College Budget/Finances

Mott Community College Budget Update

Mott Community College

Employee ForumMott Community CollegeJune 26, 2012College Budget/Finances2STRATEGIC PLAN7-0. Budget/Finance

7-1. Focus on controllable revenues and costs to sustain our current reputation and facilities and provide funding for strategic priorities7-2. Establish short and long-term budget and finance priorities that provide a balanced approach to the needs of a learning organization with the flexibility to realign resources

7-3. Implement a comprehensive strategy to address the long-term deficit which enables us to continue to provide affordable high quality education

A balanced approach _____________________________________________________________________

FUNDING SOURCES(2012-2013)

State Aid

Property Taxes-Operating-Debt

Tuition

3

Trends in Funding Sources & Enrollment4Projected Property Tax Funding FYE 2010 through FYE 2016

55Percentage of Property Tax and State Aid of Total Funding6

THEN and NOW7State Aid Funding $15,344,107State Aid Funding $14,383,6007Trends in Funding Sources & Enrollment, Fiscal Year Equated Students (FYES)8

Prior Years Budget Balancing Steps9

Prior Year Budget Cuts

Decreased Hiring (Open Position Pool)$ 750,000Cut funding to Reserves$1,150,000Capital Funding Reduction$3,000,000Debt Contribution$ 850,000Cut Contingency $ 750,000Total budgetary expenditure cuts$6,500,000

10Prior Year Budget Cuts (continued)Total Budgetary Expenditure Cuts $6,500,000Prior Year Shortfall ($8,100,000)Shortfall Remaining ($1,600,000)Received from tuition increase 11

CURRENT YEAR BUDGET IMPACT 12

FYE 2013 Impact in Dollars13$5,795,000Tuition Keeps Up with Lost Funding/Increase in Non-controllable costs for FYE 201314$40.87$148.92

What if Tuition Covered State Aid Losses?15Steps Taken to Control/Cut Costs16

Expenditure ReductionsEnergy Conservation Project - Utility costs averaged 8.2% in 2003, Now they are 3.1%Hold on vacant positionsAverage savings of $750K per yearChange in timing of custodial shiftSavings of approximately $170K per yearEliminating and restructuring food serviceWas losing approximately $100K per yearNow generating $48K per year in revenues17Expenditure ReductionsUtility Reduction Analyst ProjectResulted in $720K savings between 2004-2010 on Telecommunications/IT, Water, and WasteCourse Section EfficiencyMaximizing section seat count before adding new sectionsDiscretionary budget cuts Average savings of $400K per year8) Reduction of ORP (optional retirement plan) costsAverage annual savings of $400KCombining Deans positionFine Arts and Social Science combined saving $168K per year10) Outsourcing custodial and grounds work at sitesSavings of approx. $350K per year

18Expenditure Reductions11) Health Insurance changes to coverage and plans Savings $550KNew print shop leaseSavings of $200,000 per yearNew Auditors Savings of $60,580 over five years

14) Employee Contract BargainingEmployees agreed to pay freezes with incremental increases over 9 years at 1.35%Industry average is 2.8%Savings of $460K per year

19Compensation as a Percentage of the General Fund Budget

Compensation expense would be $1.25 M higher if it was at 2001 levels as a percentage of budget.

Ten year average salary increases are 1.35%.

Current Year Budget Balancing Steps21

Current Year Budget Cuts

Decreased Hiring (Open Position Pool)$ 350,000Health Insurance Savings$ 600,000State Aid Increase$ 637,000Cut Reserve Funding$ 620,000Capital Funding Reduction$1,060,000Cut Contingency $ 900,000Total budgetary expenditure cuts$4,167,000Beginning shortfall ($5,795,000)Shortfall remaining ($1,628,000)

