We have completed our first quarterly financial report for 2010-11 to the Board of Trustees. This was a huge collective effort, led by Steve Walters and involving many faculty and staff throughout the campus. Revenue teams for each major revenue source and department, college and division faculty and staff reviewed data to project where they anticipated their units would be at the end of this academic year.
The news is good. After compiling all the data, Steve Walters and Bill Wade are estimating that we will end the year with a positive balance of $447,909. I will note some considerations we must take into account:
• The first quarter is very early to make absolute statements. Our best predictor for how we will end the year will be our third quarter financial report and, of course, that is very late for us to make changes that could have much impact on the budget.
• $447,909 is less than one percent of the College’s overall budget of $57,857,378. That is not a large contingency to protect us against the unexpected (think ice storm damage, roof collapse, steam tunnel blockage).
While these are some concerns, there is also the upside that everyone involved in this process is projecting conservatively and many believe that we will end the year with a more positive balance than what is projected this quarter.
Steve Walters has also completed a budget calendar for 2011-12. The Budget Planning and Management Committee continues to meet on a regular basis and the College Budget Committee will begin meeting very soon. The College Budget Committee will immediately begin working on the assumptions on which we base our budget (tuition increase, size and distribution of enrollment, financial aid expectations, salary pool) and on identifying our highest priorities for next year.
Since this will be our last edition of Campus Connections until after Thanksgiving, I would like to extend my thanks to all of you for the work you do to teach and support our students. I wish you a relaxed and happy Thanksgiving.
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Have you presented research or attended a professional meeting recently? Has your department earned an award? Share news of these accomplishments and more with the Meredith community. Faculty and staff are invited to email items to Melyssa Allen, “Campus Connections” editor, at firstname.lastname@example.org.