Rock Valley College Community College District 511 FINAL Financial Plan Model FYs 11, 12, & 13

Transcription

1 3301 North Mulford Road Rockford, IL State of Illinois Rock Valley College Community College District 511 FINAL Financial Plan Model FYs 11, 12, & 13 FINAL Fiscal Year 2011 Budget Beginning July 1, Ending June 30, 2011 Submitted to the Board of Trustees: June 22, 2010 Public Hearing by the Board of Trustees: August 24, 2010 Prepared by: Presented by: Cynthia Haggard Director of Financial Services Sam E. Overton, Jr. VP of Administrative Services & Treasurer Dated: August 24, 2010

2 Rock Valley College Statement of Revenues and Expenses (Budgetary) Table of Contents Page # Cover Sheet 1 Table of Contents 2 All Funds Review Net by Fund by Year 3 Chart - Operating Net 4 Comparison Year by Year 5 Financial Planning Model and FY 11 Budget Processes 6 Operating Funds FPM-Operating 7 Revenue Comparison by FY 8 Graph - Operating Revenue by Source 9 Revenue Explanation 10 Expenditure Comparison by FY 11 Graph - Object Expense by Source 12 Expenditure Explanation 13 Graph - Function Expense by Source 14 Local Government - Equalized Assessed Valuation w/ Graph Property Tax Rate graph 17 Credit Hours by Year and Tuition Calculation w/ Graph 18 NEW Positions FY Payroll Comparison 20 Benefits Calculation 21 Capital Funds FPM-Capital 22 Large Capital Projects for tracking purposes 23 Capital Expenditures Detail by Project 24 Proposed Levy Year Bond Debt Chart 25 Actual Fiscal Year Bond Debt Chart 26 Bond Debt Data 27 Trust & Agency Funds FPM-Trust & Agency 28 Student Activity Fee Budget Comparison 29 ICCB Official documents 30 Supporting documentation by Fund with Fund 01 details FY 11 Budget FY 10 Actuals Page 2 of 37 FPM11-FINAL xlsx\Contents

3 Rock Valley College Net by Fund (Budgetary) ALL RVC FUNDS FY 03 Actual FY 04 Actual FY 05 Actual FY 06 Actual FY 07 Actual FY 08 Actual FY 09 Actual FY 10 Budget FY 11 Budget FY 12 Budget FY 13 Budget Fund # Description CAFR CAFR CAFR CAFR CAFR CAFR CAFR Budget Budget Budget Budget 01 Education (1,396,851) 808,705 1,547,962 1,699, , ,355 1,138,007 56,602 31,981 (2,163,335) (2,137,182) 02 Operations & Maintenance (610,522) (349,561) 347,646 (27,343) (294,216) 179,551 (446,279) 112,311 6,295 (1,153,720) (1,153,274) 03 Ops & Maint - Restricted 15,960,173 (8,330,024) (3,944,193) 453,197 (3,018,044) 9,627,012 (8,861,786) 21,689,033 (19,237,700) (8,475,180) (4,130,148) 04 Bond & Interest 1,479, ,340 (1,160,940) (48,142) 434, , , , , ,942 (469,112) 05 Auxiliary Enterprises (508,661) (358,324) (167,570) (54,707) (109,334) (227,488) (43,314) 190,646 35, , , Restricted Purposes (1,158,300) (575,561) (321,951) 95,711 (359,828) 513,146 (65,845) (3,204) 47,795 54,439 44, General Assets (4,086,533) (5,305,845) (5,660,234) (3,637,491) 2,428,081 (1,664,664) 6,074,665 (6,768,000) (6,768,000) (6,768,000) (6,768,000) 09 General Long Term Debt ,521,302 2,329,057 (6,918,140) 3,645, Trust & Agency 106,599 (44,985) 153,081 96, ,095 76,031 29,703 9,515 9,456 (79) Audit (20,542) (34,055) 7,856 79,384 71,984 37,296 11,770 14,670 9,520 12,940 13, Liability, Protection & Settlement 5,879 (518,003) 64, , , ,371 (57,247) (367,027) (117,678) 940, , Foundation 958, , , , ,362 (787,904) (863,604) 25, , , ,094 Revenue over (under) Expenditures 10,729,527 (13,985,001) (8,733,351) 2,029,913 3,471,627 1,937, ,249 15,091,780 (25,386,226) (16,144,695) (13,057,074) All Fund Balance 118,942, ,485,703 50,111,081 50,796,024 54,267,651 56,205,588 57,107,837 72,199,617 46,813,391 30,668,696 17,611,622 Operating Funds 01 Education (1,396,851) 808,705 1,547,962 1,699, , ,355 1,138,007 56,602 31,981 (2,163,335) (2,137,182) 02 Operations & Maintenance (610,522) (349,561) 347,646 (27,343) (294,216) 179,551 (446,279) 112,311 6,295 (1,153,720) (1,153,274) 05 Auxiliary Enterprises (508,661) (358,324) (167,570) (54,707) (109,334) (227,488) (43,314) 190,646 35, , , Restricted Purposes (1,158,300) (575,561) (321,951) 95,711 (359,828) 513,146 (65,845) (3,204) 47,795 54,439 44, Audit (20,542) (34,055) 7,856 79,384 71,984 37,296 11,770 14,670 9,520 12,940 13, Liability, Protection & Settlement 5,879 (518,003) 64, , , ,371 (57,247) (367,027) (117,678) 940, ,765 Revenue over (under) Expenditures (3,688,997) (1,026,799) 1,478,471 2,082, ,812 1,142, ,092 3,998 13,242 (2,041,472) (1,956,326) Operating Fund Balance 12,926,926 11,900,127 13,378,598 14,103,349 14,528,161 15,670,392 16,207,484 16,211,482 16,224,724 14,183,252 12,226,926 Capital Funds 03 Ops & Maint - Restricted 15,960,173 (8,330,024) (3,944,193) 453,197 (3,018,044) 9,627,012 (8,861,786) 21,689,033 (19,237,700) (8,475,180) (4,130,148) 04 Bond & Interest 1,479, ,340 (1,160,940) (48,142) 434, , , , , ,942 (469,112) 08 General Assets (4,086,533) (5,305,845) (5,660,234) (3,637,491) 2,428,081 (1,664,664) 6,074,665 (6,768,000) (6,768,000) (6,768,000) (6,768,000) 09 General Long Term Debt ,521,302 2,329,057 (6,918,140) 3,645, Revenue over (under) Expenditures 13,353,320 (13,113,529) (10,765,367) (711,134) 2,173,358 1,507,579 1,199,058 15,052,508 (25,672,518) (14,369,238) (11,367,260) Capital Fund Balance 100,090,529 93,342,272 29,935,634 29,237,272 31,410,630 32,918,209 34,117,267 49,169,775 23,497,257 9,128,019 (2,239,241) Trust & Agency Funds 10 Trust & Agency 106,599 (44,985) 153,081 96, ,095 76,031 29,703 9,515 9,456 (79) Foundation 958, , , , ,362 (787,904) (863,604) 25, , , ,094 Revenue over (under) Expenditures 1,065, , , , ,457 (711,873) (833,901) 35, , , ,512 Trust & Agency Fund Balance 5,925,542 6,243,304 6,796,849 7,455,403 8,328,860 7,616,987 6,783,086 6,818,360 7,091,410 7,357,425 7,623,937 Page 3 of 37 FPM11-FINAL xlsx\Net By Fund by Year

4 Rock Valley College FPM11-FINAL xlsx Rock Valley College Operating Funds Net by Year 5,000,000 4,000,000 3,000,000 2,000,000 1,000,000 (1,000,000) (2,000,000) (3,000,000) (4,000,000) (5,000,000) Page 4 of 37 FPM11-FINAL xlsx\Oper Net Chart

