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2014/ 2015 General Fund Budget

2014/ 2015 General Fund Budget. Middle Bucks Institute of Technology November 11, 2013. Status – General Fund & Lease Rental. Budget-to-budget increase $300,987– 3.03%. Challenges. Unknowns as of November 11, 2013: Health insurance costs Retirement Insurance Utilities State subsidies

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2014/ 2015 General Fund Budget

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  1. 2014/ 2015 General Fund Budget Middle Bucks Institute of Technology November 11, 2013

  2. Status – General Fund & Lease Rental • Budget-to-budget increase $300,987– 3.03%

  3. Challenges Unknowns as of November 11, 2013: • Health insurance costs • Retirement • Insurance • Utilities • State subsidies • Federal grants • Goal – to be at or under the Act 1 Index - 2.1%

  4. Assumptions • Teachers’ salaries – per contract • Admin, Instructional Assistants and Support Staff Used 3% increase over 2013/14 pay rates • Medical & prescription benefit cost • 10% increase over 2013/14 rates – first look at end of November • PSERS pension cost increase to 21.75% from 16.93% of payroll • Increase in maintenance for aging HVAC, fire & smoke detection systems and equipment in programs • Supplies are at 2012/2013 level • Utilities – electricity and natural gas budget with slight reduction

  5. Components of Increase • Net increase salaries & wages $ 61,566 • Net increase health insurance & contract benefits 16,459 • Increase on account of employer’s PSERS rate 224,749 • Net decrease in Purchased Professional Services ( 6,735) • Net increase in Purchased Property Services 14,068 • Net decrease in Other Purchased Services ( 2,935) • Net decrease in program supplies (26,015) • Net increase in non-instructional supplies 17,725 • Increase in equipment – classroom & IT 300 • Net increase – Other 560 • Total $299,742

  6. General Fund – Receipts from Member School Districts

  7. Other Revenue

  8. State & Federal Revenue • State Subsidies - Increase Vocational Ed and Retirement Subsidies • Total state $1,035,000 vs. $893,000 • Decrease Federal funding for Carl D. Perkins Grant • Projected for 2013/2014 = $286,440 • Actual received 2013/2014 = $277,085 • Federal coordinator recommended same as 2013/2014 funding

  9. Next step • Gather more information and update proposed budget with first look healthcare premiums equivalents & certified employer rate for PSERS • Look for savings • Next presentation – February 10, 2014 • Questions

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