Tompkins Cortland Trustees Adopt $37.4 Million BudgetJune 14, 2012
The Tompkins Cortland Community College Board of Trustees has adopted a $37,487,084 budget for the 2012-13 fiscal year, which begins September 1, 2012. The budget includes a 5 percent increase in full-time tuition (from $3,950 to $4,150 per year) and a 3 percent increase in part-time tuition (from $143 per credit to $147 per credit). The budget includes an increase of 1 percent in total taxpayer dollars provided by Tompkins and Cortland counties.
Highlights of the budget include:
The $37.4 million budget is 4.4 percent higher than the approved budget for 2011-12. The major factors contributing to the increase are enrollment growth and employee benefits. The budget includes no changes to staff levels.
Projected enrollment for 2012-13 is 4,040 FTEs, an increase of approximately 0.5 percent over the projected enrollment for 2011-12.
The budget includes an increase of $42,549 in equipment spending, funded through an increase in aid from the sponsor counties.
The cost of employee benefits will go up for the College. Employee health insurance rates are projected to increase 10 percent. The state retirement systems rates are projected to increase 14 percent.
The budget includes a 5 percent increase in full-time tuition, from $3,950 per year to $4,150 per year. Part-time tuition will increase 3 percent from $143 per credit to $147 per credit. Overall, the College projects revenue from tuition and fees will be more than $18.9 million, an increase of 7.73 percent.
The budget includes an increase of 1 percent in contributions from Tompkins and Cortland counties, with that money earmarked for equipment. It marks the first time in three years the College has asked for an increase in county aid. Despite the increase, the percentage of the total budget funded by the sponsor counties will still decrease, down to 11.46 percent from 12.13 percent last year. Tompkins' share is $2,707,403, while Cortland's is $1,590,062. Each county's share is determined based on a three-year average enrollment ratio.
The budget projects state aid to community colleges of $2,272 per FTE, a 7 percent increase in the rate from the 2011-12 budget, but a 14 percent decrease from the state aid rate in fall 2009. Total state aid revenue is projected at more than $9.4 million, an increase of more than $500,000.
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 28 meeting. The Tompkins County Legislature is scheduled to vote July 17. The State University Board of Trustees will act on the budget in September.