5 COMPARISON Total (ALL Ftnds) FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 Actual Actual Actual Actual Actual Budget Budget Revenue 59,584,562 61,730,435 66,056,475 66,446,958 70,606, ,991,114 81,601,028 Expense 68,317,913 59,700,510 62,584,848 64,509,021 69,704,686 85,899, ,987,254 Contingency Net (8,733,351) 2,029,926 3,471,627 1,937, ,249 15,091,780 (25,386,226) Ftnd Balance 156,285,948 50,796,055 54,267,651 56,205,588 57,107,837 72,199,617 46,813,391 Cash 13,339,310 13,471,402 11,196,029 19,160,802 14,147, Investments 20,818,263 25,335,155 26,384,937 29,620,835 26,878, Operating (01, 02, 05, 06, 11, & 12) FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 Actual Actual Actual Actual Actual Budget Budget Revenue 49,523,759 51,976,559 53,583,936 55,955,834 60,490,421 58,634,006 68,553,482 Expense 48,045,288 49,894,066 53,159,124 54,813,603 59,953,329 58,630,008 68,540,240 Contingency Net 1,478,471 2,082, ,812 1,142, ,092 3,998 13,242 Ftnd Balance 13,378,598 14,103,349 14,528,161 15,670,392 16,207,484 16,211,482 16,224,724 Cash 7,983,231 6,584,234 4,324,902 6,216,001 5,527, Investments 5,445,987 9,451,765 12,099,314 11,778,439 11,975,734 Capital (03, 04, 08, & 09) FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 Actual Actual Actual Actual Actual Budget Budget Revenue 8,451,105 8,014,879 10,001,450 9,527,989 9,701,756 40,762,193 11,410,045 Expense 19,216,472 8,726,013 7,828,092 8,020,410 8,502,698 25,709,685 37,082,563 Contingency Net (10,765,367) (711,134) 2,173,358 1,507,579 1,199,058 15,052,508 (25,672,518) Ftnd Balance 29,935,634 29,237,272 31,410,630 32,918,209 34,117,267 49,169,775 23,497,257 Cash 4,679,289 6,197,521 6,082,785 12,035,903 7,583,394 Investments 9,329,560 9,019,171 6,729,367 11,041,729 8,980,480 Trust & Agency (10 & 30) FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 Actual Actual Actual Actual Actual Budget Budget Revenue 1,609,696 1,738,984 2,471, , ,758 1,594,915 1,637,501 Expense 1,056,151 1,080,430 1,597,632 1,675,008 1,248,659 1,559,641 1,364,451 Contingency Net 553, , ,457 (711,873) (833,901) 35, ,050 Fund Balance 6,796,849 7,455,403 8,328,860 7,616,987 6,783,086 6,818,360 7,091,410 Cash 676, , , ,898 1,035, Investments 6,042,716 6,864,219 7,556,256 6,800,667 5,922, Page 5 of 37 FPM11-FINAL xlsx\Comparison

6 As requested, we are presenting an FY 2011 balanced operating budget. Included are explanations of the associated risks and opportunities. The FY 2011 Capital Budget Detail by Project is also included. FY 2011 Budget Process: The Financial Planning Model (FPM) utilizes the Strategic Planning Initiatives to provide the new College Initiatives, then The FPM is developed using a Bottom-Up approach This Bottom-Up approach requests Budget Officers to provide line item detail for each Department/Function of their responsibility, including explanations of increases or decreases from prior years This process is not a Rollover Budgeting process. Each new position is evaluated against the College Mission, Goals and Initiatives, then prioritized before inclusion. These details were reviewed by the appropriate Dean and/or Leadership Team Member and summarized for this FY 11 Tentative Budget Summarized Global calculations Revenues - Local Property Tax, State Government, Federal Government, Tuition & Fees Expenditures - estimated Payroll, Benefits, Utilities and Student Financial Aid Expenditures Revenue % comparison provides a reasonableness test A consistent and detailed approach to revenue projection Expense % comparison provides a reality check Better expenditure controls (checks and balances) on expenses Datatel can provide object line control on requisitions, if desired Monthly Checks over $10,000 trace to approved Purchase Reports Continued refinement for requesting new or replacement Employees Sign-off process, tracing to Budget for Full-time, Part-time Temporary and Student Workers RISKS: A 0% (nil) Equalized Assessed Valuation growth is budgeted An 8% Enrollment (credit hour) growth is budgeted State of Illinois Operating Budget funding levels for Higher Education Payroll, but mainly Benefit (Health Claims) expenses exceeding budget parameters Contingency(s) budget has been reduced to $-0- OPPORTUNITIES: Review underperforming areas for internal reallocation to higher priorities Future Tuition increases can be allocated to higher priority initiatives Page 6 of 37 FPM11-FINAL xlsx\Words

7 Rock Valley College Statement of Revenues and Expenses (Budgetary) Funds (01, 02, 05, 06, 11, 12) FY 2003 FY 04 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY 11 FY 12 FY 13 Operating Funds Summary Actual $ Actual $ Actual $ Actual $ Actual $ Actual $ Actual $ Budget $ Budget $ Budget $ Budget $ Revenues 41 Local Government 14,659,205 15,158,912 15,993,424 17,108,569 18,538,165 19,515,054 23,002,024 21,430,413 22,316,048 22,167,723 22,364, State Government 8,671,267 9,373,159 10,365,853 11,688,376 11,456,713 12,070,544 10,311,868 10,047,883 10,839,716 11,356,332 11,857, Federal Government 6,591,628 6,311,447 8,252,635 8,033,182 7,727,842 8,567,536 10,216,604 9,687,526 15,023,582 14,894,154 14,902, Student Tuition & Fees 8,605,261 9,795,986 11,139,124 11,677,367 12,316,391 12,048,724 13,734,368 13,555,768 16,949,605 16,860,488 17,299, Sales & Service Fees 1,882,627 1,532,233 1,839,079 1,838,603 1,865,417 1,606,465 1,393,993 2,312,836 1,909,060 1,910,560 1,999, Facilities Revenue 35,125 23,170 23,761 28,353 14, Investment Revenue 362,772 42, , , , , , , , , , Gifts, Grants & Bequests 57, , , , , , , , , , , Other Revenue 815,714 1,210,757 1,363, , , ,653 1,239,100 1,111,480 1,223,030 1,352,814 1,350,814 Total Revenues 41,681,464 43,577,543 49,523,759 51,976,559 53,583,936 55,955,834 60,490,421 58,634,006 68,553,482 68,834,512 70,066,365 1% 5% 14% 5% 3% 8% 8% -3% 17% 0% 2% Expenses by Object 51 Salaries 23,162,144 23,072,081 23,568,884 23,961,299 24,845,003 26,204,380 27,946,962 29,869,479 31,272,246 31,471,766 31,472, Employee Benefits 4,608,136 5,500,429 5,430,782 6,687,859 8,748,245 8,454,858 8,873,802 6,847,232 10,798,127 12,053,097 13,319, Contractual Services 3,882,361 3,321,537 4,157,025 3,610,347 3,639,915 3,348,316 4,073,816 3,939,153 3,718,341 4,051,392 3,970, General Materials & Supplies 3,839,654 3,536,971 3,533,528 4,580,718 4,069,863 4,398,856 4,752,130 3,901,330 4,152,151 4,252,270 4,258, Travel & Conf/Mtg Expense 467, , , , , , , , , , , Fixed Charges 754, , , , , ,222 1,042,146 1,103,047 1,274,251 1,487,241 1,449, Utilities 1,175,020 1,352,256 1,264,904 1,404,353 1,232,792 1,542,326 1,485,609 1,515,635 1,454,270 1,487,270 1,487, Capital Outlay 1,825, , , ,079 1,369,576 1,019, , , , , , Other Expenditures 5,655,566 6,314,856 8,434,638 7,688,420 7,866,757 8,375,797 10,122,044 10,069,499 14,703,445 14,636,765 14,607,312 Total Expenses 45,370,461 44,604,342 48,045,288 49,894,066 53,159,124 54,813,603 59,953,329 58,630,008 68,540,240 70,875,984 72,022,691 8% -2% 8% 4% 7% 10% 9% -2% 17% 3% 2% Provision For Contingency 60 Provision For Contingency Total Provision For Contingency Transfers 71 Transfers to Other Funds (94,210) (13,015) - (254,015) - (1,055,826) - - (1,500,000) Transfers from Other Funds 94,210 13, ,015-1,055, ,500, Total Transfers Net (3,688,997) (1,026,799) 1,478,471 2,082, ,812 1,142, ,092 3,998 13,242 (2,041,472) (1,956,326) Expense by Function 0 Other , Instruction 14,160,939 14,320,933 15,954,685 15,772,796 17,176,057 17,825,223 19,872,717 19,287,748 21,885,021 22,426,778 22,973,167 2 Academic Support 2,030,786 2,456,191 2,422,798 3,283,345 3,726,468 3,856,921 3,871,842 4,232,808 5,088,041 5,437,377 5,592,340 3 Student Services 1,858,536 2,192,877 2,009,104 2,453,459 2,810,344 3,057,211 3,197,926 3,292,906 3,670,197 3,793,669 3,904,044 4 Public Service/Continuing Ed 5,768,750 3,995,488 6,813,612 7,000,453 7,040,255 6,728,383 6,679,612 6,930,407 8,375,885 8,346,567 8,451,165 6 Auxiliary Services 3,709,307 3,214, , , , , , , , , ,146 7 Operations & Mtce of Plant 4,237,892 4,241,012 4,621,970 5,729,962 6,541,241 6,477,938 7,114,923 6,230,245 6,251,052 6,653,850 6,775,694 8 Institutional Support 8,705,019 8,911,680 7,995,032 7,842,301 8,299,184 8,431,666 9,036,944 8,946,050 9,406,510 10,342,664 10,438,739 9 Scholarships, Grants, Waivers 4,899,233 5,271,302 7,350,887 7,010,875 6,962,814 7,788,303 9,458,358 9,087,396 13,237,396 13,237,396 13,237,396 Total Expenses 45,370,462 44,604,342 48,045,288 49,894,066 53,159,124 54,813,603 59,953,329 58,630,008 68,540,240 70,875,984 72,022,691 Change in Beginning Fund Balance (1,357,742) Fund Balance 12,926,926 11,900,127 13,378,598 14,103,349 14,528,161 15,670,392 16,207,484 16,211,482 16,224,724 14,183,252 12,226,926 Page 7 of 37 FPM11-FINAL xlsx\FPM-Operating

