New Jersey Institute of Technology
FY2014 Operating and Capital Budgets
Approved by the Board of Trustees
July 25, 2013
New Jersey Institute of Technology
FY2014 Budget Highlights
Revenue Overview
Base appropriation of $37.7 million, no change from previous 3 years
$1.4 million in additional tuition and fee revenue based on projected enrollment
increase
$3.3 million in additional tuition and fee ‘net’ revenue resulting from a 3.2% rate
increase.
With the completion of the Albert Dorman Honors College Residence Hall and
Greek Housing we have increased on campus housing by 600 beds and additional
income of $0.8 Million
A 3% rate increase for existing residence beds
No growth to restricted grants and contracts due to sequestration
Page 1
New Jersey Institute of Technology
FY2014 Budget Highlights
Expense Overview
$6.6 Million in Strategic Planning Initiatives:
$3.6 Million - Instruction - Faculty and Staff Strategic Hiring / Program
Growth
$1.0 Million - Retention / Academic and Student Support Programs
$0.6 Million - Physical Plant and Safety
$0.8 Million - Institutional Support - Strategic Hiring / Branding / Marketing
$0.6 Million - Grant and Research Support
Includes $9.1 Million to support ongoing Capital Projects
$4.0 Million to fund estimated FY14 salary program and FY12 and FY13 salary
program annualization
Page 2
New Jersey Institute of Technology
FY2014 Budget Highlights
Expense Overview
$2.4 Million additional fringe benefit expenses
$0.9 Million additional debt service requirements
$0.6 Million decrease to auxiliaries primarily due to the termination of the
University Centre Lease
$1.5 Million in savings from anticipated faculty and staff salary turnover
$1.3 Million in estimated faculty separation incentive program savings, resulting
from an expected additional 15 faculty retiring by the end of the Fall semester.
This would bring the total to 27 faculty participants (from the initial list of 64
interested).
Page 3
New Jersey Institute of Technology
FY2012 Year-End Actual, FY2013 Year-End Projected, and FY2014 Budget
Executive Summary ($000’s)
Income
Tuition and Fees
State Appropriation - Base
State Appropriation - Fringe Benefits
Other Sources
Subtotal Operating Revenue
Restricted Programs
Grand Total Revenues
Expense
Salaries & Benefits
General Non-Personnel
Mandatory/Non-Mandatory Transfers
Subtotal Operating Expenses
Required NJ OMB Fringe Benefit Adjustment
Total Operating Expenses
Restricted Programs
Grand Total Expenses
Surplus / (Deficit)
FY2012
Year-End
Committed
FY2013
Year End
Projected
$
%
FY2014
Preliminary FY14 Budget FY14 Budget
Budget
/ FY13 Proj / FY13 Proj
129,358
37,696
27,687
35,044
229,785
94,041
323,826
141,436
37,696
43,011
34,793
256,936
98,820
355,756
146,730
37,696
45,933
36,510
266,869
98,820
365,689
5,294
2,922
1,717
9,933
9,933
3.7%
0.0%
6.8%
4.9%
3.9%
0.0%
2.8%
141,501
61,010
27,274
229,785
147,758
63,672
31,695
243,125
13,811
256,936
98,820
355,756
155,764
69,100
27,568
252,432
14,437
266,869
98,820
365,689
8,006
5,428
(4,127)
9,307
626
9,933
9,933
5.4%
8.5%
-13.0%
3.8%
229,785
94,041
323,826
-
Page 4
-
-
3.9%
0.0%
2.8%
New Jersey Institute of Technology
Revenue = $365,689
($000’s)
Page 5
New Jersey Institute of Technology
Expense = $365,689
($000’s)
Page 6
New Jersey Institute of Technology
FY2012 Year-End Actual, FY2013 Year-End Projected, and FY2014 Budget
Revenue Summary ($000’s)
FY2012
Year-End
Committed
Income Detail - Unrestricted Operations
Regular Tuition
Regular Fees
Other Tuition
Subtotal - Regular Tuition
FY2013
Projected
Committed
FY2014
Proposed
Budget
110,177
16,529
2,651
129,357
120,640
18,148
