As is typical at their October meeting, the College’s Board of Trustees reviewed the College operating budget and considered adjustments recommended by the College Budget Committee and supported by the president. Accepting the recommended changes as presented, the board approved an amended FY 2012-2013 operating budget for the College. Total operating budget revenues were increased by $2.1 million or 1.8%, from $117.6 million to $119.7 million. The increase in total operating budget revenues is primarily the result of record undergraduate student enrollment of 2,863. The increase in total operating budget revenues will also result in an increase in net income of $0.8 million, from $0.2 million to $1.0 million.
The approved operating budget also includes increases and reallocations of operating expenditures. The increased expenditures are supported by increased operating revenues, and the reallocations are supported by a $2.1 million reserve that was included in the budget in the event that the Cal Grant program was drastically reduced. In fact, this reserve was not needed for this purpose because a much smaller last-minute reduction made by the governor was addressed through previously budgeted aid funds.
Board approved increases and changes in the FY 2012-2013 operating budget total $2.7 million. The $2.7 million in approved increases and reallocations includes $1.5 million for facilities and technology infrastructure improvements, $0.5 million for new tenure-track faculty positions (adjunct position conversions and new position lines), and $0.7 million for various other items including the presidential search, the campus master plan update process, incremental admission costs, including marketing and travel to College’s that Change Lives (CTCL) events, and funds for additional strategic initiatives yet to be determined.
It should be noted that the College’s Institutional Effectiveness Committee (IEC) will be entertaining proposals for the $175,000 in additional strategic initiative funds in the approved amended operating budget. The IEC had previously recommended, and the president and cabinet had endorsed, the award of $232,000 in previously budgeted funds for seven strategic initiatives that best met the committee’s five prioritization factors. These seven strategic initiatives ranged from support for admissions and student services in graduate and professional programs to expanded support of sustainability efforts on campus.
Additional information about the amended FY 2012-2013 operating budget and the strategic initiative funds proposal process will be forthcoming in future editions of the College Bulletin.
Peter A. Michell
Vice President for Finance