FY22 Q2 Budget Report Overview and Analysis
The FY22 Q2 budget report highlights revenue tracking, expenses tracking, and overall budget status. Key points include revenue breakdown by source, expense allocation, and variances impacting the budget. Detailed analysis reveals trends in revenue collection, personnel expenses, and budget projections for the upcoming quarters.
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Board of Trustees Meeting FY22 Q2 Budget Report FY22 Q2 Budget Report Kwabena J. Boakye Kwabena J. Boakye Vice President for Administrative Services Vice President for Administrative Services JANUARY 18, 2022 JANUARY 18, 2022
2 Overview Overview How Are We Doing? Q2 Actual Revenue Tracking Q2 Actual Expenses Tracking Q2 Budget Status Revised Budget Process AP 503.01 Feedback
13 How Are We Doing at Q2 How Are We Doing at Q2 - - December 31, 2021? December 31, 2021? Revenue State allocation did not change since Q1 Tuition collection at end of Q2 was 50.8% of budget Fees/miscellaneous collection at end of Q2 was 59.7% of budget Running Start collection at end of Q2 was 37.6% of budget Actual local revenue at end of Q2 was 46.3% of budget Expenses Actual personnel expenses at end of Q2 was 44.2% of budget Actual total expenses at end of Q2 was 42.7% of budget Budget Status: FTE for local revenue is trending lower, about $228,651 below projection Personnel is on target within projection, about $478,495 higher than last year Combined impact on FY22 budget is approximately $707,146 ($228,651 +478,495) in Q2
4 Q2 Q2 - - Actual Revenue Tracking Actual Revenue Tracking FY22 Budget FY22 Actuals FY22 % Budget FY21 Budget FY21 Actuals FY21 % Budget Description $12,866,892 $6,792,853 52.8% State 12,582,291 $6,217,515 49.4% $2,512,358 $1,277,260 50.8% Tuition $2,743,323 $1,080,079 39.4% $2,005,680 $755,065 37.6% RS $2,185,849 $891,473 40.8% $452,224 $269,760 59.7%% Fees/Misc. $660,163 $323,673 49.0% $17,837,154 $9,094,938 51.0% Total 18,171,626 $8,512,740 46.8% State Includes $504,967 for legislative initiatives (mental health, student emergency assistance grant and diversity/equity) RS Total for Fall 21 billings
5 Q2 Q2 - - Actual Expenses Tracking Actual Expenses Tracking FY22 Budget FY22 Actuals FY22 % Budget FY21 Budget FY21 Actuals FY21 % Budget Description $11,862,315 $5,168,408 43.6% Salary $3,784,058 $1,748,829 46.2% Benefits $15,646,373 $6,917,237 44.2% Total Personnel $14,740,603 $6,438,742 43.7% $2,609,143 $1,018,153 39% Goods/Services $2,469,141 $1,474,175 59.7% $127,916 $30,885 24.1% Travel $24,539 $9,167 37.4% $112,837 $50,397 44.7% Equipment 149,400 $63,730 42.7% $644,756 $156,764 24.3% Grants/Subs 626,193 $67,652 10.8% 19,141,025 $8,173,436 42.7% Total $18,009,876 $8,053,466 44.7%
Q2 Budget Status Budget Revision Revised Budget State Allocation Local Revenue $12,866,892 $4,970,262 $0 $0 $12,866,892 $4,970,262 HEERF $1,808,828 $0 $1,808,828 Total Revenue $19,645,982 $0 $19,645,982 Personnel $15,646,373 $0 $15,646,373 Operating $3,494,652 $0 $3,494,652 LIs $504,957 $0 $504,957 Total Expenses $19,645,982 $0 $19,645,982 Variance $0 $0 $0
Revised Budget Process Revised Budget Process AP 503.01 AP 503.01 7 Timeline Action July New Budget Year; budget upload to accounting system August September October Faculty & staff vacancy replacement need assessment November Budget manager meeting; call for budget request December Budget request submission to VPs and Chiefs; preliminary review of budget requests January Local revenue projection; call for fee schedule changes; initial review of budget request submissions by President and Executive Team; communication of budget request planning summary for campus community February Budget stakeholder discussions March Budget stakeholder discussions April State allocation projection; draft tuition and fees schedule; campus engagement; budget request decisions May Total revenue and expenditures projection; draft operating budget June Operating budget approval; budget manager meeting, distribution of operating budget
Feedback Feedback Send ideas to budget@ghc.edu How to increase revenue at the college How to decrease expenditures in your area or other areas of the college Best ways to increase enrollment at the college Other 8
