New Jersey Institute of Technology
FY2008 Proposed Operating and Capital Budgets
July 16, 2007
New Jersey Institute of Technology
FY2008 Revenue Operating Budget
Revenue = $265,527
($000's)
Restricted
Programs, $64,600
24%
Other Revenue
Sources, $34,792
13%
Tuition and Fees,
$95,038 36%
State Appropriations,
$71,097 27%
New Jersey Institute of Technology
FY2008 Expenses Operating Budget
Expenses = $265,527
($000's)
Restricted
Programs, $64,600
24%
Academic Area
Personnel,
$100,982 38%
Reserves, $3,409
1%
General Operating
Expenses, $71,085
27%
Support Area
Personnel, $25,451
10%
New Jersey Institute of Technology
FY2008 Budget Highlights
¾ Increase in base State funding totaling $1.3 million
¾ Partial State funding of FY07 salary program carry forward and no State funding of FY2008
salary program, resulting in an unfunded net cost of $4.5 million
¾ 14 tenured faculty members accepted the faculty separation incentive program with annual
salaries of $1.8 million
¾ $4.8 million increase due to AY06/07 enrollment growth
¾ Conservative, no growth in new students for AY07/08
¾ $6.6 million additional revenue generated from 7% tuition (price) increase for In-State
Students (undergraduate and graduate)
New Jersey Institute of Technology
FY2008 Budget Highlights cont.
¾
15% increase in required fees, primarily supporting additional investments in technology,
athletics, and facilities debt service
¾
17% increase in student awards (including strategic plan allocations)
¾
Continued investment in Strategic Priorities ($1.4 million)
¾
$1.1 million increase in required debt service
¾
0.23% of the recurring operating budget built on non-recurring funds compared to 1.7% for
FY2007
¾
Modified residence hall room configurations (54 fewer beds) and limited rate increase
(2%) to meet external competition
¾
5% continued steady growth in restricted grants and contracts
New Jersey Institute of Technology
Analysis of FY2008 Proposed Budget - Summary
($000's)
FY07 Original
Operating
Budget
FY08 Proposed
Operating
Budget
$Δ
%Δ
Base Operating Appropriation
Salary Program
$47,182
$0
$48,490
$607
$1,308
$607
2.8%
1.3%
Sub-Total -State Support
$47,182
$49,097
$1,915
4.1%
Tuition+Fee Revenue
$83,605
$95,038
$11,433
13.7%
$130,787
$144,135
$13,348
10.2%
Sub-Total State Support and Tuition & Fee
Additional Expenses:
Recurring:
Personnel
Non-Personnel
$6,048
$2,287
Non-Recurring: Personnel
Non-Personnel
$242
$795
One-Time Payoff
Sub-Total Additional Expenses
Net Available
$3,149
$12,521
$827
New Jersey Institute of Technology
Analysis of FY2008 Proposed Budget
Summary of One-Time Funds1 Needed
($000's)
FY07
FY08
Base Operating Appropriation
Salary Program
$47,182
$0
$48,490
$607
$1,308
$607
2.8%
1.3%
Total
$47,182
$49,097
$1,915
4.1%
$83,605 $95,038
$130,787 $144,135
$11,433
$13,348
13.7%
10.2%
Tuition+Fee Revenue
Total
$Δ
Additional Expenses
FY07 One-Time Fund Payoff
Variance -- surplus/(shortfall)
($9,372)
($3,149)
$827
FY07 One-Time Carryforward