8 Rock Valley College Statement of Revenues OPERATING (01, 02, 05, 06, 11, 12) Actual Actual Budget Budget % Inc/Dec over prior year Revenues by Source FY 08 FY 09 FY 10 FY 11 Rev 08/09 09/10 10/11 41 Local Government 19,515,054 23,002,024 21,430,413 22,316,048 33% 18% -7% 4% 42 State Government 12,070,544 10,311,868 10,047,883 10,839,716 16% -15% -3% 8% 43 Federal Governmental 8,567,536 10,216,604 9,687,526 15,023,582 22% 19% -5% 55% 44 Student Tuition & Fees 12,048,724 13,734,368 13,555,768 16,949,605 25% 14% -1% 25% 45 Sales & Services Fees 1,606,465 1,393,993 2,312,836 1,909,060 3% -13% 66% -17% 46 Facilities Revenue % 0% 0% 0% 47 Investment Revenue 931, , , ,341 0% -59% -12% -58% 48 Gifts, Grants, & Bequests 238, , , ,100 0% -13% -27% 0% 49 Other Sources 977,653 1,239,100 1,111,480 1,223,030 2% 27% -10% 10% Total Revenues 55,955,834 60,490,421 58,634,006 68,553, % 8% -3% 17% 4.4% 8.1% -3.1% 16.9% CAPITAL (03, 04, 08, 09) Actual Actual Budget Budget % Inc/Dec over prior year Revenues by Source FY 08 FY 09 FY 10 FY 11 Rev 08/09 09/10 10/11 41 Local Government (11,639,381) 9,253,074 10,289,193 10,602,288 93% -179% 11% 3% 42 State Government % 0% 0% 0% 43 Federal Governmental ,211 4% 0% 0% #DIV/0! 44 Student Tuition & Fees % 0% 0% 0% 45 Sales & Services Fees % 0% 0% 0% 46 Facilities Revenue % 0% 0% 0% 47 Investment Revenue 666, , , ,546 1% -43% -41% -35% 48 Gifts, Grants, & Bequests 582, , ,000 2% 0% #DIV/0! 0% 49 Other Sources 19,917,905 68,995 30,000,000-0% -100% 43381% 0% Total Revenues 9,527,989 9,701,756 40,762,193 11,410, % 2% 320% -72% -4.7% 1.8% 320.2% -72.0% TRUST & AGENCY (10 & 30) Actual Actual Budget Budget % Inc/Dec over prior year Revenues by Source FY 08 FY 09 FY 10 FY 11 Rev 08/09 09/10 10/11 41 Local Government % 0% 0% 0% 42 State Government % 0% 0% 0% 43 Federal Governmental % 0% 0% 0% 44 Student Tuition & Fees 281, , , ,717 17% 1% -15% 14% 45 Sales & Services Fees 5,156 1,831 22,102 17,450 1% -64% 1107% -21% 46 Facilities Revenue % 0% 0% 0% 47 Investment Revenue (248,779) (909,939) 318, ,464 23% 266% -135% 16% 48 Gifts, Grants, & Bequests 550, , , ,070 37% 13% 4% -5% 49 Other Sources 374, , , ,800 22% 11% -12% -1% Total Revenues 963, ,758 1,594,915 1,637, % -57% 285% 3% -61.0% -56.9% 284.5% 2.7% Page 8 of 37 FPM11-FINAL xlsxRevenues

9 Rock Valley College FPM11-FINAL xlsx Operating Revenue by Source as a % of Total Revenue 40% 35% 30% 25% 20% 15% 10% 5% 0% FY 2003 FY 2004 FY 2005 FY 2006 FY 2007 FY 2008 FY 2010 FY 2011 FY 2012 FY 2013 Local Government 35% 35% 32% 33% 35% 35% 37% 33% 32% 32% State Government 21% 22% 21% 22% 21% 22% 17% 16% 16% 17% Federal Government 16% 14% 17% 15% 14% 15% 17% 22% 22% 21% Student Tuition & Fees 21% 22% 22% 22% 23% 22% 23% 25% 24% 25% Sales & Service Fees 5% 4% 4% 4% 3% 3% 4% 3% 3% 3% Investment Revenue 1% 0% 0% 1% 1% 2% 1% 0% 0% 0% Other Revenue 2% 3% 3% 2% 1% 2% 2% 2% 2% 2% Page 9 of 37 FPM11-FINAL xlsx\Oper Rev Graph

10 Rock Valley College Statement of OPERATING Revenues (Budgetary) FY 2008 FY 2009 FY 2010 FY 2011 Actual Actual Budget Budget 41 Local Government 19,515,054 23,002,024 21,430,413 22,316, % 118% 93% 104% Economic Assessed Valuation (EAV) roughly 1/3 Fair Market Value times tax rate EAV as of Levy Year 2009 over $6.9 billion, Levy Year 2009 did NOT grow, future Levy Years growth rates are significantly + 1.0% EAV $.45/$100 rate equates to $311,000 split between future Fiscal Years + Current Tax Rate target is $.4500/$100 EAV. A $.01/$100 EAV tax rate change equates to $691k - CPPRT payments ($1.4 million) are reclassed from State Revenues, but are no longer growing, 42 State Government - 12,070,544 10,311,868 13,304,883 14,339,716 State on-behalf of payments (SURS/CIP) 2,270,804 3,014,540 3,257,000 3,500,000 9,799,740 7,297,328 10,047,883 10,839, % 74% 138% 108% ICCB provided estimates for FY 11 Base Operating Grants (Credit Hour, Square Footage), Equalization - CPPRT payments are reclassed to Local Revenues $1.4 million - Preliminary estimates are down to L/Y revenues. Smaller piece of a fixed amount + Grants with cuts have been adjusted 43 Federal Government 8,567,536 10,216,604 9,687,526 15,023, % 119% 95% 155% Mainly PELL, SEOG, Work Study, Dislocated Workers, Stafford Loans Offsetting expenditures are recorded in 59 - Other expenditures 44 Student Tuition & Fees 12,048,724 13,734,368 13,555,768 16,949,605 98% 114% 99% 125% + Effective Fall 2010, RVC Tuition & Universal Fee will $74/credit hour (Tuition $66 + Technology Fee $5 + Student Activity Fee $3) + FY 11 Budget assumes a 8% growth in Credit Hours, at approved Tuition rates Note RVC is still well below the state average and contiguous colleges for tuition & fees. Note: Tuition and Fees now regularly exceeds State Government support Total Revenues 55,955,834 60,490,421 58,634,006 68,553, % 108% 97% 117% Page 10 of 37 FFPM11-FINAL xlsx\Revenues Explained

