College Adopts 2015-16 Budget
June 18, 2015
The Tompkins Cortland Community College Board of Trustees has adopted a $39,359,321 budget for the 2015-16 fiscal year, which begins September 1, 2015. The 2015-16 budget includes a $150 increase in full-time tuition for New York State residents (from $4,500 to $4,650 per year) and a $7 increase per credit hour in part-time tuition for New York State residents (from $157 per credit to $164 per credit). The budget includes an increase of 2 percent in total taxpayer dollars provided by Tompkins and Cortland counties.
Highlights of the budget include:
• The $39.36 million budget is 0.54 percent higher than the approved budget for 2014-15.
• Projected enrollment for 2015-16 is 3,602 FTEs, a decrease from the projected enrollment for 2014-15 of 3,633.
• The cost of employee benefits is projected to go down slightly (0.61 percent). The decrease is largely due to retirements.
• The budget includes a 3.33 percent increase in full-time tuition for New York State residents, from $4,500 per year to $4,650 per year. Part-time tuition for New York State residents will increase 4.46 percent from $157 per credit to $164 per credit. Overall, the College projects revenue from tuition and fees will be slightly more than $19.65 million, an increase of 0.37 percent.
• The budget includes an increase of 2 percent in contributions from Tompkins and Cortland counties. The percentage of the total budget funded by the sponsor counties will be 12.0 percent, the same as the average of the last two years. Tompkins’ share is $2,929,729, while Cortland’s is $1,720,635. Each county’s share is determined based on a three-year average enrollment ratio.
• The budget includes state aid to community colleges of $2,597 per FTE, an increase of $100 in the rate from the 2014-15 budget. Total state aid revenue is projected at more than $10.16 million, an increase of $8,270 (0.08 percent).
• The budget appropriates $91,183 from the fund balance. It is the third time in the last four years the College has used the fund balance: the 2014-15 budget used $88,528 and the 2012-13 budget included $250,000 from the fund balance.
Tompkins and Cortland counties and the State University of New York Board of Trustees must approve the budget. The Cortland County Legislature is expected to act on the spending plan at its June 25 meeting. The Tompkins County Legislature is scheduled to vote July 7. The State University Board of Trustees will act on the budget in September.