Transfer to Plant
FY08 One-Time Funds in Budget
($5,097)
$3,800
($470)
1
One-time funds negative
%Δ
New Jersey Institute of Technology
Analysis of FY2008 Proposed Budget - Detail
($000's)
Base Operating Appropriation
Salary Program
Total
Tuition+Fee Revenue
Total
Additional Expenses:
1. Salary Program
2. Critical Personnel Restorations:
Dean NCE
Special Lecturers
HVAC Controls Specialist
Residence Hall Coordinators (2 FTE's)
Custodian (3 FTE's)
Environmental Hygienist
Psychologist
Total Critical Restorations
Continued Next Page
FY07
FY08
$47,182
$0
$48,490
$607
$1,308
$607
2.8%
1.3%
$47,182 $49,097
$83,605 $95,038
$130,787 $144,135
$1,915
$11,433
$13,348
4.1%
13.7%
10.2%
$Δ
($5,050)
($240)
($107)
($90)
($80)
($80)
($50)
($48)
($695)
%Δ
New Jersey Institute of Technology
Analysis of FY2008 Proposed Budget - Detail (Continued)
($000's)
$Δ
3. Required Increases
Academic Affairs / Recruitment
Academic Affairs Faculty Start - Up (Non-Recurring)
Graduate Studies - PHD Fellowship Rate Increase (year 4 of 5)
Academic Affairs - Adjuncts - FSIP Impact (Non-Recurring)
Goal Quest Recruitment Package - Year 3
Concrete Match (Non-Recurring)
SOA NAAB Site Visit (Non-Recurring)
NCE ABET Visit (Non-Recurring)
Subtotal Academic Affairs
Debt Service
Utilities
Athletics - Strategic Plan
Capital Campaigns (Non-Recurring)
Insurance
Subtotal Other Required Increases
Total Required Increases
4. Other Changes
Total Additional Expenses
FY07 One-Time Fund Payoff
Variance -- Surplus/ (Shortfall)
Plus: One-Time Carryforward
Total Surplus/ (Shortfall)
Less:
Transfer to Plant
IST Program
Endowment
Other
Total Adjustments
FY08 Balance
($546)
($248)
($175)
($75)
($67)
($40)
($37)
($1,188)
($948)
($787)
($660)
($172)
($131)
($2,698)
($3,886)
$259
($9,372)
($3,149)
$827
$5,097
$5,924
($3,800)
($1,541)
($400)
($183)
($5,924)
$0
New Jersey Institute of Technology
FY2008 Budget Development
Review of Tuition Revenue ($000's)
Base Tuition
FY2002
FY2003
FY2004
FY2005
FY2006
FY2007
FY2008
$ 47,945
$ 52,911
$ 55,551
$ 60,011
$ 64,800
$ 67,062
$ 76,857
6.9%
9.7%
8.5%
8.0%
7.0%
7.0%
7.0%
Gross Tuition Increase %
Gross Tuition Increase $
$
Less: Additional Student Awards
$
Net Additional Tuition $
$
Actual % Yield From Rate Increase
Tuition Increase Discount %
3,308
$
(454) $
2,854
$
5,132
$
4,722
$
4,801
$
(606) $ (1,139) $ (1,714) $
4,526
$
3,583
$
3,087
$
4,536
$
4,697
$
5,380
(827) $ (1,770) $ (2,289)
3,709
$
2,927
$
3,091
6.0%
8.6%
6.4%
5.1%
5.7%
4.4%
4.0%
13.7%
11.8%
24.1%
35.7%
18.2%
37.7%
42.5%
New Jersey Institute of Technology
DRAFT
FOR DISCUSSION
Schedule of Tuition & Fees
Actual FY2007 & FY2008
EXHIBIT A
Summary Change - In-State Full Time Undergraduate
ACTUAL
FY2007
FY2008
DIFFERENCE
AMOUNT
PERCENT
Full-Time Per Semester Tuition
$
4,533
$
4,850
$
317
7.0%
Full-Time Per Semester Fees
$
720
$
825
$
105
14.6%
NEW JERSEY INSTITUTE OF TECHNOLOGY
Schedule of Tuition & Fees
EXHIBIT A
Summary Change - In-State Full Time Undergraduate
