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Grand Rapids Community College Board of Trustees

Grand Rapids Community College Board of Trustees. 2013-14 Proposed Budget June 3, 2013. AGENDA. General Operating Fund Restricted Fund Designated Fund Auxiliary Fund Plant Fund. General Operating Fund Summary.

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Grand Rapids Community College Board of Trustees

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  1. Grand Rapids Community CollegeBoard of Trustees 2013-14 Proposed Budget June 3, 2013

  2. AGENDA • General Operating Fund • Restricted Fund • Designated Fund • Auxiliary Fund • Plant Fund

  3. General Operating FundSummary Based on the tuition adjustments approved in April, the following budget is presented for your approval:

  4. General Operating FundRevenue Sources

  5. General Operating FundRevenue Sources - Historical

  6. General Operating FundExpenditures

  7. Restricted Fund Used to account for funds restricted as to use by external funding sources:

  8. Restricted FundSignificant changes from 2012-13 Mid Year • Federal: $1.1 million decrease; due primarily to non-renewal of the Ottawa County Employment Services (Michigan Works) contract, and estimated lower federal work study fund due to sequestration. • State/Local: $23,000 decrease; lower projected future spending for MI New Jobs Training Program contracts is partially offset by a $30,000 grant from the Kellogg Foundation for a culture audit. • Total revenue decrease = $1,167,749, or 1.5%

  9. Designated Fund Funds internally designated for specific purposes and/or receiving substantial external revenues (e.g. admission fees, contract revenues, etc. ) Significant Changes: • Training Solutions is projecting lower revenues from contracted training activity. Related expenses have been adjusted accordingly. • Transfers from the GF have been reduced by approx. $1 million from 2012-13 mid year due to: • Elimination of the budgeted transfer to budget stabilization and use of $77K this fund for one-time mandatory requests in 2013-14 ($622,000) • Elimination of GF operating for Training Solutions. This program will need to be self sustaining from operations and available fund balance ($115,000) • Elimination of the one-time transfer to fund 100th anniversary activities ($100,000) • Temporary reductions in various other transfers, including SLT Initiatives, due to projected available fund balances at June 30, 2013 ($165,000)

  10. Auxiliary Fund • Overall, revenues increased 3.9%, largely due to the agreement to provide printing services to the KISD. Auxiliary operations continue to provide $900,000 in GF support, in addition to funding for the following projects: • Technology and equipment upgrades for the Bb Raider Card system - ($80,000) • Bostwick parking ramp lighting - ($830,000) • Sneden parking ramp repaving - ($400,000) • Copier equipment replacement ($10,000)

  11. Plant FundOperating Expenditures planned in the 2013-14 budget: • IT Capital/Tactical Plan - $600,000 • Includes classroom technology upgrades, phone system upgrade, PC “cascading”, etc. • Capital Allocation and Deferred Maintenance - $812,000 • Deferred maintenance allocation - $600,000 • Recurring funding for vehicle replacement, SWD equipment, bond amortization and classroom & office moving costs - $212,000 • Cook Hall renovations - $8,779,600 (offset by $6,242,000 in donations to be received from the Foundation) • Debt service on 2012 renovation bonds, paid with revenues from the Facilities Fee - $1,973,393 • Debt service on other bond indebtedness - $5,996,000

  12. Questions/Comments

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