THE FINANCIAL AID AND TUITIONRELATIONSHIP23

Tuition and Financial Aid 24FEDERAL FINANCIAL ASSISTANCEPELL GRANTS 25

Increased Five-Fold in Ten YearsPell Distribution 10/11AwardedEducational Tuition & FeesEducationalBooks & Supplies ChargesNon-EducationalGovt. Refund$27,919,272 $18,729,369 $4,491,705 $4,698,199 Sample of Approx. 9,540 StudentsAs of March 31, 201127Pell Distribution 11/12AwardedEducational Tuition & FeesEducationalBooks & Supplies ChargesNon-EducationalGovt. Refund$31,013,885$21,128,548$4,493,632$5,391,705Sample of Approx. 9,700 StudentsPell Award & Cost of TuitionMott Community CollegeIn-District(Published 12/13)Saginaw ValleyState UniversityIn-StatePell Awarded$5,550$5,550Tuition & Fees(30 contact hours)$3,644$8,134Books & Supplies$1,000$1,000Difference$906-$3,584Student Needs UnmetStudent Receives Remaining Balance the american OpportunityTax credit (AOTC)

PELL for Most EVERYONE ELSE ? Pell American Opportunity Tax Credit (AOTC)Pell for Most Everyone Else Maximum Award$5,550$2,500EnrollmentSliding Scale up to full-time At least Half TimeIncome LimitsExpected Family ContributionModified AGI< $80,000 Single < $160,000 MFJProgram of Study Degree or Certificate-Accredited Institution Degree or Certificate-Accredited Institution Can be used for Tuition, fees, books, equipment, supplies, leftover can be for living expenses Tuition, fees, books, equipment, suppliesLength of Award6 years4 yearsOther Eligibility Not convicted of a felony drug offense Not convicted of a felony drug offense

Available Financial Aid (Pell and American Opportunity Tax Credit)Estimated - $14.3 Billion available annually for AOTC American Opportunity Tax Credit (AOTC) How did they get this?

INTENT OF THE AMERICAN OPPORTUNITY TAX CREDITThat means reducing financial aid for 8 million students and leaving our community colleges without the resources they need to prepare our students for the jobs of the future.

The Amelias, Maynards, Mahans..How about the Students?The StudentsJoe and Jane are 28 years oldThey are married and live in Genesee County They have a 3-year old daughter, Mary

More about Joe and JaneJoe went into construction right out of high school but unfortunately has been laid off more than employed for the past 4 years

Jane is a paralegal, attending MCC at nights working on 3 + 1 transfer program

Joe and Jane in 2011This was an especially rough year for the Students

Joe was laid off most of the year and and had to collect nearly $11,000 in unemployment benefits

$11K = almost 1/3 of theirHousehold Income Financial Aid Jane applied for a Pell Grant at MCC Unfortunately she was ineligible due in part to the fact that the EFC Formula considered their family earnings and Adjusted Gross Income of $39,787 too high for a family of 3

Fortunately, MCC offered a payment plan that helped tremendously

Pell Grant

Tax Time March 2012 In March, 2012, the Students filed their tax return Due to their income level and a new Higher Education Tax credit, the Students were delighted to receive a refund of $2,178 for their tuition

Net Tuition Cost for Full Time for 1 Year at MCC = $535Comparable to Tuition and Fees in 1980-81 or $21/contact hour More in 2012 Joe and Jane were advised by their CPA

That Jane should reduce her federal withholdings to get more money throughout the year instead of waiting until tax time

The Students were worried since Joe was back to work, their income would be too high.

Their CPA informed them that the income limits were $160,000 MFJ and $80,000 Single

Reduce withholdings

CPA EXPANDED BENEFIT OF A REFUNDABLE CREDIT

Tax Year 2011Students Total Tax Liability equaled $1,658They had Paid in (withheld from wages) $2,699 Refund without any credits would be $1,041

But WaitThey were refunded with the AOTC $3,219 Only the Hope Credit?The refund would have been $2,348

Or a Federal Financial Aid Award of $871

More in 2012

Tax Year 2012CPA calculated that tuition/fee amounts = $2,957 for 24 contact hours Higher Education Refund (from improved tax credit) = $2,239Net tuition/fee for full-time = $718 or $29/contact hour or 1983-1984 ratesTotal tuition/fees increase Annual Amount $ IncreaseAOTC Refundable Credit Year: 2011-2012 12 Contact Hours (PT)137.66634.79 24 Contact Hours (FT) 256.60895.78 30 Contact Hours (FT) 316.07964.33Tuition Increases and Amount Refunded from the AOTC BUDGET SHORTFALL 2012-2013Remaining Shortfall $ 1,628,000