11 Rock Valley College Statement of Expenditures OPERATING (01, 02, 05, 06, 11, 12) Act Actual Actual Budget Budget % Expenses by Source FY 08 FY 09 FY 10 FY 11 Exp 08/09 09/10 10/11 51 Salaries 26,204,380 27,946,962 29,869,479 31,272,246 46% 7% 7% 5% 52 Employee Benefits 8,454,858 8,873,802 6,847,232 10,798,127 16% 5% -23% 58% 53 Contractual Services 3,348,316 4,073,816 3,939,153 3,718,341 5% 22% -3% -6% 54 General Materials & Supplies 4,398,856 4,752,130 3,901,330 4,152,151 6% 8% -18% 6% 55 Travel & Conf/Mtg Expense 626, , , ,409 1% 10% 4% -7% 56 Fixed Charges 843,222 1,042,146 1,103,047 1,274,251 2% 24% 6% 16% 57 Utilities 1,542,326 1,485,609 1,515,635 1,454,270 2% -4% 2% -4% 58 Capital Outlay 1,019, , , ,000 1% -5% -31% -24% 59 Other Expenditures 8,375,797 10,122,044 10,069,499 14,703,445 21% 21% -1% 46% Total Expenses 54,813,603 59,953,329 58,630,008 68,540, % 9% -2% 17% 3.1% 9.4% -2.2% 16.9% CAPITAL (03, 04, 08, 09) Act Actual Actual Budget Budget % Expenses by Source FY 08 FY 09 FY 10 FY 11 Exp 08/09 09/10 10/11 51 Salaries % 0% 0% 0% 52 Employee Benefits % 0% 0% 0% 53 Contractual Services 361, ,618 2,400 2,000 0% -56% -98% -17% 54 General Materials & Supplies % 0% 0% 0% 55 Travel & Conf/Mtg Expense % 0% 0% 0% 56 Fixed Charges 2,157,729 2,356,769 6,709,485 10,269,110 28% 9% 185% 53% 57 Utilities % 0% 0% 0% 58 Capital Outlay 5,500,919 5,970,788 18,997,800 26,811,453 72% 9% 218% 41% 59 Other Expenditures - 17, % #DIV/0! 0% 0% Total Expenses 8,020,410 8,502,698 25,709,685 37,082, % 6% 202% 44% 2.5% 6.0% 202.4% 44.2% TRUST & AGENCY (10 & 30) Act Actual Actual Budget Budget % Expenses by Source FY 08 FY 09 FY 10 FY 11 Exp 08/09 09/10 10/11 51 Salaries % 0% 0% 0% 52 Employee Benefits % 0% 0% 0% 53 Contractual Services 200, , , ,480 19% 30% -4% 6% 54 General Materials & Supplies 122,550 84, , ,017 10% -31% 71% -8% 55 Travel & Conf/Mtg Expense 68, ,027 32,185 50,957 4% 58% -70% 58% 56 Fixed Charges % 350% -33% 0% 57 Utilities % 0% 0% 0% 58 Capital Outlay - 7, % #DIV/0! 0% 0% 59 Other Expenditures 1,282, ,792 1,133, ,397 67% -39% 44% -19% Total Expenses 1,675,008 1,248,659 1,559,641 1,364, % -25% 25% -13% 4.8% -25.5% 24.9% -12.5% Page 11 of 37 FPM11-FINAL xlsx\Expenditures

12 Rock Valley College FPM11-FINAL xlsx 60% Operating Object Expense by Source as a % of Total Expense 50% 40% 30% 20% 10% 0% FY 2003 FY 2004 FY 2005 FY 2006 FY 2007 FY 2008 FY 2010 FY 2011 FY 2012 FY 2013 Salaries 51% 52% 49% 48% 47% 48% 51% 46% 44% 44% Employee Benefits 10% 12% 11% 13% 16% 15% 12% 16% 17% 18% Contractual Services 9% 7% 9% 7% 7% 6% 7% 5% 6% 6% General Materials & Supplies 8% 8% 7% 9% 8% 8% 7% 6% 6% 6% Travel & Conf/Mtg Expense 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% Fixed Charges 2% 2% 1% 1% 1% 2% 2% 2% 2% 2% Utilities 3% 3% 3% 3% 2% 3% 3% 2% 2% 2% Capital Outlay 4% 1% 1% 1% 3% 2% 1% 1% 1% 1% Other Expenditures 12% 14% 18% 15% 15% 15% 17% 21% 21% 20% Page 12 of 37 FPM11-FINAL xlsx\Oper Obj Graph

13 Rock Valley College Statement of OPERATING Expenses (Budgetary) FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 Actual Actual Actual Budget Budget 51 Salaries 24,845,003 26,204,380 27,946,962 29,869,479 31,272, % 105% 107% 107% 112% - - FY 11 Head count target 490, FY 10 Payroll cost overrun anticipated to be $250k due to increase enrollment and Adjunct pay New positions include 8 full time, total $420k or 1.3% of FY 11 Budget + Non-contractual pay increases include across the board and merit based on performance, estimated FY 11 Budget was 3.0% + Additional FY 11 Budget dollars have been allocated for Adjunct Faculty, for increased pay and increase in number of Adjunct Instructors + Continued improvements in planning for Temporary Employees (Adjunct, Staff & Student Workers) will help monitor and control costs 52 Employee Benefits 8,748,245 8,454,858 8,873,802 6,847,232 10,798,127 State on-behalf of payments (SURS/CIP) 1,676,745 2,270,804 3,014,540 3,257,000 3,500,000 7,071,500 6,184,054 5,859,262 3,590,232 7,298, % 87% 95% 61% 203% - FY 11 Budget approximates FY 10 annualized claims rate and is considered an "aggressive" target + FY 11 estimates include increased benefit costs, offset by saving due to joining the ECOH network With Self Insurance set aside for the corridor between expected claims and aggregate insurance was made for Health Claims (IBNR) Reserves (Incurred But Not Reported), as well as some Post-termination benefit accruals. Note: Payroll and Employee Benefits represent an increasing percentage of expenditures 53 Contractual Services 3,639,915 3,348,316 4,073,816 3,939,153 3,718, % 92% 122% 97% 91% + FY 11 includes the IT Mentoring/Coaching Consulting estimate ($50k) 54 General Materials 4,069,863 4,398,856 4,752,130 3,901,330 4,152,151 89% 108% 108% 82% 87% 59 Other Expenditures 7,866,757 8,375,797 10,122,044 10,069,499 14,703, % 106% 121% 99% 145% + Mainly the Federal Government Grants - PELL, etc. from 43 Federal Government Revenues Total Expenses by Object 53,159,124 54,813,603 59,953,329 58,630,008 68,540, % 103% 109% 98% 114% Page 13 of 37 FPM11-FINAL xlsx\Expenditures Explained

14 Rock Valley College FPM11-FINAL xlsx Operating Function Expense by Source as a % of Total Expense 35% 30% 25% 20% 15% 10% 5% 0% FY 2003 FY 2004 FY 2005 FY 2006 FY 2007 FY 2008 FY 2010 FY 2011 FY 2012 FY 2013 Instruction 31% 32% 33% 32% 32% 32% 33% 32% 32% 32% Academic Support 4% 6% 5% 7% 7% 7% 7% 7% 8% 8% Student Services 4% 5% 4% 5% 5% 5% 6% 5% 5% 5% Public Service/Continuing Ed 13% 9% 14% 14% 13% 13% 12% 12% 12% 12% Auxiliary Services 8% 7% 2% 2% 1% 1% 1% 1% 1% 1% Operations & Mtce of Plant 9% 10% 10% 11% 12% 12% 11% 9% 9% 9% Institutional Support 19% 20% 17% 16% 16% 16% 15% 14% 15% 14% Scholarships, Grants, Waivers 11% 12% 15% 14% 13% 13% 15% 19% 19% 18% Page 14 of 37 FPM11-FINAL xlsx\Oper Funct Graph

