Agenda
• Financial Context for FY2011 Budget– FY2009 Year End Review– The Current Environment
• Preparing the FY2011 Budget– Timeline and Key Dates– Using Prior Data as a Guide– Overview of Basic Forms– Capital Project Requests
• Next Steps
• Fiscal year 2008-09 was among the most difficult in recent memory
• The economic downturn and turmoil in the equity and credit markets presented Colby with many financial challenges– Steep loss in endowment value– Significant losses on working capital– Brief, but deeply concerning, lack of access to working
capital– Reduced gifts to operations
FY2009 Year End Review
• The College acted to control expenses, with targeted reductions in key areas
• The College rallied to meet these challenges and obligations
• The College finished the year with an operating surplus, rather than a deficit, exceeding earlier projections
• We did not witness the same dislocations suffered by other institutions
FY2009 Year End Review (cont’d)
• Manage potential future financial pressures
• Faculty and staff salary increases
• Benefit cost increases
• Faculty positions
• Financial aid
• Programs and student life initiatives
• Renovation allocation and new facilities
Goals and Strategic Initiatives FY2010-FY2020
Outlook FY2011
• Q1 FY2010 estimates suggest positive year end results – but that means little for FY2011
• Market turmoil will still be with us – this is far from over
• Inflation and / or interest rates are a concern for their effect on the economy as a whole
• Federal and state government actions will be closely monitored
• Timeline– October 2, 2009 – “Budget Call” notice sent– October 23, 2009 – Budgets due from areas– November 20, 2009 – Office of Financial Planning completes first
draft of Preliminary Budget– December, 2009 – Conference call with Budget and Finance and
Compensation Committees– January, 2010 – Budget and Finance Committee approves the
Preliminary Budget– March, 2010 – Office of Financial Planning updates key
assumptions and prepares final Proposed Budget– April, 2010 – Board approves Proposed Budget
FY2010-11 Budget
• Preparing the FY2010-11 Budget– Total non-compensation budget increases for an
area limited to 0% over last year’s budget– Review budget-to-actual spending patterns and
strategic priorities for your area– Not all items need to be kept at the same level– Consult with your vice president or dean as
appropriate during the preparation process
FY2010-11 Budget
Forms
• Basic Forms– Form A – Budget Request– Form B – Student Employment (provides schedule to feed Form A)– Form D – Equipment, Furniture & Fixtures (provides schedule to feed
Form A)
• Other Forms (Use if necessary)– Form C – Temporary Summer Positions– Form F – Promotions, Re-classifications and/or Salary Adjustments
• Separate Consideration– Form E – Facility Projects
• Refer to the web site for additional information and instructions
FY2010-11 Budget
Effect of 0% IncreaseTotal BUD 2009 $100,000
Total ACT 2009 $ 75,000
Total BUD 2010 $100,000
Total BUD 2011 ????
$100,000
FY2010-11 Budget
ACT 2009 BUD 2010 BUD 2011
6100 Travel $30,000 $50,000 $40,000
6140 Postage $25,000 $30,000 $15,000
6340 Contract Svcs $20,000 $20,000 $45,000
Total $75,000 $100,000 $100,000
Next Steps
• Remember – 5pm Friday, October 23• Total non-comp budget increases for an area
limited to 0% over last year’s budget• Restricted Funds – Scott Smith x4123• Student Employment Form B – Bill Pottle x4130• Office of Financial Planning will be consulting
with areas as necessary - budget questions call• Scott Jones x5522 or Nora Dore x5521