May 29, 2008

COMMUNITY COLLEGE APPROVES BUDGET FOR 2008-09

The St. Charles Community College (SCC) Board of Trustees approved an operating budget of $34,250,000 for fiscal year 2008-09 at its recent May meeting. The new fiscal year starts July 1.
 
The 2008-09 budget reflects a projected increase of about 7 percent over the current year budget of $31,980,000. The 2008-09 funding includes increased appropriations from the state of Missouri, a modest increase in total student credit hours, and from expected growth in local assessed property valuation.  No increase in the $80 per credit hour tuition rate is expected for 2008-09.

Projected expenditures include funding for additional personnel including three faculty and two information technology positions; more than $630,000 in new capital equipment and technology upgrades (much of which will be funded with matching federal grants); increases in utility costs; increases in employee health insurance premiums and state retirement programs; and a 4 percent overall salary adjustment for faculty and staff.

The 2008-09 revenue and expenditure projections for SCC were developed through a planning process to meet student needs and prepare for the future, according to Todd Galbierz, SCC vice president for administrative services.
 
The three primary revenue sources for the college include state appropriations, tuition, and local property taxes. At a glance, the following are projected revenues for 2008-09:

• State appropriations, $8,264,649.  This reflects a 7.5 percent increase over the current year and includes a 4.2 percent increase approved by the legislature for most public higher education institutions plus an additional 3.3 percent equity increase for SCC.
  

• Student tuition, $12,425,000.  This revenue projection takes into account a small projected growth in credit hour enrollment.
  

• Local tax revenue, $12,795,400.  Reflects an estimate of 6.8 percent growth in assessed property valuation in the college district, which would yield about $800,000 in new operational revenue. The final assessed value figures will not be available from the county for several weeks, Galbierz said. Currently, the college’s total local levy is just under 21 cents per $100 of assessed valuation -- 16.94 cents in the operating levy and 4 cents in the debt retirement levy.
  

• Vocational grants and contracts, $155,000.
  

• Investment Earnings, $350,000
  

• Other miscellaneous revenues, $259,951.

The 2007-08 budget is balanced, Galbierz said, and the college has sufficient reserves going into the new fiscal year.

SCC serves nearly 10,000 students each year in its credit classes, with more than 35,000 additional enrollments in various non-credit, continuing education programs and activities.

Summer credit classes will begin on June 2. Enrollment for fall classes is now under way, with fall semester classes to start on Aug. 16.

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Last Updated: 5/29/08