New Jersey Institute of Technology

Transcription

1 FY2014 Operating and Capital Budgets Approved by the Board of Trustees July 25, 2013

2 FY2014 Budget Highlights Revenue Overview Base appropriation of $37.7 million, no change from previous 3 years $1.4 million in additional tuition and fee revenue based on projected enrollment increase $3.3 million in additional tuition and fee net revenue resulting from a 3.2% rate increase. With the completion of the Albert Dorman Honors College Residence Hall and Greek Housing we have increased on campus housing by 600 beds and additional income of $0.8 Million A 3% rate increase for existing residence beds No growth to restricted grants and contracts due to sequestration Page 1

3 FY2014 Budget Highlights Expense Overview $6.6 Million in Strategic Planning Initiatives: $3.6 Million - Instruction - Faculty and Staff Strategic Hiring / Program Growth $1.0 Million - Retention / Academic and Student Support Programs $0.6 Million - Physical Plant and Safety $0.8 Million - Institutional Support - Strategic Hiring / Branding / Marketing $0.6 Million - Grant and Research Support Includes $9.1 Million to support ongoing Capital Projects $4.0 Million to fund estimated FY14 salary program and FY12 and FY13 salary program annualization Page 2

4 FY2014 Budget Highlights Expense Overview $2.4 Million additional fringe benefit expenses $0.9 Million additional debt service requirements $0.6 Million decrease to auxiliaries primarily due to the termination of the University Centre Lease $1.5 Million in savings from anticipated faculty and staff salary turnover $1.3 Million in estimated faculty separation incentive program savings, resulting from an expected additional 15 faculty retiring by the end of the Fall semester. This would bring the total to 27 faculty participants (from the initial list of 64 interested). Page 3

5 FY2012 Year-End Actual, FY2013 Year-End Projected, and FY2014 Budget Executive Summary ($000 s) FY2012 FY2013 FY2014 $ % Year-End Year End Preliminary FY14 Budget FY14 Budget Income Committed Projected Budget / FY13 Proj / FY13 Proj Tuition and Fees 129, , ,730 5, % State Appropriation - Base 37,696 37,696 37, % State Appropriation - Fringe Benefits 27,687 43,011 45,933 2, % Other Sources 35,044 34,793 36,510 1, % Subtotal Operating Revenue 229, , ,869 9, % Restricted Programs 94,041 98,820 98, % Grand Total Revenues 323, , ,689 9, % Expense Salaries & Benefits 141, , ,764 8, % General Non-Personnel 61,010 63,672 69,100 5, % Mandatory/Non-Mandatory Transfers 27,274 31,695 27,568 (4,127) -13.0% Subtotal Operating Expenses 229, , ,432 9, % Required NJ OMB Fringe Benefit Adjustment 13,811 14, Total Operating Expenses 229, , ,869 9, % Restricted Programs 94,041 98,820 98, % Grand Total Expenses 323, , ,689 9, % Surplus / (Deficit) Page 4

6 Revenue = $365,689 ($000 s) Page 5

7 Expense = $365,689 ($000 s) Page 6

8 FY2012 Year-End Actual, FY2013 Year-End Projected, and FY2014 Budget Revenue Summary ($000 s) FY2012 FY2013 FY2014 $ % Year-End Projected Proposed FY14 Budget FY14 Budget Committed Committed Budget / FY13 Proj / FY13 Proj Income Detail - Unrestricted Operations Regular Tuition 110, , ,146 4, % Regular Fees 16,529 18,148 18, % Other Tuition 2,651 2,648 3, % Subtotal - Regular Tuition 129, , ,730 5, % State Appropriation State Appropriation 37,696 37,696 37, % State Supported Fringes 27,687 29,200 31,496 2, % Required NJ OMB Fringe Adjustment - 13,811 14, % Total State Appropriation 65,383 80,707 83,629 2, % Other Sources Other Fees & Assessments 4,057 4,001 3,557 (444) % Investments & Unrestricted Giving 1,434 1,664 1,350 (314) % Auxiliaries 15,949 16,245 16, % Allocated Balances & Year-End PO's 2,771 2,125 3,594 1, % Unrestricted Research Activities 10,834 10,758 11, % Subtotal - Other Sources 35,045 34,793 36,510 1, % Total Operating Revenues 229, , ,869 9, % Restricted Programs (Net of Operations) 94,041 98,820 98, % Grand Total Revenues 323, , ,689 9, % Page 7

9 FY2012 Year-End Actual, FY2013 Year-End Projected, and FY2014 Budget Expense Summary ($000 s) (Page 1 of 2) Personnel FY2012 FY2013 FY2014 $ % Year-End Projected Proposed FY14 Budget FY14 Budget Committed Committed Budget / FY13 Proj / FY13 Proj Academic Area Salaries 85,131 88,430 93,132 4, % Academic Area Fringe Benefits 23,999 26,007 27,392 1, % Total Academic Area 109, , ,524 6, % Support Area Salaries 24,807 25,749 27,222 1, % Support Area Fringe Benefits 7,564 7,572 8, % Total Support Area 32,371 33,321 35,240 1, % Required NJ OMB Fringe Adjustment 13,811 14, % Total Personnel 141, , ,201 8, % Non-Personnel - Commitments Greater Than $1 Million (In FY2013) Mandatory/Non-Mandatory Transfers 27,274 31,695 (1) 27,568 (4,127) % Student Awards 20,913 22,310 24,011 1, % Utilities 7,260 7,554 8, % Branding/Advertising - Non-Personnel Only 2,611 2,750 3, % Other Rents & Leases 2,006 2, (1,557) % Insurance Premiums 1,940 2,003 2, % Consulting/Professional Services 1,602 1,902 2, % Repair Services 1,797 1,850 1,845 (5) -0.27% Lab & Instructional Equipment > $2,500 1,123 1,455 2,507 1, % Athletic Specific 1,333 1,338 1, % Library Specific 1,332 1,295 1, % Facility and Grounds Maintenance 1,267 1,457 2,704 1, % Subtotal - Commitments Greater Than $1 Million 70,458 77,797 77, % Page 8

