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Financial Trends and Highlights. Mission. Education for Employment. Strategic Goals FY11. Diversity Enrollment Engagement Teaching and Learning Financial Stewardship. Current Financial Health. Source : www.finance.mnscu.edu/accounting/financialstatements.
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Mission • Education for Employment
Strategic Goals FY11 • Diversity • Enrollment • Engagement • Teaching and Learning • Financial Stewardship
Source: www.finance.mnscu.edu/accounting/financialstatements
Source: www.finance.mnscu.edu/accounting/financialstatements/2011-2009 Composite Financial Index Strengths
State Revenue Support Source: Audited Financial Statements and 2012 appropriations
Factors that Affected the College in FY11 • Increasing program efficiency • Utilized external/federal dollars and internal profit centers • Obtained external in-kind donations to support technical education • Declining state appropriation • Consistent enrollment growth • Rising costs of equipment and materials necessary to meet industry standards in technical education • Substantial increase in use of financial aid, third-party billing, and collections • Meeting the criteria of external accrediting bodies and organizations
Evolving Financial Factors • State and federal revenue support • Diversification of alternative resources • Enrollment uncertain • Establishing appropriate tuition rates • Changes in salary and benefit expenses • Impact of negotiated employment agreements • Cost of maintaining facilities and equipment necessary for technical education • Shifting needs and expectations of students’ educational experiences
Budget Principles for the Future • Incorporate MnSCU strategic framework and newly adopted DCTC strategic directions • Serve the economic development needs of Dakota County and the region • Demonstrate stewardship through financial accountability to stakeholders • Sustain long-term financial viability through planning and collaboration • Provide student environment that leads to desired student outcomes
Plans to Strengthen Future Financial Health • Continue to maximize enrollment for programs • Maximize efficient use of all facilities • Diversification of revenue streams • Continually evaluate staff and program efficiency • Implement shared administrative service functions and/or campus cooperative efforts with other MnSCU colleges • Implement new retention initiatives • Leverage partnerships • Pilot tuition incentive model
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