Budget Overview

February 2014 Board Workshop Presentation:

https://drive.google.com/file/d/0B5NVEv35GKX3VU9KbXQyM3FQZms/edit?usp=sharing

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July 2013 Budget Presentation:

On June 7, 2013 Tuesday Stanley presented a budget overview to members of the BRT and representatives from the salary committies. To view the presentation click here.

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November 2012 Budget Presentation:

https://docs.google.com/open?id=0B5NVEv35GKX3eTdSZnM4UHZwNWs

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Budget Approved for FY 2013

MCC’s proposed budget for fiscal year 2013 was presented to the MCC Board of Trustees. On Thursday, June 21, 2012 the Chancellor recommended that the Board of Trustees adopt a resolution approving the budget for the 2012-2013 fiscal year during a telephonic meeting. To view the full budget book posted on InfoEx, click here. (After you log in, click on ‘Financial Reports’ tab and then click on the ‘FY 2013’ link near the top of the page.)

Update July 2012: Summary

The operating budget for 2012-13 was presented last week to both the Cabinet and BRT. This new budget, which was approved by the Board of Trustees, ends the use of the campus allocation model and instead budgets personnel costs, fixed costs and variable costs based on recent trends and projected revenues.

To recap, in the past three years MCC has experienced a 12.5% reduction in state appropriations, a decrease in investment income and property tax revenue, and an increase in medical insurance costs. This past year, MCC’s enrollment has been on the decline, adding additional stress to the budget.

Over the last 3 years, the operating budget has been reduced by $18.8 million in core-cuts. Moving forward, we have taken on Zero-Based Budgeting, which will be implemented partially this year and in full by FY14.

Additional opportunities to run at maximum efficiency include:

  • Implementation of SEM – strategic plan to maximize recruiting, retaining, marketing, developing and helping students to complete their objectives
  • Utilize IWI in partnering with business and industries to create stackable credentials that bridge non-credit training to associate degrees and employment
  • Pursue additional opportunities to annex more school districts in our service area
  • Expand KC-Online
  • Create a strong fundraising strategy
  • Continue to develop brand awareness

Financial plan – what the numbers show us:

  • Enrollment is projected to decline 9.3%
  • Local tax revenue is forecasted to decline from $31.2 million to about $31 million
  • State aid is projected to decline about 8.4% (a drop of $2.5 million)
  • Tuition and fee revenue is projected to have a decline of 3.7%
  • Revenue from investment income is estimated at only $50,000 (just a few years ago, it contributed aprox $2.2 million)

The FY2012-13 budget includes $11.75 million in unallocated budget reductions that still need to be determined throughout the 12-13 academic year. There is also an $8.6 million fund transfer from the unexpended plant fund to the operating budget to finance the early retirement incentive payments. This gives a shortfall of $20.35 million ($11.75 which still needs to be found and $8.6 will come out of reserve).

The Board of Trustees indicated that the $11.75 million budget deficit needed to be addressed this fiscal year with updates presented when we bring the budget to them for approval in November and April.

To view the full budget book posted on InfoEx, click here. (After you log in, click on ‘Financial Reports’ tab and then click on the ‘FY 2013’ link near the top of the page.)

                                                                                                                               

Feb. 4, 2012 Revisions to Financial Plan for 2011-12: (click on image below to enlarge)

Feb 4 2012 Revisions to Financial Plan – Excluding instructional salaries & other pending adjustments at the campuses.

Budget Overview (as of November 2011)

Click here to view the PowerPoint presentation presented at the November 2011 Board meeting.

Updated Budget Overview (as of May 18, 2011)

Click here to view a spreadsheet that provides a current snapshot of MCC’s budget, updated after the May 12, 2011 board of trustees meeting.

Click here for a less-detailed overview of the current budget for fiscal years 2011 and 2012.

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