2,648
141,436
125,146
18,214
3,370
146,730
37,696
37,696
27,687
Required NJ OMB Fringe Adjustment
Total State Appropriation
Other Sources
Other Fees & Assessments
Investments & Unrestricted Giving
Auxiliaries
Allocated Balances & Year-End PO's
Unrestricted Research Activities
State Appropriation
State Appropriation
State Supported Fringes
Subtotal - Other Sources
Total Operating Revenues
Restricted Programs (Net of Operations)
Grand Total Revenues
$
%
FY14 Budget FY14 Budget
/ FY13 Proj / FY13 Proj
4,506
66
722
5,294
3.74%
0.36%
27.27%
3.74%
37,696
-
0.00%
29,200
31,496
2,296
7.86%
65,383
13,811
80,707
14,437
83,629
626
2,922
4.53%
3.62%
4,057
1,434
15,949
2,771
10,834
4,001
1,664
16,245
2,125
10,758
3,557
1,350
16,983
3,594
11,026
35,045
229,785
34,793
256,936
36,510
266,869
1,717
9,933
4.93%
3.87%
94,041
98,820
98,820
-
0.00%
323,826
355,756
365,689
9,933
2.79%
Page 7
(444)
(314)
738
1,469
268
-11.10%
-18.87%
4.54%
69.13%
2.49%
New Jersey Institute of Technology
FY2012 Year-End Actual, FY2013 Year-End Projected, and FY2014 Budget
Expense Summary ($000’s) (Page 1 of 2)
$
%
FY2014
Proposed FY14 Budget FY14 Budget
Budget
/ FY13 Proj / FY13 Proj
FY2012
Year-End
Committed
FY2013
Projected
Committed
Academic Area Salaries
Academic Area Fringe Benefits
Total Academic Area
Support Area Salaries
Support Area Fringe Benefits
Total Support Area
85,131
23,999
109,130
24,807
7,564
32,371
88,430
26,007
114,437
25,749
7,572
33,321
93,132
27,392
120,524
27,222
8,018
35,240
4,702
1,385
6,087
1,473
446
1,919
5.32%
5.33%
5.32%
5.72%
5.89%
5.76%
Required NJ OMB Fringe Adjustment
Total Personnel
141,501
13,811
161,569
14,437
170,201
626
8,632
4.53%
5.34%
27,568
24,011
8,472
3,050
631
2,193
2,025
1,845
2,507
1,352
1,449
2,704
77,807
(4,127)
1,701
918
300
(1,557)
190
123
(5)
1,052
14
154
1,247
10
-13.02%
7.62%
12.15%
10.91%
-71.16%
9.49%
6.47%
-0.27%
72.30%
1.05%
11.89%
85.59%
0.01%
Personnel
Non-Personnel - Commitments Greater Than $1 Million (In FY2013)
Mandatory/Non-Mandatory Transfers
Student Awards
Utilities
Branding/Advertising - Non-Personnel Only
Other Rents & Leases
Insurance Premiums
Consulting/Professional Services
Repair Services
Lab & Instructional Equipment > $2,500
Athletic Specific
Library Specific
Facility and Grounds Maintenance
Subtotal - Commitments Greater Than $1 Million
27,274
20,913
7,260
2,611
2,006
1,940
1,602
1,797
1,123
1,333
1,332
1,267
70,458
Page 8
31,695
22,310
7,554
2,750
2,188
2,003
1,902
1,850
1,455
1,338
1,295
1,457
77,797
(1)
New Jersey Institute of Technology
FY2012 Year-End Actual, FY2013 Year-End Projected, and FY2014 Budget
Expense Summary ($000’s) (Page 2 of 2)
FY2012
Year-End
Committed
FY2013
Projected
Committed
$
%
FY2014
Proposed FY14 Budget FY14 Budget
Budget
/ FY13 Proj / FY13 Proj
Other Major Operating Expenses
Other Major Operating Expenses
Equipment
Supplies
Travel, Meeting, Meals-Major
Capital Improvements
Cost Recovery/Chargebacks
University Reserve
Subtotal - Other Major Operating Expenses
Year End Encumbrances Shown Above
Subtotal Non-Personnel
Total Operating Expenses
Restricted Programs
Grand Total Expenses
13,505
1,798
1,912
1,296
375
(1,060)
17,826
11,611
2,900
1,916
1,512
481
(850)
17,570
11,574
3,346
2,048
1,362
474
(1,114)
1,171
18,861
(37)
446
132
(150)
(7)
(264)
1,171
1,291
-0.32%
15.38%
6.89%
-9.92%
-1.46%
31.06%
0.00%
7.35%
2,125
3,594
3,594
88,284
95,367
96,668
1,301
1.36%
229,785
256,936
266,869
9,933
3.87%
94,041
98,820
98,820
-
0.00%
323,826
355,756
365,689
9,933
2.79%
-
-
-
-
0.00%
Surplus / (Deficit)
(1)
The FY13 projected surplus of $6 million will be used to fund the State Bond match requirements.
