Download Your approved budget for the 2007/08 fiscal year, which begins July

VICE PRESIDENT FOR ADMINISTRATION
4770 Mayflower Hill
Waterville, ME 04901-8847
TEL
FAX
To:
207-859-4770
207-859-4775
Department Heads
From: Douglas C. Terp
Date: June 13, 2011
Re:
2011-12 Approved Budget
Your approved budget for the 2011/12 fiscal year, which begins July 1, is
now available electronically from the Office of Financial Planning web page
at:
http://www.colby.edu/administration_cs/financialplanning/budgets/fy2012.cf
m
I would like to mention several key points to keep in mind about the 2011-12
budget. Thanks to investment returns and operating budget adjustments made
over the last three fiscal years, we have been able to develop a balanced,
multi-year budget forecast. As you know, any set of financial projections are
very sensitive to staring point assumptions for key budget drivers (e.g.,
endowment, comprehensive fee, financial aid) and we will need to carefully
monitor these factors going forward.
For 2011-12, overall revenues increase about 4.7 percent, reflecting budgeted
enrollment of 1,830 students, a modest comprehensive fee increase, and higher
endowment support for the operating budget. On the expense side, budgets for
most areas were held flat except for a significant increase in financial aid
(roughly 7 percent), general and merit increases for faculty and staff, a small
increase in student wage budgets (object 5211), and the strategic initiatives.
Second, a number of budgets and budget categories (e.g. restricted or 02
accounts, postage, student employment) were developed using estimates
available at the time the overall budget was prepared last fall. While some
allowance is made in the budget for changed circumstances, it is ultimately
your responsibility to manage within the approved budget. If you have any
questions concerning the level of funding, please confer with the Vice
President or Dean responsible for your area of the College.
Third, approved budgets are designated by center number and will be
available only to budget supervisors. (Once the fiscal year begins in July, two
additional individuals may be designated by a budget supervisor to access the
range of available reports.)
Finally, if you have questions about your budget or a budget center for which
you are responsible does not appear on the web-report, please contact Nora
Dore, Assistant Director of Financial Planning (extension 5521, e-mail:
nidore). If you have additional information related to grant funding and
expenditures, or questions related to the budgeted funding level for restricted
funds, please contact Scott Smith, Director of Administrative Financial Services
(extension 4123, e-mail: sdsmith).
Thank you for your past efforts to manage the College as efficiently and
effectively as possible. As always, do not hesitate to communicate any costsaving ideas you might have to me or your VP/Dean.