2014 2015 general fund budget
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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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2014 2015 general fund budget

2014/ 2015 General Fund Budget

Middle Bucks Institute of Technology

February 10, 2014


Update

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%


  • Status general fund lease rental

    Status – General Fund & Lease Rental

    • Budget-to-budget increase $208,193 or 2.1%


    Assumptions

    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


    Components of increase

    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


    General fund receipts from member school districts

    General Fund – Receipts from Member School Districts


    Other revenue

    Other Revenue


    State federal revenue

    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


  • Other budgets

    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


    Other budgets1

    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


    Other budgets proprietary fiduciary

    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


    Next step

    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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