital campaign
donations via the Foundation of an equal amount)
• Debt service on bond indebtedness - $8,040,818
Looking Ahead
•
•
•
•
•
Enrollment levels
Implementation of GASB #68 as of June 30, 2015
Property Taxes
Health Care
Minimum Wage Increase
Questions/Comments