Tuition To Cover $9.18/contact hour

A Comparisonto

7 Other MichiganPeer Community Colleges

Based on 2010 2011 ACS Data

MCC is 3rd Lowest in Millage Rate, and has the Largest Property Tax Decline

MCC is 3rd Lowest in Millage Rate, and has the Largest Property Tax Decline

47

MCC is 4th lowest in Total Revenue

Tuition & Fees: Local ComparisonCollegeYearly Tuition & FeesMott CC 3,644 Saginaw Valley University 8,134 Eastern Michigan University8,637University of Michigan - Flint 9,182 Oakland University 9,938 Baker College - Flint 10,080 Ferris State University 10,440 Central Michigan University 10,950 University of Michigan Ann Arbor12,634Michigan State University12,821Davenport University 15,150 ITT Technical of Flint 31,272Kettering University 33,946 Cost as based on in district/state rates from the Colleges web sitesMCCs annual cost is approximately 45% of that of the next most affordable college/university in our area.50517-YEAR FORECASTKey Assumptions RevenueTuition and fee revenue increases at 3.9% each yearProperty tax revenue decreases for 1 year with flat and slight increases (1.5-2.5%) thereafter0.6410 Mill Voted Operating Millage is renewed for 10 years starting with FY08-09State appropriations increase at 3% for two years and 2% increases thereafterOther revenues increase by 2% each yearTotal revenue increases by avg. of 2.8% 527-YEAR FORECAST52Key Assumptions - ExpensesSalaries and wages increase by 3.1% for one year and then 3.8% thereafterFringe benefits increases at a historical average rate of 4.5% each yearOther expenses increase by avg. of 3% each yearTotal expenses increase by avg. of 3.7% each year

537-YEAR FORECAST53Projected General Fund Deficit would be $12.9 Million at end of FY18-19, if current trends continued (Revenue growth of 2.8% vs. expenditure growth of 3.7%)Based on an average projected gap of $3.2 million per year to be filled with budget-balancing solutionsShort-term savings and flexibility continues to be keyLong-term strategy of managing total compensation costs547-YEAR FORECAST547 Year Forecast at June 2012

Forecasts:>>>>>>>>>>>>>>>>>>>Note: the forecast illustrates proforma data if current trends were to continue. The College is obligated to balance its budget each year and will take necessary steps to do so.55

55COMMENTS/QUESTIONS?56Chart123266144201687041894045117652500171229251712292517379768.875

$1.3 Million Decrease$1.3 Million Decrease$3.1 MillionDecreaseProp. Tax Funding$23.3$20.2$18.9$17.6$17.1$17.1

Sheet1Prop. Tax Funding2009-201023,266,1442010-201120,168,704(3,097,440)2011-201218,940,451(1,228,253)2012-201317,652,500(1,287,951)2013-201417,122,925(529,575)2014-201517,122,9250.02015-201617,379,769256,844Historical Average Increase7 Year Forecast7 Year Forecast w/ DebtLost Funding2009-201025,418,25623,500,00022,100,0001,918,2562010-201126,434,98620,915,00019,515,0005,519,98615,479,6772011-201227,492,38519,450,95018,150,9508,041,4352012-201328,592,08018,478,40317,378,40310,113,6772013-201429,735,76318,847,97117,860,97110,887,7922014-201530,925,19419,413,41018,563,41011,511,7842015-201632,162,20219,995,81219,295,81212,166,390

Chart10.62595266650.58419861340.51418789920.470.44

% Prop Tax and State Aid vs Total Rev

Sheet1% Prop Tax and State Aid vs Total RevColumn106/30/0063%$26,252,72906/30/0558%$38,091,17806/30/1051%$46,862,58306/30/1147%$45,484,34906/30/1244%To resize chart data range, drag lower right corner of range.% Prop Tax and State Aid vs Total RevColumn106/30/0063%$26,252,72906/30/0160%$28,658,89706/30/0262%$34,835,33406/30/0360%$36,365,71206/30/0459%$36,884,11806/30/0558%$38,091,17806/30/0657%$39,892,66206/30/0756%$41,256,91006/30/0856%$44,967,79206/30/0954%$46,031,41406/30/1051%$46,862,58306/30/1147%$45,484,34906/30/1244%$33,324,051

