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Special Budget Meeting President Lewis E. Thayne, Ph.D. Shawn Curtin, Vice President of Finance and Administration March 16 and 17, 2017

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Page 1: Special Budget Meeting - Lebanon Valley Collegeportal.lvc.edu/mylvc/documents/resources/special-campus-meeting-031617.pdf470 492 0 100 200 300 400 500 600 Fall 14 - FY15 Fall 15 -

SpecialBudgetMeeting

PresidentLewisE.Thayne,Ph.D.ShawnCurtin,VicePresidentofFinanceandAdministrationMarch16and17,2017

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ContextandScopeofFinancialChallenge

ShawnCurtin

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40 53 49 50 51

413

455428

468 468453

508477

518 519525

470492

0

100

200

300

400

500

600

Fall14- FY15 Fall15- FY16 Fall16- FY17 Fall17- FY18 Fall18- FY19Transfer 1stYear Total Budget

NEWSTUDENTENROLLMENT

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82.7%

81.5%

84.0%

85.0%

86.5%

85.0%

81.5%

80.5% 80.5% 80.8%

77.00%

78.00%

79.00%

80.00%

81.00%

82.00%

83.00%

84.00%

85.00%

86.00%

87.00%

Fall2014cohort Fall2015cohort Fall2016cohort Fall2017cohort Fall2018cohort

FY-SOOrigBudget FY-SOAdjBudget

RETENTION

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1633

1556

1622 16291661

15731608 1602

1200

1300

1400

1500

1600

1700

1800

FY15 FY16 FY17 FY18 FY19FallBudget FallActual

FTUNDERGRADUATEENROLLMENT

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$29.5$31.3

$36.4$39.2

$41.9

$29.3$32.6

$36.1

$-

$5.0

$10.0

$15.0

$20.0

$25.0

$30.0

$35.0

$40.0

$45.0

50%

52%

54%

56%

58%

60%

62%

64%

FY15 FY16 FY17 FY18 FY19

FTUGAidBudget FTUGAidActual NewStudentDiscount

FINANCIALAID

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1275 12791296

1253

1296

1219

1284

1232

1276 1279

1304 1305 1305

1150

1175

1200

1225

1250

1275

1300

1325

1350

FY15 FY16 FY17 FY18 FY19

FallBudget FallActual AvailBeds

HOUSING

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8

FY17UpdatedAssumptions

FY18PreliminaryBudget

FY19PreliminaryBudget

RevenueTuitionandfees 66,707,125$ 69,989,700$ 73,836,893$Institutionalaid (36,124,678)$ (39,219,930)$ (41,929,270)$Nettuitionandfees 30,582,446$ 30,769,770$ 31,907,623$

GraduateandProfessionalStudies 2,630,687$ 2,525,512$ 2,601,278$AuthorizedEndowmentSpending 2,674,929$ 2,821,735$ 2,821,735$AnnualGiving 1,879,000$ 2,067,000$ 2,067,000$RoomandBoardIncome 13,221,537$ 13,875,206$ 14,725,298$Allotherrevenue 4,007,174$ 3,938,898$ 3,944,898$Totalrevenue 54,995,773$ 55,998,121$ 58,067,831$

FORECASTEDREVENUE

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9

FY17UpdatedAssumptions

FY18PreliminaryBudget

FY19PreliminaryBudget

ExpensesRoll-forwardexpesnesandtransfers 53,973,216$ 56,135,701$ 59,313,545$

3%salaryincreasepoolandrelatedbenefits 726,000$ 788,000$ 811,000$Healthinsuranceincreases 360,000$ 280,000$ 314,000$Facultypromotions/positionsandotheroperatingincreases 150,022$ 352,477$ 409,215$EV2020investments 919,396$ 1,521,656$ 984,373$AHPPoperatingcosts -$ -$ 290,000$AHPPdebtcosts 7,067$ 149,044$ 243,138$IncrementaldepreciationforAHPPandpedestrianbridge -$ 86,667$ 600,000$

56,135,701$ 59,313,545$ 62,965,271$

FORECASTEDEXPENSES

Totalexpenses

Roll-forwardexpensesandtransfers

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10

FY17UpdatedAssumptions

FY18PreliminaryBudget

FY19PreliminaryBudget

Preliminarysurplus/(deficit)Totalrevenue 54,995,773$ 55,998,121$ 58,067,831$Totalexpenses 56,135,701$ 59,313,545$ 62,965,271$Preliminarysurplus/(deficit) (1,139,928)$ (3,315,424)$ (4,897,440)$

