1 / 9

Middle Bucks Institute of Technology General Fund Budget Overview

Detailed breakdown of the general fund budget for Middle Bucks Institute of Technology, outlining challenges, assumptions, and components of increase, with a focus on financial planning and revenue sources.

jroden
Download Presentation

Middle Bucks Institute of Technology General Fund Budget Overview

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. 2014/ 2015 General Fund Budget Middle Bucks Institute of Technology November 11, 2013

  2. Status – General Fund & Lease Rental • Budget-to-budget increase $300,987– 3.03%

  3. Challenges Unknowns as of November 11, 2013: • Health insurance costs • Retirement • Insurance • Utilities • State subsidies • Federal grants • Goal – to be at or under the Act 1 Index - 2.1%

  4. Assumptions • Teachers’ salaries – per contract • Admin, Instructional Assistants and Support Staff Used 3% increase over 2013/14 pay rates • Medical & prescription benefit cost • 10% increase over 2013/14 rates – first look at end of November • PSERS pension cost increase to 21.75% from 16.93% of payroll • Increase in maintenance for aging HVAC, fire & smoke detection systems and equipment in programs • Supplies are at 2012/2013 level • Utilities – electricity and natural gas budget with slight reduction

  5. Components of Increase • Net increase salaries & wages $ 61,566 • Net increase health insurance & contract benefits 16,459 • Increase on account of employer’s PSERS rate 224,749 • Net decrease in Purchased Professional Services ( 6,735) • Net increase in Purchased Property Services 14,068 • Net decrease in Other Purchased Services ( 2,935) • Net decrease in program supplies (26,015) • Net increase in non-instructional supplies 17,725 • Increase in equipment – classroom & IT 300 • Net increase – Other 560 • Total $299,742

  6. General Fund – Receipts from Member School Districts

  7. Other Revenue

  8. State & Federal Revenue • State Subsidies - Increase Vocational Ed and Retirement Subsidies • Total state $1,035,000 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. Next step • Gather more information and update proposed budget with first look healthcare premiums equivalents & certified employer rate for PSERS • Look for savings • Next presentation – February 10, 2014 • Questions

More Related