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Southeast Tech board approves tentative $40M budget after finance update; routine minutes, agenda and consent items also approved
Summary
Board acknowledged finance actuals and approved the proposed fiscal-year budget (about $40 million). The meeting recorded several routine approvals (minutes, agenda, consent items) and a recess motion. No detailed vote tallies were recorded in the transcript.
Board members acknowledged finance actuals and approved the college’s tentative budget for the coming year during the meeting. The college’s finance presenter reported roughly $29.1 million in revenues received to date and about $28.7 million in expenses; the board then approved the proposed budget totaling about $40 million.
Christine, a Southeast Technical College finance staff member, reviewed year-to-date actuals at approximately 83% of the fiscal year complete. She described revenue mixes (about 48% tuition and fees, roughly one-third state funds, 2% federal, small local funds and 10% auxiliary sales) and said some state and federal reimbursements were in process and would increase reported revenue percentages before year end. Reported expenses were about 77% of budgeted categories; instructional costs and reimbursable grant equipment purchases were expected to increase in the closing weeks.
The presenter said the college’s fund balance had grown compared with prior years and noted a monthly burn rate of about $2 million to $2.1 million. For next year’s budget highlights she restated earlier material: a tuition increase enacted by the state, a $2 million portion of a $6 million HUD award planned for the budget, a proposed 1% faculty and staff raise effective July 1, and additional positions and accreditation resources for programs mentioned earlier in the meeting.
The board held the required public hearing on the tentative budget (the presenter opened and closed the hearing with no public comments) and then voted to approve the budget as presented.
Votes at a glance: - Approval of minutes (meeting held May 7): motion and second; outcome: approved (tally not specified). Referenced at 00:30:38 in the transcript. - Approval of meeting agenda: motion and second; outcome: approved (tally not specified). - Approval of consent agenda items 9a–9d: motion and second; outcome: approved (tally not specified). - Acknowledgement of graduate outcomes report: motion and second; outcome: acknowledged. - Acknowledgement of finance report: motion and second; outcome: acknowledged. - Approval of tentative budget as presented (total about $40,000,000): motion and second; outcome: approved. - Motion for five-minute recess and move to executive session later: motion and second; outcome: approved.
Board discussion included questions about timing of state and federal reimbursements, the relationship between credit hours and tuition receipts, and how payment plans affect revenue timing. The finance presenter said pending reimbursements (Perkins and other state-administered grants) and summer tuition receipts would likely reconcile the percentages shown in the current actuals.
The board recessed for five minutes with a motion and later prepared to move into an executive session as cited in state statute (CL 1-25-2(4) referenced by the chair).
