Article - Office of College Advancement
Ohlone College board approves $45-million budget for 2007-2008
By Wes Bowers.
Thursday, October 18, 2007—Reprinted from Fremont Bulletin.
Ohlone Community College's Board of Trustees Oct. 10 unanimously approved the school's nearly $45-million 2007-2008 fiscal year budget.
Joanne Schultz, a college council member, said final budget revenue for the 2007/2008 year was $44,982,329. However, district expenditures totaled $43,475,730, giving the school a net income of $1,509,599.
Expenditures included $358,981 to GASB 45, which requires public agencies to report their costs and obligations pertaining to health and other benefits of current and future retired employees.
Other expenditures included $402,504 to fund new salaries at the college's Newark campus. Operating expenses at the Newark campus were estimated at $138,000.
To obtain the $1.5 million net income, the school recommended a number of reductions to the budget.
School staff maintained that additional salary savings could be reduced by $400,000, while benefit savings could be cut by $259,501. Supplies savings could be cut by $63,000, while savings from operations could be cut by $200,000.
Utilities savings would be reduced by $300,000, and a reduction in the capital lease would be about $200,000. Capital planning could also be reduced by $100,000.
Had the budget cuts not been made, the school would have had expenditures totaling $44,998,231, putting the school in the red by $15,902.
"All the activity is in reserves," Schultz said. "We've added $200,000 to the Ôrainy day fund' to make it $1 million."
Schultz said a total of $8,016,287 was in the school's reserve fund.
Along with the $1 million in the college's budget reserve, $300,000 was given to the capital improvement reserve, while $500,000 was reserved for the Newark campus, among others.