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

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
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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