Budget Forecast Remains Very Similar to Prior Month’s Forecast – No Material Changes
- It has been forecasted that Expenses will be $1.9M less than budget by fiscal year end, with the additional funds being used to increase our unreserved fund balance from 5% of net operating costs to ~8% of net operating costs.
- Revenue forecasts have been adjusted to reflect current actuals. Revenue increases related to student enrollment growth are anticipated to be offset by decreases in Continuing Education as well as Study Abroad Programs. This brings our total revenues close to our original 14-15 budget.
15-16 Proposed Budget Submitted to County Executive and Legislature on May 1
The 2015-16 year proposed budget that Board members reviewed and discussed last week was submitted to the Broome County Executive and Legislature on May 1. The County Executive’s recommended budget is usually forwarded to the Legislature for consideration in June. Board of Trustees resolutions adopting the budget and tuition and fee schedules will also be presented for approval in June. An electronic copy of the proposed budget is being emailed to Trustees, and a hard copy will be included in this month’s Trustee packet.
Consideration is being given to including an action item in future year’s budgets seeking approval to submit the proposed budget rather than relying on the historical practice of informal consensus.
Summer and Fall Application and Enrollment Picture Favorable
Summer enrollment full-time equivalents are currently 10% greater than last year at this time – one month before classes start. The many steps taken to improve summer enrollment and recoup last summer’s 15% enrollment decline appear to be bearing fruit.
The fall enrollment picture is also favorable at this time – Continuing and New Student registrations are up 12.5%. We are just a little less than five months from the start of Fall 15 classes – Inquiries, Applications, and Accepts are all showing significant increases compared to last year at this time. Retaining the enrollment growth from Fall 14 is also showing up with our continuing student registrations. We are currently up 3% in continuing student registrations which closely resembles our Fall 14 total enrollment growth.
Tax Incentives Begin Explored for Carnegie Library Renovation
Several meetings have been conducted with professionals to ascertain options available to the College with regards to various tax credits (historical and new market) that might provide funding for the Carnegie Library, perhaps as much as $2+ million. We are in the processing of gaining a more thorough understanding of what credits are available and what will work best for the College.
Developed by R. Losinger, VPAFA, Larry Allen, Budget and Institutional Effectiveness Specialist, and Jeanette Tillotson, Associate VP & Controller 4/29/15
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