Trustees Approve $22.6 Million Balanced Budget

Trustees Approve $22.6 Million Balanced Budget

June 29, 2023 | ,

The East Central College Board of Trustees Monday, June 26, approved a $22.6 million spending plan, that includes a salary increase for employees.

The 2024 fiscal year balanced budget projects $22,617,484 in both revenue and expenditures. The college’s fiscal year runs from July 1 through June 30.

In the 2023 fiscal year, there was $21,251,200 in both actual revenue and in expenditures.

Included in the budget is a 4 percent increase in employee compensation, an area that the college has been addressing, according to ECC President Dr. Jon Bauer.

He said that the budget development process requires a lot of communication across all areas of the College.

“This budget process was a team effort by all divisions and departments,” Bauer added. “While we could not fund all requests, the priority continued to be on employee compensation and other expenses related directly to students.

“As always, we will continue throughout the fiscal year to ensure a balance between actual revenues and expenses,” he said.

Local, state, and tuition and fees revenues are projected to make up 95.49 percent of our total college revenues this year. The percentage breakdown of those revenues is:

Local — 37.27 percent
State — 23.70 percent
Tuition and Fees — 34.52 percent

Anticipated revenue for tuition and fees this fiscal year is $7,808,233, an increase of $398,485 over last year’s budgeted tuition and fees revenue of $7,409,748.

Locally, budgeted revenue is expected to increase $367,716 from the previous budgeted amount of $8,428,974 last year to $8,061,258.

State aid is projected to increase slightly to $5,360,734 from the previous year’s budgeted amount of $5,290,485, a total increase of $70,249.