10 FY2012 Year-End Actual, FY2013 Year-End Projected, and FY2014 Budget Expense Summary ($000 s) (Page 2 of 2) Other Major Operating Expenses FY2012 FY2013 FY2014 $ % Year-End Projected Proposed FY14 Budget FY14 Budget Committed Committed Budget / FY13 Proj / FY13 Proj Other Major Operating Expenses 13,505 11,611 11,574 (37) -0.32% Equipment 1,798 2,900 3, % Supplies 1,912 1,916 2, % Travel, Meeting, Meals-Major 1,296 1,512 1,362 (150) -9.92% Capital Improvements (7) -1.46% Cost Recovery/Chargebacks (1,060) (850) (1,114) (264) 31.06% University Reserve - - 1,171 1, % Subtotal - Other Major Operating Expenses 17,826 17,570 18,861 1, % Year End Encumbrances Shown Above 2,125 3,594 3,594 Subtotal Non-Personnel 88,284 95,367 96,668 1, % Total Operating Expenses 229, , ,869 9, % Restricted Programs 94,041 98,820 98, % Grand Total Expenses 323, , ,689 9, % Surplus / (Deficit) % (1) The FY13 projected surplus of $6 million will be used to fund the State Bond match requirements. Page 9

11 FY13-FY20 Capital Projects Funding Sources and Estimated Costs Summary ($000 s) FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 Funding Sources: NJIT Bond Fund 2, ,500 Gifts Annual Transfer From Operating Budget 9,262 9,100 9,100 9,100 9,100 9,100 9,100 9,100 72,962 "Building Our Future" State Bond Funds - 30,000 30,000 39, ,843 Required Matches to State Bond Funds: Plant Reserves 2,500 6,000 1,000 3, ,445 Transfer From Plant Projects Tech Fresh - 1,000 1, ,000 Total Funding Sources 14,262 46,150 41,850 52,988 9,100 9,100 9,100 9, ,650 Summary of Projects: Major Projects 7,300 5,787 5,700 5,400 5,150 5,550 5,500 5,063 45,450 Maintanance Projects 4,387 3,375 3,375 3,725 3,775 3,775 3,825 3,825 30,062 "Building Our Future" Projects 2,500 40,000 40,000 33, ,138 Total Projects (See details to follow) 14,187 49,162 49,075 42,763 8,925 9,325 9,325 8, ,650 Annual Variance Funding Sources to Capital Projects 75 (3,012) (7,225) 10, (225) (225) Cummulative Variance Funding Sources to Capital Projects 75 (2,937) (10,162) (212) 0 0 FY13- FY20 Total NOTE: State projects will depend on formal approval from State - schedule above presumes early Fall 2013 release. Schedule subject to change based on actual release of State approval. Page 10

12 FY13-FY20 Detail of Major Projects ($000 s) FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY13-FY20 Total Major Projects Tiernan HVAC 2,500 2,700 2,700 7,900 Reclad Guttenberg 1,000 1,500 2,500 Faculty HVAC ,200 York HVAC 1, ,000 Bio-LabsCtr for Injury Biometrics Career Services 1,500 1,500 CKB-Infrastructure 1,000 1,000 Architecture Studios 1,500 1,500 Restore GITC 3rd Conferencearea CKB-Services 2,000 2,000 Lot 7 Rehab CKB-Classrooms 2,500 2,500 CKB-Master Planning Redwood Residence Hall 2,050 2,050 COAD - Library, Computer Lab,Desk MEC - Research Lab Campus Center Weston Elevator Rehab Disaster Recovery ,000 State Project Match Implement Campus Relo/Facilites Plan Campus Way Finding Major Class/Lab (I- Gen Projects) 1,000 1,000 2,500 1,100 2,500 2,363 10,463 Upgrade AV Capacity Upgrade security System Major Lab Rehab ,200 Tiernan - Research Lab Total Major Projects 7,300 5,787 5,700 5,400 5,150 5,550 5,500 5,063 45,450 Page 11

13 FY13-FY20 Detail of Annual Maintenance and Building Our Future Projects ($000 s) FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY13-FY20 Total Annual Maintenance Projects Classroom Upgrades (In I-Gen after fy13) Depart Moves/Upgrades (Added$ in Relo Plan) Campus Wide Furniture Residence Hall Summer Work ,150 Painting (Added$ in Relo Plan) Sidewalks & Roadways Parking Facilities ,600 Fire Alarm Upgrades Lighting Upgrades Elevator Rehabs ,600 Bathroom Upgrades ,200 Roof Replacement ,300 HVAC Upgrades 1, ,200 1,500 1,500 1,500 1,500 1,500 10,200 Additional Projects 1,262 1,000 1,100 1,100 1,100 1,100 1,100 1,100 8,862 Transfer for I- GenProjects (1,000) (1,000) (1,000) (1,000) (1,000) (1,000) (6,000) Total Maintenance Projects 4,387 3,375 3,375 3,725 3,775 3,775 3,825 3,825 30,062 "Building Our Future" Projects Central King Building 2,500 33,000 33,000 30,638 99,138 York Extension 7,000 7,000 3,000 17,000 Total "Building Our Future" Projects 2,500 40,000 40,000 33, ,138 Page 12