REVENUE REPORT – MAIN CAMPUS
Third quarter 2007
Covering July 1, 2006 to March 31, 2007
The report for Wayne College is lower on this page.
Explanation of table
Tuition and Fees – Fiscal Year 2007 enrollment (July 1, 2006 to June 30, 2007) exceeded expectations as the combination of summer, fall and spring credit hours outpaced FY06 levels by 5.4 percent. This growth generated surplus tuition and general fees of $8.0 million through the end of March. Receipts from other student fees exceeded the nine-month budget by $700,000. The dedicated portion of these revenues will be directed to the programs which assessed the fees.
State Appropriations – FY07 state share of instruction is expected to come in close to the budget. Economic Growth Challenge funds of $200,000 were received as a part of the Innovative Incentive Program. These funds will be matched with institutional funds and invested in yet-to-be-determined science, technology, engineering and mathematics (STEM) programs.
Departmental Sales and Workforce Development – Greater-than-expected revenues in the Departmental Sales and Service areas ($100,000) and near-budget revenues in Workforce Development programming keep this line item favorable through February.
Indirect Cost Recovery – These revenues were 15.3 percent less than budgeted for the first nine months. The receipts, which relate to externally funded grant activity, are based on the related grant spending that can vary greatly from period to period.
Earnings from Investments and Endowments – The earnings from investments ($4.7 million) and endowments ($200,000) exceeded their combined budgets by $1.3 million. The increase is due to the continued market improvements. On the cash side, the decision was made to go short as the yield curve remains virtually flat. That decision proved prudent, as short-term rates are currently very attractive.
Miscellaneous Income – 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 categories. The remaining $1 million budget reflects anticipated miscellaneous income from various sources. To date, the miscellaneous income is negligible, with no better expectations for the last quarter.
REVENUE REPORT – WAYNE COLLEGE
Third quarter 2007
Covering July 1, 2006 to March 31, 2007
Explanation of table
Tuition & Fees – While summer enrollment fell from last year, fall and spring were well-above FY06 levels. In total, current-year enrollment exceeds last year by 0.4 percent. Through the nine-month, total tuition and fee revenues are less than budget with a variance of -$100,000 (-1.4%).
State Appropriations – FY07 state share of instruction is expected to come in at the budgeted level.
Departmental Sales and Workforce Development – Revenues in these areas exceeded the March budget with minimal variances of $41,000 in Workforce Development and a negative $2,500 in other sales operations.
Miscellaneous Income – The annual budget of $2,500 relates to any income source that is not included in the above-referenced categories. Year-to-date receipts of $5,500 are 220 percent of the annual $2,500 budget.
Transfers-in – In addition to the revenue categories listed above, the FY07 annual budget also includes transfers-in totaling $90,000. This is comprised of $40,000 from the bookstore auxiliary and $50,000 from the contingency reserve.
Total Resources – In total, available resources fell short of the nine-month budget by just over $100,000.
