Grand Rapids Community College Board of Trustees 2016-17 Proposed Budget June 6, 2016.

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Presentation transcript:

Grand Rapids Community College Board of Trustees Proposed Budget June 6, 2016

AGENDA 1.General Fund 2.Restricted Fund 3.Designated Fund 4.Auxiliary Fund 5.Plant Fund 6.Five-Year Budget Projection 7.Looking Ahead

General Fund (GF) Summary Based on the tuition adjustments approved in March, the following budget is presented for your approval: Revenues $107,968,904 Expenditures & Net Transfers107,927,432 Addition to Fund Balance41,472 Fund Balance - 7/1/ ,193,713 Fund Balance - 6/30/2017$11,235,185 Fund Balance - % of Revenues10.41%

General Fund Revenue Sources

General Fund Primary Revenue Sources - Historical

General Fund Expenditures

Restricted Fund Used to account for funds restricted as to use by external funding sources: Federal sources$43,678, % State sources1,094,6962.4% Local sources405,0610.9% College match (via transfer)968,5002.1% Total funds available46,146,594 Expenditures46,146,594 Net Revenue (Exp)$0

Restricted Fund Significant changes from Mid Year Federal: $5.7 million decrease – due primarily to lower enrollment and the related reductions in Pell ($2.5M) and Direct Loan ($2.5M). Also, the Strengthening Institutions Program (Title III) grant terminates in Sept 2016 (however this work will continue and be funded via the GF). Finally, the U.S. Dept. of Labor’s M-CAM grant will enter its wrap-up phase in Feb 2017, with final termination early in the 2018 fiscal year. State/Local: $281,000 decrease – due primarily to timing differences. Includes activity for the Michigan New Jobs Training Grant, renewal (for two years) of the Kellogg Pathways grant, and other smaller state/local grant programs. Transfers from GF: $246,000 decrease – due primarily to the termination of the Title III grant (noted above) and reduced match support for the Student Support Services TRIO grant program. In the latter, labor savings from an FTE reduction and a retirement replacement at a lower rate provided for the decrease.

Designated Fund Funds internally designated for specific purposes and/or receiving substantial external revenues (e.g. admission fees, contract revenues, etc. ) Significant Changes from mid year: Training Solutions is projecting increased revenues of approx. $170,000 from Customized Training, primarily in high demand health related programs such as Medical Assisting. Related instructional expenses have been adjusted accordingly. Transfers from the GF have been reduced by approx. $25,000. The $18,500 transfer to Support Student programs will be reallocated to the new Mandatory Orientation program in the GF. Other transfers have been reduced due to available fund balance (Collegiate) or lower projected spending (Older Learner Center).

Auxiliary Fund BookstoreFood ServiceParking Printing ServiceTotal Revenue$550,000$1,098,500$2,529,500$919,000$5,097,000 Expense(260,500)(1,114,500)(955,500)(872,000)(3,202,500) Capital(29,500)(17,000)(950,000)-0-(996,500) Operating Rev (Exp)260,000(33,000)624,00047,000898,000 Trans to GF(350,000)(100,000)(1,230,000)-0-(1,680,000) Net Rev (Exp)($90,000)($133,000)($606,000)$47,000($782,000) Overall, revenues decreased approximately 6.1%, consistent with lower enrollment levels. One FTE, vacated due to the VESP, has been eliminated in Printing Service. Subsidized premium parking for students will be reduced due to lower demand and available on- campus capacity. Key projects to be funded from Auxiliary revenues in include: - Technology and equipment upgrades for the Bb Raider Card system - $29,500 - Cafeteria/catering equipment replacements - $17,000 - Parking ramp maintenance and repairs - $950,000

Plant Fund Operating Expenditures planned in the budget: IT Capital/Tactical Plan - $1,011,000 – Includes classroom technology upgrades, phone system upgrade, PC “cascading”, etc. Capital Allocation and Deferred Maintenance - $1,237,000 – Deferred maintenance allocation - $1,000,000 – Recurring funding for vehicle replacement, SWD equipment, ADA compliance, workspace relocations and bond amortization - $237,000 Facility Renovations/Construction - $12,700,000 – Music Building - $7,500,000 – Preschool - $5,200,000 Debt service on bond indebtedness - $7,285,018

Five-Year Budget Projection

Looking Ahead Enrollment fluctuations State Aid Impact of Personal Property Tax reform Potential future reduction in Auxiliary transfers to GF Zero-Based Budgeting for Academic & Student Affairs On-going prioritization of need for reinvestment in academic programs and capital resources CSTEP grant reimbursement Construction update

Questions/Comments