Grand Rapids Community College Board of Trustees
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Transcript of Grand Rapids Community College Board of Trustees
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Grand Rapids Community CollegeBoard of Trustees
2013-14Proposed Budget
June 3, 2013
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AGENDA1. General Operating Fund 2. Restricted Fund 3. Designated Fund 4. Auxiliary Fund5. Plant Fund
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General Operating FundSummary
Based on the tuition adjustments approved in April, the following budget is presented for your approval:
Revenues $106,742,766Expenditures & Net Transfers $106,742,766Addition to Fund Balance $-0-Fund Balance - 7/1/13 $10,998,649Fund Balance - 6/30/14 $10,998,649Fund Balance - % of Revenues 10.3%
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General Operating FundRevenue Sources
Tuition & Fees
54.9%Property
Taxes26.5%
State Aid16.7%
Other1.9%
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General Operating FundRevenue Sources - Historical
2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 (mid year)
2013-14 (budget)
0%
10%
20%
30%
40%
50%
60%
42%45%
50%53%
55% 55% 55%
33% 33%31%
28% 27% 27% 26%
20%18% 17% 16% 16% 17% 17%
Tuition & Fees
Property Taxes
State Aid
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General Operating FundExpenditures
Salaries
57.7%
Fringes
26.5%
Other 15.2%
Transfers0.6%
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Restricted Fund
Used to account for funds restricted as to use by external funding sources:
Federal sources $74,869,627 95.6%State sources $1,553,184 2.0%Local sources $661,168 0.8%College match (via transfer) $1,238,000 1.6%Total funds available $78,321,979Expenditures $78,321,979Net Revenue (Exp) $0
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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%
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Designated FundFunds 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)
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Auxiliary FundBookstore Food Service Parking
PrintingService Total
Revenue $760,000 $1,312,000 $2,285,000 $1,403,000 $5,760,000
Expense ($262,500) ($1,246,500) ($1,295,000) ($1,494,000) ($4,298,000)
Capital ($80,000) $0 ($1,230,000) ($10,000) ($1,320,000)
Operating Rev (Exp) $417,500 $65,500 ($240,000) ($101,000) $142,000
Trans to Gen Fund ($350,000) ($100,000) ($450,000) $0 ($900,000)
Net Rev (Exp) $67,500 ($34,500) $690,000 ($101,000) ($758,000)
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)
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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
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Questions/Comments