DIFFERENCE
FY 2007
FY 2008
Approved
Proposed
AMOUNT
PERCENT
Registration
Academic Facilities
Technology Infrastructure
Student Services
Student Senate Activities – Undergraduate
Student Senate Activities – Graduate
Athletics
Health
TOTAL UNDERGRADUATE
$80
325
110
65
48
35
70
22
720
$80
350
160
65
53
40
95
22
825
$0
25
50
0
5
5
25
0
105
0.0%
7.7%
45.5%
0.0%
10.4%
14.3%
35.7%
0.0%
14.6%
TOTAL GRADUATE
707
812
105
14.9%
FEES – Per Semester
Full-Time (12 or More Credits)
New Jersey Institute of Technology
Annual Plant Project Budget Estimate
Total Gross Sq Feet (Million)
2.6
Ave $/sf Replacement Value
$130
Replacement Value ($ Million)
$338
APPA recommended Annual
Plant Project Budget (Based On
a percentage of Replacement
Value)
%
Low
1.50%
High
3.00%
Dollar Value
($ Million)
$5.07
$10.14
New Jersey Institute of Technology
FY 2008 Proposed Facilities Budget/ Cash Disbursements
Updated 7/11/07
FY 2007
FY 2008
Resources
Approved Proposed
Plant Fund Allocation
5,260
3,800
Exec Mgt Pgm Revenues
300
Stabile Gift
300
Student Senate
300
100
Enterprise Dev Ctr Income
1,100
Other
Fund raising
Advance of Fund Raising Proceeds/Contributed Services
1,200
Total Resources
6,760
5,600
FY2009+
Planning
0
Projected Disbursements
Priority/Tactic
Develop a core of nationally recognized programs
Build three programs to national prominence by 2008
Expanded SOA studio space Fall 07
Expanded Arch Studio Space Fall 06
SOA Model Shop Relocation
1,100
600
Total
1,100
500
600
500
New Jersey Institute of Technology
FY 2008 Proposed Facilities Budget/ Cash Disbursements (cont.)
Updated 7/11/07
FY 2007
FY 2008
Approved Proposed
Enhance and enrich the quality of life of the university community
Develop and implement a landscaping/campus appearance enhancement
Class/Lab Upgrade Expansion
Particle Labs Relocation, Phase 1
150
Leir/ Exec. Mgt Conference/lecture room
400
Concrete Labs
275
NCE Upgrades
50
Library space
Classrooms Upgrades
150
Stabile Lab
550
Tiernan Fume Hood Upgrade 2 labs
150
Academic Departments
200
200
350
1,775
Campus Center
Upgrade Highlander Club
300
100
Food Services Update
250
Total
300
350
Athletics
Fleisher Gym HVAC Upgrade
50
Renovate Fleisher Gym, Phase II
1,200
1,200
50
Total
Become nationally recognized for attracting high achieving
Pre-College Dept Updates/Relocation
0
200
FY2009+
Planning
400
300
700
150
150
0
0
New Jersey Institute of Technology
FY 2008 Proposed Facilities Budget/ Cash Disbursements (cont.)
Updated 7/11/07
FY 2007
FY 2008
Approved Proposed
Other Plant Projects
Replace kitchenettes - Oak Hall (1/2)
Emergency Generator Replacement - Central Ave Bldg
Faculty Hall EPA Compliance - Ductwork Replace Air Handler
Upgrade power for Computer Center
Fire Pumps Replacement Redwood Hall
NJDEP Monitoring wells
EDC III Fit Out
Kupfrian Air Handler
GITC HVAC Control Upgrade
Cypress Fire Alarm Upgrade
Cypress Elevators Upgrade
Other Projects
FY2009+
Planning
340
80
160
410
45
90
1,100
300
150
350
160
500
1,310