Chart161.1561.3470.5599.8886.52133.3103.37168.82

ActualHypothetical140.32

Sheet1ActualHypothetical2001-200261.1561.342004-200570.5599.882009-201086.52133.302011-2012103.37168.82ActualHypothetical2001-200261.1561.342002-200362.8572.502003-200469.0099.612004-200570.5599.882005-200675.80115.462006-200779.50120.922007-200882.05128.652008-200984.70129.652009-201086.52133.302010-201193.51146.872011-2012103.37168.82

Chart10.76570.7494

Compensation as a % of Operating Budget

Sheet1Compensation as a % of Operating Budget200176.57%201374.94%To resize chart data range, drag lower right corner of range.

total aid chart19983590400199938582442000398914620014550892200263533152003823225320049300200200510164405200610115860200710551764200813266797200916088496201024777218

&CTotal Aid Awarded by Academic YearAcademic yearTotal aidFederal Aid - Pell

All types398914631571958831748322002448682455089236086399813053613001210519635331534514910375331062981756602252615823225336043012174061169354002441991930020031382313613091399965001873225101644053380241835522204746500221151810115860327772240069925679350064317061055176430337331088663045380485008539720132667973701954275882425609011305081097121608849631137854743224816615550944100917275624777218332828765545552996877090620775907028034097393042938004655211323485010131398248700103434929029581426414096419159502

&CAid by TypePellSeogSub loanUnsub loanPlusACGWork StudyAcademic YearFinancial Aid Types

Pell chart6353315823225393002001016440510115860105517641326679716088496247772182779321731003085

Academic YearPell Awards

Loan chart588317483220998130536130103753310629817566121740611693540136130913999650183552220474650240069925679350310886630453804850427588242560901130554743224816615550947655455529968770906930429380046552113210343492902958142641

Sub loanUnsub loanPlusAcademic YearLoans 1997-2010

SEOG chart315719360863345149360430313823338024327772303373370195311378332828340973248700

SeogAcademic YearSeog 1997-2010

ACG chart0000000004100207753485040964

ACGAcademic YearACG 1997-2010

Work study244868212105192252615244199118732252211518643170685397208109712917275690702801013139819159502

Work study

2010 ac yr breakdown2010103434929029581426414096419159502

Academic Year 2010 Breakdown

spreadsheet viewAid yearAcademic yearPellSeogSub loanUnsub loanPlusACGWork studyTotal aid199719983,590,400315,719588,31748,322002,448,6824,542,758199819993,858,244360,863998,13053,613001,210,5195,270,850199920003,989,146345,1491,037,5331,062,9817,56602,252,6156,442,375200020014,550,892360,4301,217,4061,169,354002,441,9917,298,082200120026,353,315313,8231,361,3091,399,965001,873,2259,428,412200220038,232,253338,0241,835,5222,047,465002,211,51812,453,264200320049,300,200327,7722,400,6992,567,935006,431,70614,596,6062004200510,164,405303,3733,108,8663,045,3804,85008,539,72016,626,8742005200610,115,860370,1954,275,8824,256,09011,30508,109,71219,029,3322006200710,551,764311,3785,474,3224,816,61555,0944,1009,172,75621,213,2732007200813,266,797332,8287,655,4555,299,68770,90620,7759,070,28026,646,4482008200916,088,496340,9739,304,2938,004,65521,13234,85010,131,39833,794,3992009201027,435,773232,58010,755,4979,078,33834,00147,57520,465,88047,583,764