15 Rock Valley College Equalized Assessed Valuation with tax rates Calendar Year Levy pg 73 pg 78 pg 61 pg 61 pg61 Total assessed valuations 5,171,168,227 5,336,790,418 5,621,212,221 6,134,928,471 6,596,799,828 6,907,968,302 6,908,662,559 6,908,662,559 6,908,662,559 6,977,749,185 7,117,304,168 7,330,823,293 7,550,747,992 7,777,270,432 8,010,588,545 % EAV Growth 4.99% 3.20% 5.33% 9.14% 7.53% 4.72% 0.01% 0.00% 0.00% 1.00% 2.00% 3.00% 3.00% 3.00% 3.00% Tax rates (per $100 assessed valuation) Educational Fund Operations and Maintenance Fund Debt Service Fund: 1985 Bond Bond Bond Bond A Bond B Bond Refinancing Bond Refinancing Bond Refinancing Bond Bond Bond Bond Liability, Protection and Settlement Fund: FICA Property/Casualty Tort Liability Workers Compensation Unemployment Insurance Audit Fund Protection, Health and Safety Fund Adjustment for Overextended Tax (0.0074) Tax extension: Educational Fund 11,893,687 12,274,618 12,928,788 14,079,661 15,724,300 15,888,327 15,889,924 15,889,924 15,889,924 16,048,823 16,369,800 16,860,894 17,366,720 17,887,722 18,424,354 Operations and Maintenance Fund 2,068,467 2,134,716 2,248,485 2,453,971 2,736,190 2,763,187 2,763,465 2,763,465 2,763,465 2,791,100 2,846,922 2,932,329 3,020,299 3,110,908 3,204,235 Debt Service Fund Bond Bond 873, , , , , Bond 1,163,513 1,163, , , , , , , , , ,148 2,281, , , , Bond 5,047,060 2,374,872 2,220,379 1,834,344 1,810, ,955 1,854,955 1,850,705 1,854,705 1,854,115 1,854,615 3,975,000 2,990, A Bond 56, , , , , B Bond 237, , , , ,182 2,103,695 2,220,570 1,680,870 1,243, Refinancing Bond , , , , , , , , , , , ,963 1,216, Refinancing Bond , , , , , , , , , ,365 2,353,810 2,420,930 2,853, Refinancing Bond , , Bond ,111 3,296,625 1,596,775 1,495,225 1,495,475 1,896, , Bond ,400,000 4,150,000 4,000, , , , ,000 3,000,000 6,000, Bond ,000 1,750,000 3,100, ,000 3,300,000 2,580,000 - Liability, Protection and Settlement Fund: FICA 367, , , , , , , , , , , , , , ,582 Property/Casualty , , , , , , , , , , ,371 Tort Liability 1,251,423 1,718,447 2,107,955 2,067,471 1,529,110 1,215,802 1,512,997 1,215,925 1,195,199 1,214,128 1,231,294 1,282,894 1,510,150 1,555,454 1,602,118 Workers Compensation , , , , , , , , , , ,339 Unemployment Insurance ,841 82, ,717 89,813 89,813 90,711 99, , , , ,148 Audit Fund 77, , , ,294 78,810 69,080 62,178 69,087 69,087 69,777 71,173 73,308 75,507 77,773 80,106 Protection, Health and Safety Fund 377,495 2,470,934 2,709,425 3,981,569 2,486,010 3,453, , , ,331 2,735,278 2,640,520 2,675,751 1,775,374 1,888,635 2,005,294 Adjustment for Overextended Tax (336,137) ,415,050 24,175,662 25,132,440 28,588,767 29,167,196 30,985,517 31,691,142 31,614,842 31,784,090 31,470,379 32,029,125 32,990,620 35,167,455 34,458,220 37,018,884 % Dollar Growth 9.26% 3.25% 3.96% 13.75% 2.02% 6.23% 2.28% -0.24% 0.54% -0.99% 1.78% 3.00% 6.60% -2.02% 7.43% Allowance for uncollectible taxes and collection costs (234,151) (241,757) (251,324) (285,888) (295,500) (309,855) (316,911) (316,148) (317,841) (314,704) (320,291) (329,906) (351,675) (344,582) (370,189) Collections prior to June Other ,180,900 23,933,905 24,881,116 28,302,879 28,871,696 30,675,662 31,374,231 31,298,694 31,466,249 31,155,675 31,708,834 32,660,714 34,815,781 34,113,638 36,648, Education Fund 11,774,750 12,151,872 12,799,500 13,938,864 15,402,293 15,729,444 15,731,025 15,731,025 15,731,025 15,888,335 16,206,102 16,692,285 17,193,053 17,708,845 18,240, Operations & Maintenance Fund 2,047,782 2,113,369 2,226,000 2,429,431 2,678,538 2,735,555 2,735,830 2,735,830 2,735,830 2,763,189 2,818,452 2,903,006 2,990,096 3,079,799 3,172, Capital (PHS) Fund 373,720 2,446,225 2,682,331 3,941,753 2,414,051 3,419, , , ,788 2,707,925 2,614,115 2,648,993 1,757,620 1,869,749 1,985, Bond Fund 7,305,464 5,040,386 4,496,520 5,423,706 5,973,567 6,671,163 10,050,057 10,254,943 10,443,017 7,661,663 7,892,911 8,159,343 10,288,578 8,791,219 10,507, Audit Fund 76, , , ,251 78,010 68,389 61,556 68,396 68,396 69,080 70,461 72,575 74,752 76,995 79, Liability, Protection & Settlement Fund 1,602,390 2,049,968 2,515,380 2,465,873 2,325,238 2,051,667 2,345,975 2,058,712 2,038,194 2,065,484 2,106,793 2,184,512 2,511,681 2,587,031 2,664,642 23,180,900 23,933,905 24,881,116 28,302,879 28,871,696 30,675,662 31,374,231 31,298,694 31,466,249 31,155,675 31,708,834 32,660,714 34,815,781 34,113,638 36,648,695 Page 15 of 37 FPM11-FINAL xlsx\Valuation

