Understanding Local Funds for Seattle Colleges Board of Trustees
Explore the details of local funds discussed during the Seattle Colleges Board of Trustees study session, including the definition, components, and budget allocations for tuition, investments, international student revenue, and more. Gain insights into the categories of funds, revenue sources, and budgeted amounts for various college operations.
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Local Funds For Seattle Colleges Board of Trustees Study Session June 14, 2018 By Jennifer Howard Interim Vice Chancellor of Administrative Services
Overview Definition of local funds Tuition information Investment information Running Start information International information Reserves College philosophy Parking Bookstore Conversation & Questions
What does local mean in Seattle? Local can mean district level Local can mean college level Or, it can be a combination
What funds are included in local funds? Tuition Interest on investments Running Start revenues International tuition and Intensive English Language Parking Bookstore revenues College-owned revenues Leases; cafeteria; room rentals
Tuition Total budgeted for 18/19: $29,445,546 3.5% is designated for the student financial fund, a locally held (college level) fund in financial aid. 74% retained locally (district level; redistributed to college level) to support general operations. 10% is collected as the building fee for SBCTC capital project funding, held at SBCTC. 10% is collected as Services and Activities (S&A) fees, retained locally (college level) and designated for student clubs, programs and other student activities. 2.5% is collected as the innovation fee to support the CTC link project, held at SBCTC. Other considerations International student tuition comes in as contract revenue. Total budgeted for 18/19: $10,740,606 Seattle categorizes approximately 260 international FTE as state FTE to better reach our state FTE target. This amount is then counted as regular tuition and included in the tuition figure, not the contract revenue figure. BAS tuition is calculated separately. Total budgeted for 18/19: $2,423,448 Adult Basic Education and English as a Second Language course are offered at $25 per quarter. The revenue is included in the regular tuition amounts.
Tuition rates: last 10 years 14% 12% 12% 12% 10% 7% 7% 8% 6% 4% 2.20% 2% 2% 0% 0% 0% 0% 2009/2010 2010/2011 2011/2012 2012/2013 2013/2014 2014/2015 2015/2016 2016/2017 2017/2018 2018/2019 -2% -4% -5% -6%
Investments Some reserves are invested. Investments are supported by Time Value Investments and managed by the Vice Chancellor. TVI serves about one third of the community colleges in Washington. About $50m is currently invested. Interest is distributed among the colleges and district, back to the same funds that hold the cash that is invested. Interest in the past year has been about $425k annually.
Running Start Program for high school students to take college classes on college campuses Paid for by the student s home high school Seattle Colleges bill the high school for the student s tuition up to a full load. Students pay the difference if they take more than a full load in a quarter. Books and transportation are paid for by the student. Students can earn high school and 2 year diplomas at the same time.
Running Start Rates are increasing % increase Non-vocational Rate Vocational Rate 5% 5% 12% 10% 2015-16 2016-17 2017-18 2018-19 $6,308.69 $6,380.15 $6,570.44 $8,135.13 $6,608.71 $6,683.30 $7,459.38 $9,059.51
Running Start Enrollments are increasing. 305 241 212 160 127 181 158 160 155 116 273 239 220 216 205 12/13 13/14 14/15 15/16 16/17 Central/SVI North South
Running Start Colleges determine the amount of Running Start revenues they use in the operating budget. Total budgeted for 18/19: $3,634,000 District takes 7% of this figure as indirect (costs associated with providing education) = $254,380 Revenues collected and not budgeted remain at the college as reserves, less the district s 7% indirect.
International International students pay for their education at the non-resident tuition rate. The funds are NOT counted as tuition, as the students are not counted as state FTE. International tuition is kept locally at the college level, and the district indirect is calculated at 7%. Seattle Colleges convert 260 FTE to state FTE. The expenses to recruit and retain international students are paid from the international revenues.
International Budgeted revenue by college for 18/19: Total Central North South International tuition $10,740,606 $7,440,606 $2,300,000 $1,000,000 District takes 7% of this figure as indirect (costs associated with providing education) = $751,842
Reserves Each college maintains revenues in excess of expenditures for Running Start, International, and Intensive English Language classes. CASH BALANCES as of 1617FY Program Central North South Total Running Start $ 105,021 $ 1,619,338 $ 377,014 $ 2,101,373 International $ 3,011,272 $ 9,090,416 $ 1,419,068 $ 13,520,756 Intensive Eng. Lang $ 2,849,807 $ 4,383,635 $ 2,680,390 $ 9,913,832 Total $ 5,966,100 $ 15,093,390 $ 4,476,472 $ 25,535,961 CASH BALANCES as of June 7,2018 NOTE: EXPENDITURES MAY STILL BE TAKEN FROM THESE ACCOUNTS. THESE ARE ACTIVE ACCOUNTS. THIS IS NOT A YEAR-END BALANCE Program Central North South Total Running Start $ 696,534 $ 1,898,915 $ 857,936 $ 3,453,385 International $ 5,248,726 $ 9,846,609 $ 1,355,307 $ 16,450,642 Intensive Eng. Lang $ 3,263,717 $ 5,033,484 $ 4,291,572 $ 12,588,773 Total $ 9,208,977 $ 16,779,008 $ 6,504,815 $ 32,492,800
Running Start/International fund philosophy Central Budgets as anticipated revenue the cost of providing education for the number of anticipated FTE. Any remainder is allocated to reserves for future use. The international programs is allowed to carry a reserve equal to six months operating costs to allow for staff adjustment during a downturn. North Sets aside Running Start and International funds, then creates the operating budget revenues based on the previous year s revenues. Sets aside two years expenses for International program continuity South Works with the personnel in Running Start and International programs to determine the revenue expected in the next budget year, then budgets those amounts as anticipated revenue. South reaches a number taking the FTE amounts of those programs into consideration, but not the rate.
Parking WAC 132F-116-065: Fees collected from the sale of parking permits shall be used to help offset the expenses of the district's commute trip reduction program, to help maintain the parking facilities at each campus, and to assist with funding of the positions necessary to enforce these parking rules and regulations, and other purposes deemed appropriate. This year: $150,000 used for costs; remainder distributed to the colleges. Next year: 20% used for costs; remainder distributed to the colleges.
Bookstore Contracted with Barnes & Noble Commission = profit for the colleges Total Sales Central South North Total District Commission 1617FY $ 1,184,238 $ 802,172 $ 1,629,310 $ 3,615,720 $ 367,729 1516FY $ 1,385,199 $ 916,380 $ 1,868,707 $ 4,170,286 $ 387,029 1415FY $ 1,637,774 $ 1,003,357 $ 2,111,534 $ 4,752,665 $ 445,266 Total $ 4,207,210 $ 2,721,909 $ 5,609,552 $ 12,538,671 $ 1,200,024 Average $1,402,403.43 $ 907,302.89 $1,869,850.53 $ 4,179,556.84 $ 400,008.09 1% is redistributed to the colleges $100,000 is set aside for graduation costs
Additional Conversation & Questions
