HEARTLAND COMMUNITY COLLEGE

FINANCIAL UPDATEOCTOBER 16, 2009

Credit Hour Enrollment Increase 20,000 +

Heartland State Grant Funding$2,448,733 - $2,232,002 = ($216,731)

Heartland Tuition and Fee Rate$60 - $95 per credit hour

FY2005 – FY2010

Heartland Operating Tax Revenue$7,165,096 - $9,890,271 = $2,725,175

Technology Funding $10,500,000

FY2005 – FY2010

FY2010 OPERATING FUND REVENUES BY

SOURCE

Funding Source

Education Fund

O&M Fund

Total Operating Revenues

Local Support $7,923,182 $2,639,860 $10,563,042

State Support 2,210,741 33,071 2,243,812

Tuition & Fees 10,490,503 239,040 10,729,543

Other & Federal 1,880,986 26,941 1,907,927

Transfers 19,500 19,500 39,000

Total Revenues $22,524,912 $2,958,412 $25,483,324

FY2010 OPERATING FUND REVENUES BY

SOURCE

FY2010 OPERATING FUND REVENUES BY

SOURCE

FY2010 OPERATING FUND EXPENDITURES BY

OBJECT

Object Education Fund

O&M Fund

Total Operating

Expenditures

Salaries & Benefits $17,592,254 $451,199 $18,043,453

Contractual Services 1,453,877 595,397 2,049,274

General Materials & Supplies

1,379,375 95,138 1,474,513

Conferences & Meetings 344,000 12,000 356,000

Fixed Charges 203,853 144,038 347,891

Utilities 0 1,340,000 1,340,000

Capital Outlay 163,084 120,640 283,724

Other 1,240,469 0 1,240,469

Contingency 50,000 50,000 100,000

Transfers 98,000 100,000 198,000

Total Expenditures $22,524,912 $2,908,412

$25,433,324

FY2010 OPERATING FUND EXPENDITURES BY

OBJECT

EDUCATION AND O&M FUNDS

Revenue Source FY2009 Budget

FY2010 Budget

Difference

Local Taxes $8,470,067 $8,843,780 $373,713

Local Taxes – Equity Tax 1,008,879 1,046,491 37,612

Student Tuition &Fees 8,773,100 10,729,543 1,956,443

State Grants 2,230,183 2,243,812 13,629

CPPRT 960,000 672,771 (287,229)

Sales &Service Fees (CE) 1,670,819 1,754,360 83,541

Investment Income 305,000 85,317 (219,683)

Federal & Other 65,000 68,250 3,250

Transfers In (WC Fund Interest)

117,000 39,000 (78,000)

Total Revenues $23,600,048 $25,483,324 1,883,276

FY2009 and FY2010 OPERATING FUND EXPENDITURES BY

OBJECT

Object FY2009 FY2010 % Increase/ Decrease

Salaries & Benefits $16,354,170

$18,043,453 $1,689,283

Contractual Services 1,953,844 2,049,274 95,430

General Materials & Supplies

1,406,521 1,474,513 67,992

Conferences & Meetings 374,000 356,000 (18,000)

Fixed Charges 283,788 347,891 64,103

Utilities 1,192,184 1,340,000 147,816

Capital Outlay 485,332 283,724 (201,608)

Other 1,127,339 1,240,469 113,130

Contingency 100,000 100,000 0

Transfers 322,870 198,000 (124,870)

Total Expenditures $23,600,048

$25,433,324 $1,833,276

FY2010 BUDGET CONSIDERATIONS

Dramatic uncertainty in State supportSignificant reduction in business profits tax revenue

(CPPRT)

Interest income declineEAV increase slowingEmployee compensation increases @ 3.8%Employee benefits cost increase @ 4.5%Increased personnel costs due enrollment growth Limit growth of other personnel costsLimit discretionary expenditures – capital outlay,

materials & supplies, conference & meeting expense

Maintain commitment to technology

The Rest of the Budget…

SUMMARY OF FY2010 BUDGET BY FUND - GENERAL

Education Fund

O&M Fund

Liability, Protection &

Settlement Fund

Beginning Balance $2,065,805 $2,228,264 $168

Budgeted Revenues 22,505,412 2,938,912 1,933,000

Budgeted Expenditures 22,426,912 2,808,412 1,933,000

Budgeted Transfer - From Other Funds 19,500 19,500 0

- (To) Other Funds (98,000) (100,000) 0

Budgeted Ending Balance

$2,065,805 $2,278,264 $168

SUMMARY OF FY2010 BUDGET BY FUND – SPECIAL REVENUE

Restricted Purposes

Fund

Audit Fund Self Insurance

Fund

Beginning Balance $32,000,000 $13,027 $674,069

Budgeted Revenues 11,217,463 103,543 2,080,300

Budgeted Expenditures

41,670,272 103,543 1,863,270

Balance Transfer- From Other Funds 0 0 0

- (To) Other Funds 0 0 0

Budgeted Ending Balance

$1,547,191 $13,027 $891,099

SUMMARY OF FY2010 BUDGET BY FUND

Bond & Interest

Fund

Trust and Agency

Fund

O&M Fund (Restricted)

Beginning Balance $2,390,238 $102,072 $1,794,026

Budgeted Revenues 5,864,772 400,000 85,000

Budgeted Expenditures

5,844,722 400,000 1,575,000

Budgeted Transfers- From Other Funds 0 0 100,000

- (To) Other Funds 0 0 0

Budgeted Ending Balance

$2,410,238 $102,072 $404,026

SUMMARY OF FY2010 BUDGET BY FUND

Auxiliary Enterprises

Fund

Working Cash Fund

Beginning Balance $0 $3,900,000

Budgeted Revenues 1,634,115 39,000

Budgeted Expenditures 1,732,115 0

Budgeted Transfers- From Other Funds 98,000 0

- (To) Other Funds 0 ($39,000)

Budgeted Ending Balance $0 $3,900,000

QUESTIONS?

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