16 Rock Valley College Equalized Assessed Valuation with tax rates Calendar Year Levy pg 73 pg 78 pg 61 pg 61 pg61 Total assessed valuations 5,171,168,227 5,336,790,418 5,621,212,221 6,134,928,471 6,596,799,828 6,907,968,302 6,908,662,559 6,908,662,559 6,908,662,559 6,977,749,185 7,117,304,168 7,330,823,293 7,550,747,992 7,777,270,432 8,010,588,545 % EAV Growth 4.99% 3.20% 5.33% 9.14% 7.53% 4.72% 0.01% 0.00% 0.00% 1.00% 2.00% 3.00% 3.00% 3.00% 3.00% Fiscal Year (1/2 + 1/2) FY 02 FY 03 FY 04 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY Education Fund 10,472,843 10,958,936 11,495,139 11,963,311 12,475,686 13,369,182 14,670,579 15,565,868 15,730,234 15,731,025 15,731,025 15,809,680 16,047,218 16,449,193 16,942, Operations & Maintenance Fund 1,822,985 1,907,523 1,999,155 2,080,576 2,169,684 2,327,716 2,553,984 2,707,047 2,735,693 2,735,830 2,735,830 2,749,510 2,790,821 2,860,729 2,946, Capital (PHS) Fund 2,243,772 1,232, ,263 1,409,972 2,564,278 3,312,042 3,177,902 2,916,748 1,934, , ,788 1,578,856 2,661,020 2,631,554 2,203, Bond Fund 2,302,707 4,291,581 6,790,642 6,172,925 4,768,453 4,960,113 5,698,636 6,322,365 8,360,610 10,152,500 10,348,980 9,052,340 7,777,287 8,026,127 9,223, Audit Fund 36,460 47,903 67, , , ,318 90,631 73,199 64,973 64,976 68,396 68,738 69,771 71,518 73, Liability, Protection & Settlement Fund 1,872,182 1,692,750 1,557,024 1,826,179 2,282,674 2,490,627 2,395,555 2,188,452 2,198,821 2,202,343 2,048,453 2,051,839 2,086,138 2,145,653 2,348,096 18,750,949 20,131,461 22,198,877 23,557,402 24,407,510 26,591,997 28,587,287 29,773,679 31,024,946 31,336,462 31,382,472 31,310,962 31,432,255 32,184,774 33,738, Liability, Protection and Settlement Fund Detail FICA 342, , , , , , , , , , , , , Property/Casualty , , , , , , , , , Tort Liability 1,214,365 1,470,086 1,894,069 2,066,836 1,770,490 1,348,914 1,297,756 1,295,816 1,138,506 1,137,617 1,155,484 1,189,523 1,327, Workers Compensation , , , , , , , , , Unemployment Insurance , , , ,952 88,914 89,359 94, , , Athletics Insurance (allocated from Tort calculation) ,000 55,000 55,000 55,000 55,000 55,000 55,000 1,557,024 1,826,179 2,282,674 2,490,627 2,395,555 2,188,452 2,198,821 2,202,343 2,048,453 2,051,839 2,086,138 2,145,653 2,348,096 (0) Tax Rate changes - $ , , , , , , , , , , , , ,059 EAV change % at $ , , , , , , , , , , , , ,476 Levy Year EAV / 1,000 5,171,168 5,336,790 5,621,212 6,134,928 6,596,800 6,907,968 6,908,663 6,908,663 6,908,663 6,977,749 7,117,304 7,330,823 7,550,748 7,777,270 8,010,589 Debt Service Tax Rate Debt Service Dollars 7,379,257 5,091,299 4,541,939 5,478,491 6,098,433 6,738,548 10,151,573 10,358,528 10,548,502 7,739,054 7,972,637 8,241,761 10,392,503 8,880,019 10,613,337 Debt Rate difference from.1000 (0.0427) (0.0439) (0.0499) (0.0527) (0.0109) (0.0120) (0.0124) (0.0376) (0.0142) (0.0325) Dollars gained/lost (2,208,089) 245,492 1,079, , , ,420 (3,035,651) (3,449,865) (3,639,839) (761,305) (855,333) (910,938) (2,841,755) (1,102,749) (2,602,748) Facilities Master Plan, Major Captial Projects & then some: RVC Remaining 2002 Bonds $6,000,000 ERC Remodel $7.5 mill (3.5 mill Bonds) PEC Remodel 13 mill ($10 mill Bonds) 9,900,000 AIC Construction $40 mill (RVC 25% $10 mill Bonds) 9,900,000 CL1, CL2 or SCCE 10,000,000 12,000,000 10,000,000 8,000,000 6,000,000 4,000,000 2,000, Debt Dollars 7,379,257 5,091,299 4,541,939 5,478,491 6,098,433 6,738,548 10,151,573 10,358,528 10,548,502 7,739,054 7,972,637 8,241,761 10,392,503 8,880,019 10,613,337 EAV/1,000 5,171,168 5,336,790 5,621,212 6,134,928 6,596,800 6,907,968 6,908,663 6,908,663 6,908,663 6,977,749 7,117,304 7,330,823 7,550,748 7,777,270 8,010,589 Bond Debt Tort Fund Page 16 of 37 FPM11-FINAL xlsx\Valuation

17 Rock Valley College FPM11-FINAL xlsx Property Tax Rate Existing/Proposed Axis Title Bond Debt Tort Fund Audit Fund Protection, Health and Safety Fund Operations and Maintenance Fund Educational Fund of 37 FPM11-FINAL xlsx\Tax Rate Graph

18 Rock Valley College Credit Hours by Year FY 2002 FY 2003 FY 2004 FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2010 FY 2011 FY 2012 FY 2013 Actual Actual Actual Actual Actual Actual Actual Actual Estimate Actual Estimate Estimate Estimate pg 80 pg 64 pg 79 pg 77 pg 62 pg 62 pg 101 pg % 105% 108% 103% 103% Spring10 Est Baccalaureate 85, , , , , , , , , , , , ,937.3 Business Occupational 8, , , , , , , , , , , , ,664.6 Technical Occupational 20, , , , , , , , , , , , ,490.4 Health Occupational 6, , , , , , , , , , , , ,378.3 Remedial Development 16, , , , , , , , , , , , ,511.4 Adult Basic & Secondary Ed 9, , , , , , , , , , , , ,460.4 Total 147, , , , , , , , , , , , ,546.6 % Growth 13.2% 7.9% 2.9% -1.6% -2.7% -1.2% 0.2% 0.7% 8.3% 18.3% 4.1% 6.4% 3.0% Student Headcount 15,136 15,559 15,552 15,449 15,682 15,734 15,340 16,420 Student FTE 4,903 5,292 5,484 5,357 5,214 5,622 5,602 6,003 Tuition & Fee Revenue 7,575,807 8,905,322 10,073,762 11,412,308 11,940,403 12,561,014 12,330,474 #REF! 13,797,897 17,225,322 17,225,322 17,136,316 17,583,193 Calc. Tuition & Fee/Credit Hour #REF! Instructional Expense 14,397,595 14,804,820 15,150,306 15,960, ,477 8,329,092 17,755,132 #REF! 19,287,748 21,885,021 21,885,021 22,426,778 22,973,167 Direct Unit Cost #REF! Tuition Tech Fee Student Activity Other Total Credit Hours less 1.6 ABE hours 137, , , , , , , , , , , , ,982 Tuition & Fees Revenue Summary 6,757,051 7,994,679 9,259,519 9,308,460 9,476,082 10,331,580 10,348,030 11,668,275 12,106,425 13,221,375 14,904,405 15,884,019 16,360,542 Tuition & Fees Revenue Detail: Education 85% Tu 5,157,423 5,769,745 6,669,993 6,725,362 6,904,003 7,652,749 7,664,934 8,727,870 9,055,605 9,889,587 11,104,702 11,834,575 12,189, Tech Fee 413, , , , , , , , , ,425 1,104,030 1,176,594 1,211, Other - 150, , , , , , , , , , , , Opers & Maint ,133 1,018,190 1,177,058 1,186,829 1,218,353 1,350,485 1,352,635 1,540,211 1,598,048 1,745,222 1,959,653 2,088,454 2,151, Auxilary 137, , , , , , , , , , , , , Trust & Agency 137, , , , , , , , , , , , ,973 6,757,051 7,994,679 9,259,519 9,308,460 9,476,082 10,331,580 10,348,030 11,668,275 12,106,425 13,221,375 14,904,405 15,884,019 16,360, , ,000 Rock Valley College Credit Hours by Fiscal Year 150, ,000 50,000 0 FY 2003 FY 2004 FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2010 FY 2011 FY 2012 FY 2013 Baccalaureate Business Occupational Technical Occupational Health Occupational Remedial Development Adult Basic & Secondary Ed Page 18 of 37 FPM11-FINAL xlsx\CR Hrs.

19 Rock Valley College FPM11-FINAL xlsx DELETED POSITIONS DURING FPM11 # of open Leadership Fd/Funct/Obj $ Amount Position Department FT/CPT Positions Susan Busenbark ,726 Academic Support Manager, ATLE FT 1 Grade 12 (C. Gulbranson) Susan Busenbark ,095 Academic Support Distance Learning FT 1 Grade 12 (S Morse) 93, VACANT POSITIONS (not actively seeking replacement) # of open Leadership Fd/Funct/Obj $ Amount Position Department FT/CPT Positions Greg Wear ,270 Faculty (New FY 09) Political Science FT 1 New FY 09 Greg Wear ,172 OT1 Perkins Support CPT , NEW POSITIONS (FPM11 INCLUDED) $ Amount # of open Leadership Fd/Funct/Obj (Salary) Position (New Hire) Department FT/CPT Positions Dr. Nyhammer ,000 (Main Campus) LMS Angel System Admin ATLE FT 1 Dr. Nyhammer ,000 (Main Campus) Exec. Director of IR IR FT 1 Amy Diaz ,000 (Main Campus) Financial Aid Processor Financial Aid FT 1 Greg Wear ,000 (SCCE) Composition and Literature Communication and Education Division FT 1 Greg Wear ,000 (SCCE) History Social Sciences and Humanities FT 1 Dr. Nyhammer ,000 (LOC) Director Learning Opportunities Center FT 1 Dr. Nyhammer ,000 (LOC) Advising/Counseling/Financial Aid Learning Opportunities Center FT 1 Dr. Nyhammer ,000 (LOC) Administrative Assistant Learning Opportunities Center FT 1 420,000 8 DEFERRED POSITIONS (FPM11 NOT INCLUDED) $ Amount # of open Leadership Fd/Funct/Obj (Salary) Position (New Hire) Department FT/CPT Positions - - Page 19 of 37 FPM11-FINAL xlsx\FY 11 Positions

