Madison College District FY16 Budget Presentation

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1 Madison College District FY16 Budget Presentation 05/13/2015 Dr. Jack E. Daniels, III, President Tim Casper, Senior Executive/Special Assistant to the President

2 Outline State Budget Impact Revenues Expenditures College Contingency Expenditure & Revenue Adjustments Transfers to General Fund Est. Fund Balance Budget Timeline

State Budget Impact 2015-17 State Biennial Budget No new restrictions on the

Distribution of general state aid via performance is capped at 30%.

3 State Budget Impact State Biennial Budget No new restrictions on the tax levy to fund College operations. No reductions to general state aid. Distribution of general state aid via performance is capped at 30%. No tuition freeze. WTCS State Board approved a 2% increase in tuition for all degree-credit programs.

4 $160,000,000 Revenue and Expenditures 3-Year $158,000,000 $156,000,000 $6.8M $154,000,000 $152,000,000 $150,000,000 $148,000,000 FY Budget FY Est. FY17-18 Est. Revenue - Conservative Revenue - Very Conservative Expenditures

5 Revenues

6 Revenue Sources FY % 6.63% 1.08% 22.90% 27.40% WTCS General Aid Performance Funding Tuition & Fees Property Tax Relief Fund Property Tax Other 40.35%

7 FY16 Revenue Estimates Source Amount Local Government/Property Tax $34,696,000 State Aids $73,868,000 Program Fees (Tuition) $38,402,000 Material Fees $1,223,000 Other Student Fees $1,890,000 Institutional $1,187,000 Federal Aids $260,000 TOTAL $151,526,000

8 100,000,000 General Fund Levy 90,000,000 80,000,000 70,000,000 90,660,042 90,920,000 90,755,000 92,315,000 83,393,824 77,646,605 72,028,000 60,000,000 50,000,000 40,000,000 30,000,000 32,926,460 34,696,000 20,000,000

9 Projected Debt Service & Mill Rate $35,000, $30,000,000 $25,000,000 $20,000,000 $15,000,000 $10,000,000 $5,000, $ Debt Service Total Levy Mill rate based on 2014 Equalized Valuation (TID OUT) of $71,303,483,068 with annual growth of 2.5% in FY15-16 & 4% thereafter.

10 Tax Levy and Mill Rate 140,000, ,000, ,000,000 80,000,000 60,000,000 40,000,000 20,000, Total Levy Total Mill Rate

11 Average Value Home Proposed Levy of $66,711,681 Value Mill Rate Tax 2014 $237, $ $237, $ Change $ $0.44 Rate 0.00% 0.20% 0.20%

12 Expenditures

13 Expenditure Components General Fund & Special Revenue Aidable Fund FY % Salaries & Wages Fringe Benefits Materials and Services 21.36% 58.09%

14 FY16 Expenditure Estimates Source Amount Salaries $92,304,000 Fringe $34,861,000 Supplies and services $14,779,000 Leases $1,973,000 Utilities $3,023,000 Other District Expenses $1,030,000 Data Processing $4,581,000 TOTAL $152,551,000

15 College Initiative Contingency

16 College Initiative Contingency Funded by 1.7% reduction to modified base budgets, plus minor revenue adjustments o Contingency is approximately $2.6 million Purpose o Salary and wage adjustments o Fund one-time initiatives o Cushion any revenue shortfalls o Enrollment o Net New Construction

17 FY16 Changes Presented in April Adjustment Total Savings Early Retirement Policy Change* $405,000 Early Retirement Re-estimates $1,230,000 Summer School Policy Change* $250,000 Reduction in Software Licenses $450,000 Change in Sick Leave Accumulation* $406,000 Anticipated Increase in Net New Construction $370,000 State Aid in Lieu of Property Taxes Change ($558,000) Total $2,553,000 Net Gap -$5,419,000 *Changed due to Shared Governance policy decisions in winter

18 Estimated Gap with April Adjustments Amount Estimated Gap with Conservative Revenue -$5,419,000 FY16 Budget Priorities (shared in April) -$5,360,000 Estimated Gap with Cost-to-Continue and New Priorities -$10,779,000

19 Shared Governance Spring Recommendations Description Amount Personnel, supplies, and services -$3,002,000 Reduce overtime -$132,000 Reduce substitute instruction -$175,000 Reduce curriculum & special assignment pay -$250,000 Reduce health insurance expense -$359,000 Delay hire of vacant positions -$500,000 Reduce the College contingency -$2,000,000 Total Reduction -$6,418,000 Net Gap -$4,361,000

20 Final Revenue and Expenditure Adjustments Description Amount Net Gap -$4,361,000 Other Expenditure Adjustments Fewer than expected retirees -$1,801,000 Other expenditure work $803,000 Revenue Adj. Increase in Net New Construction $1,400,000 2% Tuition Increase $700,000 Other revenue work $238,000 Net Gap -$1,025,000

21 Transfers to General Fund & FY15 Fund Balance Estimate

22 FY16 Transfers to General Fund Source Transfer from the reserve HRA/Sick Leave Payout at Retirement Amount $575,000 Transfer from Internal Services Fund $450,000 General Fund Net Balance $0

23 FY15 Fund Balance Estimate Amount FY14 Ending General Fund Reserve for Operations $37,713,078 FY15 Est. Ending General Fund Reserve for Operations $37,803,980

24 Budget Timeline Time Frame Action January 7 Budget Workshop January 14 (Board Meeting) Budget Overview April 8 (Board Meeting) Budget Update May 13 (Board Meeting) Budget Presentation June 10 (Board Meeting) Public Hearing & Budget Approval July 1, 2015 FY16 Begins

25 Questions

Wing-Kit Chung, Vice President of Administrative Services Jim Langstraat, Associate VP of Financial Services

Wing-Kit Chung, Vice President of Administrative Services Jim Langstraat, Associate VP of Financial Services 1 Agenda 1. State Funding Level 2. PERS Reminder 3. Enrollment Target 4. Tuition Environment