250
2,625
4,000
4,000
Land Acquisition/Paving
2,500
Total Projected Disbursements
6,760
5,600
5,350
0
0
-5,350
Net
New Jersey Institute of Technology
FY2009 Budget Obligations
¾ $0.47 million one-time funds used to balance FY2008 budget
¾ FY09 Salary program
¾ $1.6 million increase in required debt service
¾ $5.4 million in capital projects
New Jersey Institute of Technology
FY2008 Revenue Operating Budget
FY07
FY08
ORIGINAL
PROPOSED
FY08 BUDGET
TO FY07
OPERATING
OPERATING
ORIGINAL BUDGET
BUDGET
BUDGET
$
%
INCOME DETAIL - UNRESTRICTED OPERATIONS
REGULAR TUITION
REGULAR FEES
OTHER TUITION
SUBTOTAL REGULAR TUITION AND FEES
71,758
9,848
1,999
83,605
82,232
10,973
1,833
95,038
10,474
1,125
(166)
11,433
GOVERNMENT APPROPRIATIONS:
STATE APPROPRIATION
SALARY PROGRAM
STATE SUPPORTED FRINGES
TOTAL GOVERNMENT APPROPRIATIONS
47,182
0
21,500
68,682
48,490
607
22,000
71,097
1,308
607
500
2,415
OTHER SOURCES:
OTHER FEES & ASSESSMENTS
INVESTMENTS & UNRESTRICTED GIVING
AUXILIARIES
NON-RECURRING CARRYFORWARD SAVINGS
ALLOCATED BALANCES - PO's
ALLOCATED BALANCES - OTHER
ALLOCATED BALANCES
UNRESTRICTED RESEARCH ACTIVITIES
1,679
1,200
11,529
6,205
2,703
1,133
3,836
10,092
1,820
1,400
11,372
5,097
3,930
588
4,518
10,585
141
200
(157)
(1,108)
1,227
(545)
682
493
SUBTOTAL OTHER SOURCES
TOTAL REVENUE - CURRENT OPERATIONS
34,541
186,828
34,792
200,927
251
14,099
0.7%
7.5%
RESTRICTED PROGRAMS (NET OF OPERATIONS)
TOTAL OPERATING INCOME BUDGET
56,800
243,628
64,600
265,527
7,800
21,899
13.7%
9.0%
14.6%
11.4%
(8.3%)
13.7%
2.8%
0.0%
2.3%
3.5%
8.4%
16.7%
(1.4%)
(17.9%)
45.4%
(48.1%)
17.8%
4.9%
New Jersey Institute of Technology
FY2008 Expense Operating Budget
EXPENSE DETAIL - CURRENT OPERATIONS
PERSONNEL
ACADEMIC & PROGRAM AREA SALARIES
ACADEMIC & PROGRAM AREA FRINGE BENEFITS
TOTAL ACADEMIC AREA
SUPPORT AREA SALARIES
SUPPORT AREA FRINGE BENEFITS
TOTAL SUPPORT AREA
TOTAL PERSONNEL
FY07
FY08
ORIGINAL
PROPOSED
FY08 BUDGET
TO FY07
OPERATING
OPERATING
ORIGINAL BUDGET
BUDGET
BUDGET
$
73,878
20,691
94,569
18,370
5,310
23,680
118,249
80,000
20,982
100,982
20,102
5,350
25,451
126,434
3,045
7,268
20,931
1,110
13,472
10,571
4,946
2,703
64,046
2,703
1,830
4,533
3,073
8,055
21,886
1,110
15,461
11,639
5,931
3,930
71,085
1,435
TOTAL EXPENSES - CURRENT OPERATIONS
186,828
200,927
14,099
7.5%
RESTRICTED PROGRAMS (NET OF OPERATIONS)
TOTAL OPERATING EXPENSES
56,800
243,628
64,600
265,527
7,800
21,899
13.7%
9.0%
NON - PERSONNEL
EQUIPMENT
UTILITIES - PHYSICAL PLANT
GENERAL OPERATING EXPENSES
LIBRARY COLLECTIONS
STUDENT AID
MANDATORY TRANS. - DEBT SERVICE
NON-MANDATORY TRANS.
PRIOR YEAR COMMITMENTS (ALLOCATED BALANCES)
TOTAL NON - PERSONNEL
RE-INVESTMENT PROGRAM
ADDITIONAL RE-INVESTMENT FUNDS
UNIVERSITY WIDE BUDGET RESERVES
TOTAL RESERVES
1,974
3,409
6,122
291
6,413
1,732
40
1,771
8,185
%
28
787
955
0
1,989
1,068
985
1,227
7,039
(1,268)
0
144
(1,124)
8.3%
1.4%
6.8%
9.4%
0.7%
7.5%
6.9%
0.9%
10.8%
4.6%
0.0%
14.8%
10.1%
19.9%
45.4%
11.0%
(46.9%)
0.0%
7.9%
(24.8%)