20 Rock Valley College FPM11-FINAL xlsx Headcount Payroll Comparison by Object Code by Fiscal Year FY 09 FY 10 FY 11 FY 12 FY 13 FY09 FY10 FY11 TOTALS XX Admin Staff 2,696,241 3,031,449 3,228,666 3,228,666 3,228, % 12.4% 6.5% 0.0% 0.0% XX Prof/Tech 4,658,004 5,175,576 5,339,552 5,384,974 5,385, % 11.1% 3.2% 0.9% 0.0% XX Faculty 12,999,447 13,701,660 14,657,579 14,575,129 14,575, % 5.4% 7.0% -0.6% 0.0% XX Supervisory 612, , , , , % 2.1% 3.3% 0.0% 0.0% XX Academic Support Staff 335, , , , , % -1.1% 15.2% 0.0% 0.0% XX Office Staff 4,201,210 4,526,514 4,515,479 4,701,359 4,705, % 7.7% -0.2% 4.1% 0.1% XX O&M Staff 1,057,995 1,120,435 1,098,745 1,132,766 1,132, % 5.9% -1.9% 3.1% 0.0% XX RVC Student Employees 534, , , , , % -4.1% 4.3% 0.2% -0.2% XX Other Staff 851, , , , , % -0.8% 2.8% 1.8% -0.3% ,946,963 29,870,573 31,272,246 31,471,766 31,472, % 6.9% 4.7% 0.6% 0.0% Page 20 of 37 FPM11-FINAL xlsx\Payroll

21 Rock Valley College FPM11-FINAL xlsx Benefits Estimate FY 05 FY 06 FY 07 FY 08 FY 09 Estimated FY 10 Estimated FY 11 Estimated FY 12 Estimated FY 13 Actual Actual Actual Actual Actual Growth Budget Growth Budget Growth Budget Growth Budget HMO Illinois global 208, , , , ,114 (33,961 x , , , ,000 TPA, Stop Loss, Aggregate Premiums global , , , , ,805 Health Claims Estimate (inc. Vision) global 4,032,157 5,010,698 5,608,029 4,621,000 4,620,992 3,300, ,630, ,993, ,393,241 Incurred But Not Reported Reserve global - (605,407) Prescription Drug Claims Estimate global , , ,120, ,321, ,559, ,840,268 Dental Claims Estimate global , , , , , ,132 Increase in Accrued Liability global Supplemental Life & L-T Disability global 18, ,065 (57,930) Life Insurance - Sun Life , ,492 84,808 85,000 (45,103) 84,808 85,000 85,000 85,000 Employee Contributions (218,607) (284,616) (354,491) (429,026) (693,076) (437,537) (406,913) (421,558) (421,558) 4,108,584 4,411,845 5,603,967 6,649,483 5,489, % 5,634, % 6,268, % 6,930, % 7,690,888 FY10 Gross Allocatable Benefits: 6,072,267 FY10 Est. Employee Contribution: 7.21% (437,537) FY10 Net Allocatable Benefits: 5,634,730 FICA (Grants) = Medicare = = 65, Medicare (Grants) = (251) Unemployment Ins. FUTA/SUTA ,357 29,185 32,734 37,682 50,674 40,000 40,000 40,000 40,000 FICA/Medicare , , , , , , , , ,000 FICA = = 284, ,197 67,142 71,794 76,425 81,001 80,000 84,000 86,000 88,000 Worker's Comp-(NON-Grants) , , , , , , , , ,000 Worker's Comp-Grants , , ,263 (228) - 220, , , ,000 Grant SURS , , , , , Employee SURS Expense various - 13,177 13,177 13,177 13,177 Grant SURS Expense ,700 9,700 9,700 9,700 Grant SURS Expense -- Employer ,978 15,077 9,700 9,700 9,700 9,700 SURS Retirement Insurance various , , , , , , , , ,440 Retiree Health Insurance ,850 11,110 11,500 11,500 11,500 11,500 Employee Tuition Waivers , ,003 56, , EE Dependent Tuition Waivers ,413 49, ,391 47, Tuition Reimbursement global 20,866 16,259 24,969 48, Retiree Pay ,520 1, Misc Plans - Wellness ,240 33,000 33,000 31, Moving Expenses ,930 2,585-14,352 4,748 15,000 15,000 15,000 15,000 Additional Benefits various 57,748 57,061 50,882 58,312 61,226 68,823 68,823 68,823 68,823 Sabbatical ,168 70,525 70,137 59,856 59, ,500 75, , ,500 Medical Exams & Miscellaneous , , Flexplus Admin Fees ,712 4,358 3, ,221,425 1,314,329 1,480,493 1,233,514 1,005,958 1,292,502 1,270,303 1,313,469 1,319,340 5,330,009 5,726,174 7,084,460 7,882,997 6,495,696 6,927,232 7,538,777 8,243,747 9,010,228 Annual Increase 91% 107% 124% 111% #DIV/0! 93% 109% 109% 109% Full Time Employee (485,308) 611, , ,481 including Retiree & COBRA Cost per Full Time Employee 11,438 12,421 15,268 16,561 13,675 14,137 15,108 16,039 17,020 FY 09 Budget $6,379,306 FY 09 3rd Qtr Financial Report Actual $3,227,734 FY 09 Annualized Exposure $4,303,646 Page 21 of 37 FPM11-FINAL xlsx\Benefits

22 Rock Valley College Statement of Revenues and Expenses (Budgetary) Funds (03, 04, 08, 09) FY 2002 FY 2003 FY 2004 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY 10 FY 11 FY 12 FY 12 Capital Funds Summary Actual $ Actual $ Actual $ Actual $ Actual $ Actual $ Actual $ Actual Budget $ Actual $ Budget $ Budget $ Budget $ Revenues 41 Local Government 4,669,760 5,533,762 7,093,373 7,556,553 7,382,965 8,523,518 (11,639,381) 9,253,074 10,289,193 7,835,701 10,602,288 10,798,768 11,004, State Government 86,441 80, Federal Government , , , Student Tuition & Fees Sales & Service Fees Facilities Revenue Investment Revenue 624, , , , , , , , ,000 97, , , , Gifts, Grants & Bequests 353, , , , , , , , , , , Other Revenue - 27,498,595 8,614,104 (12,008) (52,357) (32,716) 19,917,905 68,995 30,000, , Total Revenues 5,733,566 34,149,783 16,570,668 8,451,105 8,014,879 10,001,450 9,527,989 9,701,756 40,762,193 8,253,002 11,410,045 11,596,447 11,801,906-77% 496% -51% -49% -5% 25% -5% 2% 320% -15% -72% 2% 2% Expenses by Object 51 Salaries - 7, Employee Benefits Contractual Services 550, , , , , , , ,618 2,400 12,461 2,000 2,000 2, General Materials & Supplies 48,326 45, , Travel & Conf/Mtg Expense Fixed Charges 2,492,336 3,435,797 14,965,304 7,331,965 2,362,964 2,346,202 2,157,729 2,356,769 6,709,485 1,280,277 10,269,110 9,914,752 9,961, Utilities 91, Capital Outlay 13,081,130 16,910,699 14,402,589 11,586,051 6,037,118 5,134,136 5,500,919 5,970,788 18,997,800 5,380,088 26,811,453 16,048,933 13,206, Other Expenditures 3,161 11, , Total Expenses 16,266,784 20,796,463 29,684,197 19,216,472 8,726,013 7,828,092 8,020,410 8,502,698 25,709,685 6,672,826 37,082,563 25,965,685 23,169,166 22% 28% 43% -35% -55% -10% 2% 6% 202% -22% 44% -30% -11% Provision For Contingency 60 Provision For Contingency Total Provision For Contingency Transfers 71 Transfers to Other Funds Transfers from Other Funds Total Transfers Net (10,533,218) 13,353,320 (13,113,529) (10,765,367) (3,232,436) (155,699) 8,425,719 1,199,058 15,052,508 26,406,615 (25,672,518) (14,369,238) (11,367,260) Expense by Function 0 Other - - 5,244,949 5,648,226 (12,380,541) 2,137,202 2,981,321 7,058,917 6,768,000 5,415,729 6,768,000 6,768,000 6,768,000 1 Instruction (49,840) (8,846,965) (72,025) (149,557) - (53,512) Academic Support (58,459) (22,638) - (31,320) Student Services (26,859) Public Service/Continuing Ed (50,000) Auxiliary Services Operations & Mtce of Plant 13,772,610 13,875,018 9,471,794 6,233,677 (132,704) 7,940,163 (266,433) (140,219) 12,229,800 (66,108) 20,043,453 9,280,933 6,438,000 8 Institutional Support 2,494,174 6,921,445 14,967,454 7,334,569 21,339,098 6,597,692 5,436,006 1,783,054 6,711,885 1,408,037 10,271,110 9,916,752 9,963,166 9 Scholarships, Grants, Waivers Total Expenses 16,266,784 20,796,463 29,684,197 19,216,472 8,726,013 7,828,092 8,020,410 8,502,698 25,709,685 6,672,826 37,082,563 25,965,685 23,169,166 Change in Beginning Fund Balance - 75,813,674 6,365,272 27,998 12, Fund Balance 10,923, ,090,529 93,342,272 29,935,634 29,237,272 31,410,630 32,918,209 34,117,267 49,169,775 35,697,443 23,497,257 9,128,019 (2,239,241) Page 22 of 37 FPM11-FINAL xlsx\FPM-Capital

