Summary – Major FY2019 E&G Fund Cost Drivers

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Presentation transcript:

Summary – Major FY2019 E&G Fund Cost Drivers FY18 Cost Increases FY19 Cost Increase Faculty and Staff Salary and Wages $11.0 million $9.8 million GE Salary and Benefits $800K $1.0 million Medical Costs $1.6 million $1.8 million Retirement Costs $7.1 million n/a Institutional Expenses $600K Strategic Investments (includes $1 million for new faculty) $2.0 million Investments in Tenure Track Faculty $1.5 million Total Projected Cost Increases* $25.0 million* $16.7 million Defining how Sightlines breaks up the areas of project funding necessary to maintain a campus. DM and CR are what this presentation concentrates on. Definitions taken from APPA (Association of Physical Plant Administrators) *Does not include, increases to minimum wage, costs related to federal FLSA regulations changes regarding eligibility for overtime pay; further investments in diversity initiatives, or individual school/college/department investments.

Total Projected Cost Increases* $16.7 million* Cost Driver FY19 Cost Increases Notes Faculty and Staff Salary and Wages $9.8 million Increases per collective bargaining agreements for approximately 1700 faculty and 900 classified staff. Also includes increases for approximately 1200 unrepresented staff. GE Salary and Benefits $1.0 million Estimate based on collective bargaining agreement for GEs; includes estimate of health insurance cost increases Medical Costs $1.8 million Assumed annual increase of 3.7% Retirement Costs n/a PERS rates only increase every two years Institutional Expenses $600K Increases related to utilities, insurance, debt for academic buildings, assessments, and leases. Lower than normal annual increase due to Power Station savings. Strategic Investments (includes $1 million for new faculty) $2.0 million Allocated via strategic investment process. $1 million pre-committed for tenure track faculty hiring related to Cluster Hires. Investments in Tenure Track Faculty $1.5 million Supporting long term strategic plan to increase number of tenure track faculty Total Projected Cost Increases* $16.7 million* Defining how Sightlines breaks up the areas of project funding necessary to maintain a campus. DM and CR are what this presentation concentrates on. Definitions taken from APPA (Association of Physical Plant Administrators) *Does not include, increases to minimum wage, costs related to federal FLSA regulations changes regarding eligibility for overtime pay; further investments in diversity initiatives, or individual school/college/department investments.