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2014/ 2015 General Fund Budget

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

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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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