News Release
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Contact: Jon Bauer Dean, Rolla
Campus Phone
(573) 458-0165 |
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Trustees Approve $14 Million Budget for 2005-06
College’s Fiscal Year Begins July 1, 2005
The board approved the $13,986,726 spending plan
during its regular monthly meeting. It represents an increase of approximately
1.2% over the budget for the present fiscal year.
Local taxes, state aid, and tuition account for the
largest share of revenue in the budget.
ECC expects to receive $4.65 million in local taxes,
an increase of approximately 2.2%. Local taxes will account for approximately
33% of general revenue.
State aid is expected to total $4,576,926 in FY 2006,
compared to $4,817,816 this year. The budget projects a 5% decrease in state
funds, due to the uncertainty of state revenue. Legislators recently approved a
state budget that keeps state aid to community colleges approximately even for
the upcoming fiscal year. However, the college could still lose funds through
withholdings once the fiscal year begins. State aid also accounts for
approximately 33% of general revenue in the new budget.
Tuition revenue is projected at $4,396,000, an
increase of 5% over this year. Trustees previously adopted a $2 per credit hour
tuition increase to take effect beginning in the fall semester of 2005. The
college is also anticipating growth in enrollment in the coming year. Tuition
accounts for approximately 31% of the general fund revenue.
Combined, local taxes, state aid, and tuition total
approximately 97% of general fund revenue. Remaining revenue comes from
interest, $150,000; federal funds, $17,000; vocational reimbursements, $70,000;
and miscellaneous sources, $126,800.
Salaries and benefits account for the largest share of
expenses, totaling 68% of general fund spending in the upcoming fiscal year.
The college plans to spend approximately $7,422,839 on
salaries, a 2.7% increase over this year, and $2,045,017 on benefits, an increase
of 1.5%. ECC employees will receive an average salary increase of 6% in the
coming year.
For faculty, raises in the coming year will include a
$2,000 increase for each faculty member, in addition to a faculty incentive
plan with additions to an instructor’s base salary based on movement from
limited to annual contract, annual to continuous contract, or after a peer
review process for faculty already on continuous contract. Over three years,
the maximum incentive payout for an individual faculty member will not exceed
$2,550.
Administrative and professional staff will receive a
6% salary increase in the coming year, and support staff will receive an
increase of 75 cents per hour, an average increase of 6%.
In addition to salary adjustments, the college is
increasing the rate of pay for part-time and overload teaching from $520 to
$550 per credit hour, increasing the reimbursement rate for educational tuition
from 50% to 80% of the tuition rate at the
In terms of “who” the funding will be
spent on, instructional costs account for 43% of total expenditures, in the
amount of $6,008,779. Instruction and academic support combined total 51% of
general fund expenses. General institutional costs account for 23% of expenses,
$3,160,775; operations and maintenance 12%, $1,731,244; student services 6%,
$824,220; general administrative 4%, $592,789; community services 3%, $405,869;
and scholarships 1%, $124,500.
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