23 Major Capital Projects Current & Future Capital Projects will be based upon the updated Facilities Master Plan Updated Report and Building Renovation time line (available space and funding) Future tax rate management can provide debt flexibility (refinancing or new debt for capital projects) additional capacity to be obtained via tax swap from PH&S to finance new classroom building As of May 2010 remaining RVC Capital Bond funds approximately $29.8 million PEC Renovation (76,085 sq ft) & Additions (15,300 sq ft) A $13 million renovations, COMPLETED, receiving LEED Gold Certification SCCE Visioning continues create Science Labs (Physical & Life), 2nd Computer Lab, Faculty Offices and Support Staff Area create Financial Aid office, relocate Adjunct Office spaces, open computer area, additional parking Other possibilities to be clarified Karl J. Jacobs Center for Science & Math (JCSM - formerly CL III) Construction started April 2010, substantial completion May 2011, opening for classes August 2011 A $28.5 million, 106,000 sq ft, 3 story, new facilitiy targeting LEED Gold designation AIC Revisit Task Force State funding allocation received in January 2010, Architects have been re-engaged Architects meeting to confirm Academic Programming Conceptual Design in Sep/Oct 2010, with Schematic Design following A Capital Development Board (CDB) - $45 million, 113,526 sq ft new facility targeting LEED Gold designation Page 23 of 37 FPM11-FINAL xlsx\Capital Projects

24 Rock Valley College FPM11-FINAL xlsx Fund 03 - CAPITAL - 'Ops & Maint - Restricted' PAST FPM 11 FUTURE Funding Source Function Project Total Est. Cost Spent to Date FY 10 (BoT Budget) FY 11 FY 12 FY 13 Totals Future Funding RVC Bonds PEC Renovations & Additions 10,173,417 10,431,098 5,500, ,931,098 0 RVC Bonds Parking Lot 2 & Perimeter Rd 1,284,710 1,244, , ,944,057 0 RVC Bonds Parking Lot 7 & 8 1,031, , , ,733,234 0 RVC Bonds ERC Practice Room Remodel 94,400 74,047 75, ,047 0 RVC Bonds SCCE Labs 990,788 1,476, , ,426,303 0 RVC Bonds Public Safety Remodel 100,000 94,482 90, ,482 0 RVC Bonds Science & Mathematics Classroom Bldg 26,500,000 1,957,130 1,500,000 19,000,000 1,500, ,957,130 0 Grant funding (700,000) 0 0 (700,000) 0 (700,000) 0 RVC Bonds AIC Construction 10,500, , , ,000 5,000,000 5,000,000 11,806,327 0 RVC Bonds Tunnel Extension - AIC 2,000, ,000,000 RVC Bonds Power House Expansion 2,500, ,500,000 RVC Bonds SCCE Visioning - Parking 545, , , ,000 RVC Bonds SSB Salt Shed 75, , ,000 0 RVC Bonds WTC New Offices 50,000 1,453 50, ,453 (1,453) RVC Bonds SCCE Server Room Renovations 123, , ,089 0 RVC Bonds FY 10 Undistributed 500, , ,000 0 RVC Bonds FY 11 Undistributed 500, , ,000 0 RVC Bonds FY 12 Undistributed 500, , ,000 1,000,000 0 TOTAL BOND PROJECTS 56,768,063 17,316,220 10,615,000 19,650,000 7,000,000 5,500,000 60,081,220 4,643,547 Life Safety LS 2001 PEC ADA - Elevator 205, , ,802 0 Life Safety LS 2004 Electrical Systems 139, , ,425 0 Life Safety LS 2005 Building Gutters 9,995 9, ,995 0 Life Safety LS 2007 PEC HVAC Phase I 342, , ,110 0 Life Safety LS 2007 PEC HVAC Phase II 431, , ,278 0 Life Safety LS 2007 PEC Electrical Service Panel 277, , ,343 0 Life Safety LS 2008 PEC HVAC Phase III 1,336,823 1,336, ,336,823 0 Life Safety LS 2008 PEC Fire Protection System 157, , ,315 0 Life Safety LS 2008 CL1 & CL2 Sprinkler Head Replac 89, ,000 90,000 (320) Life Safety LS 2008 H.C. Areas of Rescue 88,329 38,329 50, ,329 0 Life Safety LS 2008 CL2 Asbestos Abate Phase 1 847, , ,000 (395) Life Safety LS 2008 Bldg F Siding/Silo & Bldg G Siding 426, , , ,253 0 Life Safety LS 2008 Entrance Doors Security 343, , , ,556 0 Life Safety LS 2008 Entrance Doors Security (old $) 282, , , ,027 0 Life Safety LS 2010 Foot Bridge Replacement (old $) 167,244 72,244 95, ,244 0 Life Safety LS 2010 Dam Replace / Pond Bank (old $) 391, , , ,178 0 Life Safety LS 2010 SCCE VAV Box Replacement 1,079, , , , ,079,461 0 Life Safety LS Old Monies 172, ,023 Life Safety LS 2009 Undistributed 601, ,853 Life Safety LS 2010 Undistributed 708, ,908 Life Safety LS 2011 Undistributed 821, ,206 Life Safety LS 2012 Undistributed 954, ,832 TOTAL LIFE SAFETY PROJECTS 9,874,246 3,669,886 1,614, , ,000 6,616,139 3,258,107 TOTAL 66,642,309 20,986,106 12,229,800 20,043,453 7,000,000 6,438,000 66,697,359 7,901,654 Page 24 of 37 FPM11-FINAL xlsx\Capital Detail

25 Rock Valley College FPM11-FINAL xlsx 12,000,000 Propsed Levy Year Debt (Prin + Int) 10,000,000 8,000,000 6,000,000 4,000,000 2,000, Bond 2000 Bond 2002 Bond 2003A Bond 2003B Bond 2005 Refinancing Bond 2006 Refinancing Bond 2007 Refinancing Bond 2008 Bond 2009 Bond 2012 Bond Page 25 of 37 FPM11-FINAL xlsx\LY Debt Chart

26 Rock Valley College FPM11-FINAL xlsx $12,000,000 Actual Fiscal Year Debt $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $ Fiscal Year 1999 Prin 1999 Int 2000 Prin 2000 Int 2002 A&B Prin 2002 A&B Int 2003A Prin 2003A Int 2003B Prin 2003B Int 2005 Prin 2005 Int 2006 Prin 2006 Int 2007 Prin 2007 Int 2008 Prin 2008 Int 2009 Prin 2009 Int Page 26 of 37 FPM11-FINAL xlsx\FY Debt Chart