data sourceAid YearAcademic Year19971,998Pell3,590,400Aid yearAcademic yearPellSeogSub loanUnsub loanPlusACGWork studyTotal aidSEOG315,719199720003,989,146315,719588,31748,3220024486823,401,040Sub Loan587,837199820014,550,892360,863998,13053,6130012105192,623,125UnSub Loan48,322199920026,353,315345,1491,037,5331,062,9817,5660225261511,059,159Sub Loan480200020038,232,253360,4301,217,4061,169,35400244199113,421,434Total Title IV4,542,758200120049,300,200313,8231,361,3091,399,96500187322514,248,5222002200510,164,405338,0241,835,5222,047,46500221151816,596,934Aid YearAcademic Year2003200610,115,860327,7722,400,6992,567,93500643170621,843,972199819992004200710,551,764303,3733,108,8663,045,3804,8500853972025,553,953Pell3,858,2442005200813,266,797370,1954,275,8824,256,09011,3050810971230,289,981SEOG360,8632006200916,088,496311,3785,474,3224,816,61555,0944,1009,172,75635,922,761Sub Loan991,3182007201024,777,218332,8287,655,4555,299,68770,90620,7759,070,28047,227,149UnSub Loan53,6132008201127,793,217340,9739,304,2938,004,65521,13234,85010,131,39855,630,518Sub Loan6,8122009201231003085248,70010,343,4929,029,58142,64140,96419,159,50269,867,965Total Title IV5,270,850Academic yearTotal aid19983,590,400Aid YearAcademic YearAid year19993,858,244Aid yearWork study19992000199720003,989,146952,35819972,448,682Pell3,989,146199820014,550,89219981,210,519SEOG345,149199920026,353,31519992,252,615Sub Loan1,335200020038,232,25320002,441,991Sub Loan978,509200120049,300,20020011,873,225Sub Loan56,1462002200510,164,40520022,211,518Sub Loan1,5432003200610,115,86020036,431,706UnSub Loan998,1172004200710,551,76420048,539,720UnSub Loan63,6032005200813,266,79720058,109,712UnSub Loan4852006200916,088,49620069,172,756UnSub Loan7762007201024,777,21820079,070,280PLUS7,5662008200810,131,398Total Title IV6,442,3752009200919,159,502PellSeogAid YearAcademic Year24,777,218248,70020002001Academic yearSub loanUnsub loanPlusACGWork StudyPell4,550,892201010,343,4929,029,58142,64140,96419159502SEOG360,430Sub Loan1,136,320Sub Loan79,305Sub Loan1,781UnSub Loan1,089,307UnSub Loan72,095UnSub Loan6,643UnSub Loan1,309Total Title IV7,298,082Aid YearAcademic Year20012002Pell6,353,315SEOG313,823Sub Loan1,301,347Sub Loan59,468Sub Loan494UnSub Loan1,290,934UnSub Loan102,896UnSub Loan5,165UnSub Loan970Total Title IV9,428,412Aid YearAcademic Year20022003Pell8,232,253SEOG338,024Sub Loan5,184Sub Loan1,755,628Sub Loan73,292Sub Loan1,418UnSub Loan1,887,227UnSub Loan152,730UnSub Loan7,508Total Title IV12,453,264Aid YearAcademic Year20032004Pell9,300,200SEOG327,772Sub Loan3,200Sub Loan2,225,874Sub Loan163,202Sub Loan11,138Sub Loan485UnSub Loan2,323,726UnSub Loan228,413UnSub Loan15,796Total Title IV14,599,806Aid YearAcademic Year20042005Pell10,164,405SEOG303,373Sub Loan2,812,603Sub Loan270,490Sub Loan22,773Sub Loan3,000UnSub Loan2,636,938UnSub Loan385,002UnSub Loan18,283UnSub Loan5,157PLUS4,850Total Title IV16,616,867Aid YearAcademic Year20052006Pell10,115,860SEOG370,195Sub Loan3,963,277Sub Loan239,358Sub Loan22,419Sub Loan50,828UnSub Loan3,774,832UnSub Loan435,156UnSub Loan45,084UnSub Loan1,018PLUS11,305Total Title IV19,017,009Aid YearAcademic Year20062007Pell10,551,764ACG1,500ACG22,600SEOG311,378Sub Loan917Sub Loan5,053,786Sub Loan378,186Sub Loan35,900Sub Loan5,533UnSub Loan4,191,773UnSub Loan549,343UnSub Loan61,350UnSub Loan14,149PLUS51,699PLUS3,395Total Title IV21,144,030Aid YearAcademic Year20072008Pell13,266,797ACG16,875ACG23,900SEOG332,828Sub Loan12,042Sub Loan6,873,988Sub Loan679,544Sub Loan80,059Sub Loan8,331Sub Loan835Sub Loan656UnSub Loan11,119UnSub Loan4,620,062UnSub Loan591,789UnSub Loan56,981UnSub Loan15,918UnSub Loan481UnSub Loan3,337PLUS2,902PLUS60,605PLUS7,399Total Title IV26,498,825Aid YearAcademic Year20082009Pell16,088,496ACG22,500ACG212,350SEOG340,973Sub Loan60,816Sub Loan3,567Sub Loan8,530,215Sub Loan638,285Sub Loan65,087Sub Loan5,188Sub Loan1,135UnSub Loan53,171UnSub Loan6,515,342UnSub Loan1,225,147UnSub Loan184,232UnSub Loan21,813UnSub Loan4,950PLUS16,005PLUS5,127Total Title IV33,562,272Aid YearAcademic Year20092010Pell24,777,218ACG28,126ACG212,838SEOG248,700Sub Loan22,023Sub Loan626Sub Loan9,529,366Sub Loan726,777Sub Loan58,221Sub Loan4,838Sub Loan1,641UnSub Loan23,915UnSub Loan7,887,142UnSub Loan993,533UnSub Loan108,980UnSub Loan12,870UnSub Loan3,141PLUS3,838Plus8,640PLUS30,163Total Title IV44,314,964