FORECASTEDSURPLUS/DEFICIT

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ApproachestoResolvingFinancialChallenge

Page 12: Special Budget Meeting - Lebanon Valley Collegeportal.lvc.edu/mylvc/documents/resources/special-campus-meeting-031617.pdf470 492 0 100 200 300 400 500 600 Fall 14 - FY15 Fall 15 -

• NeedtoclosegapsforFY17,FY18,FY19

• FY17:~$1.2millionSolution: temporarycutstooperatingbudget

• FY18:~$3.3millionProposedsolution: permanentcutstooperatingbudget, targetedEV2020reductions,andreduction inworkforce

• FY19:~$1.3millionProposedsolution: newrevenuethrough GPS,fillingbeds, increasesinretention,additionalefficiencies

BUDGETCHALLENGES

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13

• Aligndecisionswiththemission,EV2020,andOneCampus• ProtectandadvancetheLVCacademicandco-curricular

experience• Beaccountablefortuitiondollarsandstewardthemwell• Operatewithtransparencyandprovideopportunitiesfor

inputintopriorities• Treatemployeesfairlyandcompassionately

GUIDINGPRINCIPLES

Page 14: Special Budget Meeting - Lebanon Valley Collegeportal.lvc.edu/mylvc/documents/resources/special-campus-meeting-031617.pdf470 492 0 100 200 300 400 500 600 Fall 14 - FY15 Fall 15 -

14

*Divisionleadersmetapproximatelybiweeklystartinginlatefallsemestertodiscusspotentialsolutions• November2016:Divisionleadersidentifiedtargetedreductions.

• January2017:Divisionsidentifiedadditional,targetedreductionsbasedonpro-ratashareofbudget

• February2017:DivisionleadersandPresidentreviewedplanstoconsiderimpactonCollegeandpresentedpreliminarybudgettoPRAC

• March2017:Facultysurveyedforinputonpriorities;preliminaryplansharedwithBoardExecutiveCommittee;inputsolicitedfromPRAC;plannedstaffsurveyonpriorities

PROCESSTOBALANCETHEBUDGET

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15

FY17 FY18Reductionsfromcurrentbudgets 1,140,505$ 1,371,604$ReductionsinEV2020funding -$ 488,246$Reductionin3%salarypoolincrease -$ 496,000$Savingsfromearlyretirements/restructures/positioneliminations -$ 960,025$Total 1,140,505$ 3,315,875$

REALIGNMENTSCONSIDERED

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16

ReductionsfromCurrentBudget• Savingsfromopenpositions (vacancysavings)• Benefitsavings• Liabilityinsurancesavings• Utilitysavingsthroughhedgingprogram• GraduateandProfessionalStudies(GPS)• Campsexpensestoalignwithrevenues• Interestratereductionon2008note• President’sInnovationFund/Student InnovationFund• Divisionaloperatingbudgetreductions

ReductionsfromEV2020Funding• Reducecomprehensivecampaignexpenses• DelayCSD/SLPexpenses• Eliminateincrementalfundsforinclusiveexcellence• Eliminateincrementalfundsfortalentdevelopmentandleadershiptraining

REALIGNMENTSCONSIDERED

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• Reviewandincorporatefacultysurveyrecommendations

• Holddivisionalmeetingstodiscussandgatherinput

• Surveyadministrationandstaffaboutpriorities

• Continuetocommunicateindividually,divisionally,andcampus-

wideaboutactionitemsandtimeline

NEXTSTEPSONBUDGET

Page 18: Special Budget Meeting - Lebanon Valley Collegeportal.lvc.edu/mylvc/documents/resources/special-campus-meeting-031617.pdf470 492 0 100 200 300 400 500 600 Fall 14 - FY15 Fall 15 -

5FUNDAMENTALGOALS

1. Enrollaclass

2. Fillthebeds3. RetainStudents

4. Diversifyrevenue

5. Beknownforsomething

Page 19: Special Budget Meeting - Lebanon Valley Collegeportal.lvc.edu/mylvc/documents/resources/special-campus-meeting-031617.pdf470 492 0 100 200 300 400 500 600 Fall 14 - FY15 Fall 15 -

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