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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.