college finances
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Mott Community College Board Workshop May 23, 2011. College Finances. STRATEGIC PLAN. _____________________________________________________________________. 7-0. Budget/Finance - PowerPoint PPT PresentationTRANSCRIPT
Mott Community College
Board WorkshopMay 23, 2011
College Finances
2
STRATEGIC PLAN• 7-0. Budget/Finance
• 7-1. Focus on controllable revenues and costs to sustain our current reputation and facilities and provide funding for strategic priorities
• 7-2. Establish short and long-term budget and finance priorities that provide a balanced approach to the needs of a learning organization with the flexibility to realign resources
• 7-3. Implement a comprehensive strategy to address the long-term deficit which enables us to continue to provide affordable high quality education
• A balanced approach
_____________________________________________________________________
2011-2012 RECOMMENDATIONS
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FYE 2012 Impact in Dollars
4
$8,128,658
Tuition Keeps Up with Lost Funding/Increase in Non-controllable costs for FYE 2012
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$56.73
$155.41
COMPARISON PRIOR YEAR/CURRENT YEAR
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2011 2012
Reserve Requirements
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In m
illio
ns
Still need $183K
Still need $950K Still need $36K
Adequately funded
No State Aid Cut
8
850,000 Debt Millage Resets to .89
250,000 Contribution from FMCC
2,000,000 Minimum Funding to 72
900,000 Salary Lag
500,000 Contingency reduction
500,000 Discretionary Cuts
Use of Fund Balance 1,500,000 Use of Fund Balance
Remaining Deficit
If tuition were used to cover remaining deficit, the increase would be $7.47 per contact hour or 7.6%
Beginning Deficit (7,694,950)$
1,194,950 Remaining Deficit
3.4% State Aid Cut
9
850,000 Debt Millage Resets to .89
250,000 Contribution from FMCC
2,000,000 Minimum Funding to 72
900,000 Salary Lag
500,000 Contingency reduction
500,000 Discretionary Cuts
Use of Fund Balance 1,500,000 Use of Fund Balance
Remaining Deficit
If tuition were used to cover remaining deficit, the increase would be $10.18 per contact hour or 10.3%.
1,628,658 Remaining Deficit
Beginning Deficit (8,128,658)$
4% State Aid Cut
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850,000 Debt Millage Resets to .89
250,000 Contribution from FMCC
2,000,000 Minimum Funding to 72
900,000 Salary Lag
500,000 Contingency reduction
500,000 Discretionary Cuts
Use of Fund Balance 1,500,000 Use of Fund Balance
Remaining Deficit
If tuition were used to cover remaining deficit, the increase would be $10.75 per contact hour or 10.9%.
1,719,389 Remaining Deficit
Beginning Deficit (8,219,389)$
7% State Aid Cut
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850,000 Debt Millage Resets to .89
250,000 Contribution from FMCC
2,000,000 Minimum Funding to 72
900,000 Salary Lag
500,000 Contingency reduction
500,000 Discretionary Cuts
Use of Fund Balance 1,500,000 Use of Fund Balance
Remaining Deficit
If tuition were used to cover remaining deficit, the increase would be $13.84 per contact hour or 14%.
2,214,950 Remaining Deficit
Beginning Deficit (8,714,950)
15% State Aid Cut
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850,000 Debt Millage Resets to .89
250,000 Contribution from FMCC
2,000,000 Minimum Funding to 72
900,000 Salary Lag
500,000 Contingency reduction
500,000 Discretionary Cuts
Use of Fund Balance 1,500,000 Use of Fund Balance
Remaining Deficit
If tuition were used to cover remaining deficit, the increase would be $21.53 per contact hour or 21.8%.
3,444,950 Remaining Deficit
Beginning Deficit (9,944,950)
$3,732$3,909
$4,094$4,253
$4,477$4,353
$4,106
$3,783
3000
3500
4000
4500
5000
5500
6000
Expenditures Per Student
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Contact Hour Costs vs. Increase in Total Contact Hours
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COMMENTS/QUESTIONS?
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