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2014/ 2015 General Fund Budget

This update provides a detailed overview of the Middle Bucks Institute of Technology's 2014/2015 General Fund Budget, highlighting budget increases, decreases, and factors impacting financial planning. It covers key areas such as salaries, benefits, pensions, state and federal revenues, and proposed allocations for various programs and facilities. The document outlines budget assumptions, revenue sources, and specific cost adjustments, aiming to meet financial goals while maximizing resources for educational programs and operational needs.

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2014/ 2015 General Fund Budget

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  1. 2014/ 2015 General Fund Budget Middle Bucks Institute of Technology February 10, 2014

  2. Update • First Look November 11, 2013 Budget-to-Budget increase: • General Fund & Lease Rental $300,987 or 3.03% • Unknowns: • Health insurance costs • Retirement • Insurance • Utilities • State subsidies • Federal grants • Goal – to be at or under Act 1 Index of 2.1%

  3. Status – General Fund & Lease Rental • Budget-to-budget increase $208,193 or 2.1%

  4. assumptions • Teachers’ Salaries – per contract • Administrators, Instructional Assistants and Support Staff – used 3% increase on 2013/14 pay rates • Medical & Prescription benefit cost – 5.2% decrease based on second look • PSERS pension cost increases to 21.4% from 16.93% of eligible payroll • Other items – lowered advertising, printing, & supplies lines. Utilities level with 2013/14

  5. Components of Increase • Net increase salaries & wages $ 61,566 • Net decrease health insurance & contract benefits (36,353) • Increase on account of employer’s PSERS rate growth 209,093 • Net decrease in program supplies (26,015) • Net increase in non-instructional supplies 11,350 • Net decrease all others (12,693) • Total $206,948

  6. General Fund – Receipts from Member School Districts

  7. Other Revenue

  8. State & Federal Revenue • State Subsidies - Increase Vocational Educational, Social Security and Retirement Subsidies • Total state $1,025,400 vs. $893,000 • Decrease Federal funding for Carl D. Perkins Grant • Projected for 2013/2014 = $286,440 • Actual received 2013/2014 = $277,085 • Federal coordinator recommended same as 2013/2014 funding

  9. Other budgets • Capital Reserve Fund • Funded at discretion of Executive Council using unspent current year budget contribution – proposed $125,000 • Funds to be used for acquisition of program equipment, capital repairs and maintenance to facilities Traffic signal $30,000 Digital road sign$35,000 Concrete walkway & stairs $25,000 Transformer replacement $150,000Equipment matching funds $50,000

  10. Other budgets • Adult Education $157,520 vs. $155,195 • Fall & Spring Evening Programs • Industry Specific Training • Production Fund $316,408 vs. $326,619 • Live work • Student Built Modular House • Aspirations • Salon Extreme • Student fees • MBIT Summer School Consortium • Summer Enrichment Camp

  11. Other budgets – proprietary & fiduciary • Proprietary • Li’l Bucks Partners in Learning Childcare Center • Educational Programs for Toddlers & Preschool Children • Fiduciary • Student Activities Fund - CTSO • Skills USA • HOSA • FFA • PBA

  12. Next step • Finalize General Fund & Lease Rental Budget • March 10, 2014 Executive Council Meeting • Finalize Other Budgets • March 10, 2014 Executive Council Meeting • Questions

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