15-16 Budget Approved & Opening Mid-August to Allow Fall Semester Orders to be Placed
The 2015-16 year budget proposed by the College has been adopted by Broome County with a 2% increase in county support. For the first time in memory, departments will be able to place orders for the fall semester (for delivery after the new fiscal year begins on September 1st) in mid-August rather than needing to wait until after September 1st.
Summer Enrollment Forecast Settles in at +7%, Recouping Half of Last Year’s Decline
Summer enrollment full-time equivalents have settled in at nearly 7% greater than last year at this time – an improved position from early June, recouping about half of last year’s 15%. Many steps were taken to recoup the enrollments including more online and blended course offerings. We have witnessed a 60% increase in blended course registrations, and a 32% increase in fully online course registrations this summer. Summer registrations have also been more attractive to residents outside of Broome County. Although we are showing a slight decline in Broome County residents registering for summer courses, our out of county registrations and out of state registrations are up 22%.
Fall Enrollment Currently up by 2% Comparing Favorably With Flat Enrollment Budgeted
The fall enrollment picture, while not as favorable as it was in June, is still good – full-time equivalents are 2% greater than last year at this time. We are showing an increase in continuing student registrations this fall thanks to improved retention efforts from our 3% enrollment growth in fall 14. New registrations are very close to last year at this time, applications by 11% and accepted applications of nearly 7% with three weeks of registration to go. Student housing is full with several hundred on a wait list. Efforts are underway to house the waitlisted students elsewhere and identify and address enrollment bottlenecks. Flat enrollment is budgeted for 15-16.
14-15 Budget and Enrollment Forecast Continues to be Favorable
Revenue, expense, fund balance, and enrollment forecasts continue to be fine-tuned as we approach the fiscal year end. Final full-time equivalent counts for spring have been submitted and adjusted in the forecast, and summer full-time equivalents should bring us close to our original forecast of 5,134 FTEs; a nearly 5% overall increase over 13-14. Our fund balance is currently forecast to land in the 7% to 8% of budget area, moving towards the 10% ‘mid-point’ of the 5% to 15% range recommended by SUNY and GASB, and as previously discussed with Board members.
Cost Per Credit Hour, Degree Cost, and ‘Real Cost Of A Degree’ Dashboard Information
At our May Board meeting several Trustees expressed interest in degree cost information presented by Sesime Adanu, our Dean of Institutional Effectiveness and Enrollment Planning, as part of his college dashboard presentation. This information is available for every campus degree, as is related cost-per-credit-hour data and an article that has been published by Dr. Richard Romano in collaboration with VP Losinger and Dr. Timothy Millard on the real cost of a college degree.
This month we will discuss this data and article a bit more with the goal of providing Board members with the pieces they are interested in.
Developed by R. Losinger, VPAFA, Larry Allen, Budget and Institutional Effectiveness Specialist 8/12/15
Click below for the complete report: