Office of Finance and Administration
Budget Overview/Projection Fiscal Year 2004 and 2005 DKB: 6/2/03
Assumed Variables Used Re Projection
- Enrollment: FY 04 and FY 05=14,325, held steady
- State Allocation for FY 05 based on MnSCU estimate
- Salary adjustments based on tails in existing contracts @ 5% FY 04, 5% FY 05 for planning purposes
- Fringe increases from 29% to 30% of salaries in FY 04, FY 05
- Utilities Increase 4% in FY 04 and FY 05
- Credit Card Expense adjusted for web-site payment
- Legal Costs Increase $200,000 FY 04, FY 05
- MnSCU Policy regarding reserves - requires 5% reserve, adjusted to 3.0% FY 04, FY 05
Issues Pending
- Contract Settlement Costs for FY 04, FY 05
- Legal Settlement Costs
- Economic Recession
- State Allocation Estimate for FY 05
- Future Deallocation FY04