Sheet3

Chart11.7865-3.761.7967-8.641.9896-10.982.0427-1.642.4089-3.142.4769-8.643-8.643.4056-5.33

Prior Year Comparison of Millage Rates/Property Tax Declines with State Grouping

Sheet1Grand Rapids1.7865(3.7600)Schoolcraft1.7967(8.6400)Mott1.9896(10.9800)Delta2.0427(1.6400)Kalamazoo Valley2.4089(3.1400)Wayne County2.4769(8.6400)Henry Ford3.0000(8.6400)Washtenaw3.4056(5.3300)

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Comparison of 8 MI CC's1998 - 1999 Total Revenue

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1998 - 1999 All Other

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1998 -1999 General Revenue

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Comparison of Expenditures PercentageBased on 1998 1999 ACS Data

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Comparison of Revenue PercentagesBased on 1998 - 1999 ACS Data

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Comparison of CHES

Chart11.7865-2.391.7967-6.391.9896-6.762.0427-1.422.4089-0.652.4769-6.393-6.393.4056-2.85

Current Year Comparison of Millage Rates/Property Tax Declines with State Grouping

Sheet1Grand Rapids1.7865(2.3900)Schoolcraft1.7967(6.3900)Mott1.9896(6.7600)Delta2.0427(1.4200)Kalamazoo Valley2.4089(0.6500)Wayne County2.4769(6.3900)Henry Ford3.0000(6.3900)Washtenaw3.4056(2.8500)

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Chart11147730011522700118273001333620014526400154259001664970020145000

Current Year Comparison of State Aid

Sheet1Schoolcraft$11,477,300Kalamazoo Valley$11,522,700Washtenaw$11,827,300Delta$13,336,200Mott$14,526,400Wayne County$15,425,900Grand Rapids$16,649,700Henry Ford$20,145,000

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Chart11209009919214906231125422388585427258403294929234634501963433130

Current Year Comparison of State of Michigan Peer Group Property Tax Revenue

Sheet1Henry Ford$12,090,099Kalamazoo Valley$19,214,906Delta$23,112,542Schoolcraft$23,885,854Mott$27,258,403Grand Rapids$29,492,923Washtenaw$46,345,019Wayne County$63,433,130

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Chart1538110657098932775866036864529559370827897253062109267131129412526

Current Year Comparison of State Peer Group Total Revenue

Sheet1Kalamazoo Valley$53,811,065Delta$70,989,327Schoolcraft$75,866,036Mott$86,452,955Henry Ford$93,708,278Washtenaw$97,253,062Grand Rapids$109,267,131Wayne County$129,412,526

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Documents

College Budget/Finances