Page 9
New Jersey Institute of Technology
FY13-FY20 Capital Projects Funding Sources and Estimated Costs Summary
($000’s)
FY13FY20
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
Total
Funding Sources:
NJIT Bond Fund
Gifts
Annual Transfer From Operating Budget
"Building Our Future" State Bond Funds
Required Matches to State Bond Funds:
Plant Reserves
Transfer From Plant Projects
Tech Fresh
Total Funding Sources
2,500
9,262
-
50
9,100
30,000
9,100
30,000
9,100
39,843
9,100
-
9,100
-
9,100
-
9,100
-
2,500
50
72,962
99,843
2,500
14,262
6,000
1,000
46,150
1,000
750
1,000
41,850
3,945
100
52,988
9,100
9,100
9,100
9,100
13,445
850
2,000
191,650
Summary of Projects:
Major Projects
Maintanance Projects
"Building Our Future" Projects
Total Projects (See details to follow)
7,300
4,387
2,500
14,187
5,787
3,375
40,000
49,162
5,700
3,375
40,000
49,075
5,400
3,725
33,638
42,763
5,150
3,775
8,925
5,550
3,775
9,325
5,500
3,825
9,325
5,063
3,825
8,888
45,450
30,062
116,138
191,650
(7,225) 10,225
(10,162)
63
175
238
(225)
13
Annual Variance Funding Sources to Capital Projects
Cummulative Variance Funding Sources to Capital Projects
75
75
(3,012)
(2,937)
(225)
(212)
212
0
NOTE: State projects will depend on formal approval from State - schedule above presumes early Fall 2013 release. Schedule subject to change based on actual
release of State approval.
Page 10
0
New Jersey Institute of Technology
FY13-FY20 Detail of Major Projects ($000’s)
FY13
Major Projects
Tiernan HVAC
Reclad Guttenberg
Faculty HVAC
York HVAC
Bio-LabsCtr for Injury Biometrics
Career Services
CKB-Infrastructure
Architecture Studios
Restore GITC 3rd Conferencearea
CKB-Services
Lot 7 Rehab
CKB-Classrooms
CKB-Master Planning
Redwood Residence Hall
COAD - Library, Computer Lab,Desk
MEC - Research Lab 119
Campus Center
Weston Elevator Rehab
Disaster Recovery
State Project Match
Implement Campus Relo/Facilites Plan
Campus Way Finding
Major Class/Lab (I- Gen Projects)
Upgrade AV Capacity
Upgrade security System
Major Lab Rehab
Tiernan - Research Lab 301
Total Major Projects
FY14
FY15
FY16
FY17
FY18
2,500
1,000
FY19
FY20
2,700
2,700
2,363
1,500
800
800
800
1,200
800
800
500
1,500
1,000
1,500
300
2,000
300
2,500
800
2,050
287
900
900
100
50
100
7,300
5,787
350
500
750
200
150
1,000
100
100
100
150
500
100
200
100
1,000
100
100
100
5,700
5,400
Page 11
2,500
1,100
2,500
350
350
300
5,150
5,550
5,500
5,063
FY13-FY20
Total
7,900
2,500
3,200
2,000
500
1,500
1,000
1,500
300
2,000
300
2,500
800
2,050
287
900
900
350
1,000
850
500
300
10,463
300
200
1,200
150
45,450
New Jersey Institute of Technology
FY13-FY20 Detail of Annual Maintenance and “Building Our Future” Projects
($000’s)
FY13
Annual Maintenance Projects
Classroom Upgrades (In I-Gen after fy13)
Depart Moves/Upgrades (Added$ in Relo Plan)
Campus Wide Furniture
Residence Hall Summer Work
Painting (Added$ in Relo Plan)
Sidewalks & Roadways
Parking Facilities
Fire Alarm Upgrades
Lighting Upgrades
Elevator Rehabs
Bathroom Upgrades
Roof Replacement
HVAC Upgrades
Additional Projects
Transfer for I- GenProjects
Total Maintenance Projects
"Building Our Future" Projects
Central King Building
York Extension
Total "Building Our Future" Projects
FY14
FY15
100
100
100
250
200
75
200
75
75
200
150
600
1,000
1,262
100
50
100
250
100
75
200
75
75
200
150
500
500
1,000
4,387
2,500
2,500
FY16
3,375
50
100
350
100
75
200
75
75
200
150
700
1,200
1,100
(1,000)
3,375
50
100
400
100
75
200
75
75
200
150
700
1,500
1,100
(1,000)
3,725
33,000
7,000
40,000
33,000
7,000
40,000
30,638
3,000
33,638
Page 12
FY17
50
100
450
100
75
200
75
75
200
150
700
1,500
1,100
(1,000)
3,775
-
FY18
50
100
450
100
75
200
75
75
200
150
700
1,500
1,100
(1,000)
3,775
-
FY19
50
100
500
100
75
200
75
75
200
150
700
1,500
1,100
(1,000)
3,825
-
FY20
50
100
500
100
75
200
75
75
200
150
700
1,500
1,100
(1,000)
3,825
-
FY13-FY20
Total
200
450
800
3,150
900
600
1,600
600
600
1,600
1,200
5,300
10,200
8,862
(6,000)
30,062
99,138
17,000
116,138