Budget Presentation

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Budget Presentation

• December 7, 2006

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Why Talk about the Budget?

• Demystify the process
• Engage and get the participation of others in the
  budget process
• Tie the budget into the Strategic Plan
• Be able to see the big picture, not just your
  particular area of responsibility
• Future Process to start earlier

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What is a Budget?

• Replacement of error for what was once chaos
• Your best guess of your operating needs at a
  point in time
• A Budget is a plan that outlines an
  organization's financial and operational goals.
  So a budget may be thought of as an action plan
  planning a budget helps a business allocate
  resources, evaluate performance, and formulate
  plans

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Faculty Handbook

• Responsibilities of each division chairperson
• To assist in identifying budget needs and in
  monitoring the annual budget of the division
• LEGISLATION
• Legislation passed by the faculty at faculty
  meetings is reviewed for policy, personnel, and
  budget implications by the Vice President for
  Academic Affairs and the President.

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Faculty Handbook (cont).

• Division chairs and directors of certain areas of
  activities must submit budgets in the spring of
  each calendar year for operational purposes in
  the following academic year. These budgets may
  be utilized after final approval by the Board of
  Trustees at their fall meeting. Faculty members,
  therefore, must submit requests for major
  purchases to the respective chair. All
  requisitions must be countersigned by the
  division chair or approved designate.

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Budget Details

• The total tuition budgeted for FY 2006-07
  decreased 576,181 from FY 2005-06 actual. Crete
  campus net tuition per student is 8,715, due to
  more financial aid given to students. This is in
  contrast to the net tuition of 8,962 per Crete
  campus last fiscal year 2005-06.
• Financial aid increasing to 49 of tuition
  revenue and reflecting more scholarship aid to
  incoming and current students.

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Budget Details (cont.)

• A 5 endowment spending policy that contributes
  1 more to the percentage of total income than
  last year, due to the continued growth in total
  endowment funds.
• Spending for New Initiatives and Equipment of
  215,000 has been budgeted toward Instruction,
  Information Systems and Institutional support.
  We will continue to fund requests on a priority
  basis and to the extent funds are available in
  the budget.
• The proposed budget anticipates 160,490 in
  income over expenses.

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Questions?