College Trustees Approve 2016-17 Budget
June 16, 2016
The Tompkins Cortland Community College Board of Trustees has adopted a $41,603,321 budget for the 2016-17 fiscal year, which begins September 1, 2016. The 2016-17 budget includes a $140 increase in full-time tuition for New York State residents (from $4,650 to $4,790 per year) and an $8 increase per credit hour in part-time tuition for New York State residents (from $164 per credit to $172 per credit). The budget includes no increase in taxpayer dollars provided by Tompkins and Cortland counties.
Highlights of the budget include: • The $41.6 million budget is 5.7 percent higher than the approved budget for 2015-16. • Projected enrollment for 2016-17 is 3,741 FTEs, a slight increase from the projected enrollment for 2015-16 of 3,710. • The cost of employee benefits is projected to go down slightly (0.36 percent). The decrease is due to retirements, as well as reduction in employer contribution rate of state retirement costs. • The budget includes a 3.01 percent increase in full-time tuition for New York State residents, the smallest percentage increase in ten years. Tuition will go from $4,650 per year to $4,790 per year. Part-time tuition for New York State residents will increase 4.88 percent from $164 per credit to $172 per credit. Overall, the College projects revenue from tuition and fees will be slightly more than $21 million, an increase of 7 percent. • The budget includes no increase in contributions from Tompkins and Cortland counties. The percentage of the total budget funded by the sponsor counties will be 11.4 percent, down from 12.05 last year. 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 $2,697 per FTE, an increase of $100 in the rate from the 2015-16 budget. Total state aid revenue is projected at $10,528,902, an increase of $367,279 from 2015-16. • The budget appropriates $95,000 from the fund balance. It is the fourth time in the last five years the College has used the fund balance: the 2015-16 budget used $91,183, 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 Tompkins County Legislature is scheduled to vote June 21. The Cortland County Legislature is expected to act on the spending plan at its June 23 meeting. The State University Board of Trustees will act on the budget in September.