REVENUE REPORT MAIN CAMPUS
First quarter, FY 2008
Covering July 1, 2007 to September 30, 2007
The report for Wayne College is lower on this page.
Explanation of table
Tuition and Fees Greater-than-anticipated credit hour production in the fall generated tuition and fee revenues in excess of the budget, but not enough to make up for the summer shortfall. Summer credit hour production was less than expected by 2.5% while fall exceeded the 5% budgeted growth by 1.1%. Overall, first-quarter revenue exceeded the budget by $300,000.
State Appropriations The FY08 state share of instruction reflects the increase approved in the final state budget. The unfavorable variance is primarily a result of an accounting change and will have no bottom-line impact. Also, unbudgeted Innovative Incentive Program funds of $190,226 will be received from the state as we continue to further strengthen our STEM programs.
Departmental Sales and Workforce Development Revenues in the sales and service areas were greater than budgeted in the first quarter, while the Workforce Development revenues fell short of expectations. This is not a concern as sales areas often experience deficits resulting from timing differences. In most instances, resources are expended up front in order to generate the anticipated revenues. There are sufficient fund balances to cover these issues.
Indirect Cost Recovery These revenues were 6.2% less than budgeted for the first quarter. The receipts, which relate to externally funded grant activity, are based on the related spending and vary greatly from period to period.
Earnings from Investments and Endowments The earnings from investments and endowments were very favorable in the first quarter of FY08. The revenues exceeded budget by 26.4% and reflect the favorable interest rates and market performance.
Miscellaneous Income This category includes any income source that is not included in the above-referenced categories, such as unrestricted gifts or any refunds from the prior fiscal year. The annual budget of $1.05 million is composed of two parts. As in past years, $50,000 relates to any income source that is not included in the above-referenced categories. The remaining $1 million budget reflects anticipated miscellaneous income from various sources.
REVENUE REPORT WAYNE COLLEGE
First quarter, FY2008
Covering July 1, 2007 to Sept. 30, 2007
Explanation of table
Tuition and Fees Greater-than-anticipated credit hour production in the summer ( up 5.2 percent) and fall (up 6.4 percent) drove the $233,000 favorable variance in total tuition and fee revenue. To date, overall credit hours are greater than last years by 6.2 percent which compares favorably to the projected 5 percent summer increase and 1 percent fall increase
State Appropriations FY08 state share of instruction is expected to come in at/or near the budgeted level.
Departmental Sales and Workforce Development Revenues in the sales and service areas fell short of the first quarter budget by more than $83,000. This shortfall was primarily in the Workforce Development programming. These accounts experience timing variances and it is not uncommon to see expense overages and revenue shortfalls early in the year.
Miscellaneous Income This category includes any income source that is not included in the above-referenced categories, such as unrestricted gifts or any refunds from the prior fiscal year. The annual budget of $2,500 relates to any income source that is not included in the above-referenced categories. First quarter receipts of $1,200 exceeded the budget and represent about half of the annual budget.
Total Resources In total, net available resources exceeded the first quarter budget by about $148,000.
