The Colorado Mountain College Board of Trustees recently voted to approve the college's overall $63.1 million budget for 2012-13. That amount covers the combined operating and capital budgets for the academic year.
The general operating budget of $54.5 million represents a 4 percent increase over the current year. This increase was the result of increases in the cost of health insurance premiums, a 3 percent salary increase for faculty and staff, two new full-time faculty positions (in business and sustainability studies) and two new full-time staff positions and professional development.
Within the capital budget, trustees authorized an expenditure of $7.6 million going toward deferred maintenance, equipment and a reserve to fund future building projects. Future building projects will be determined when the college completes its next master plan for facilities.
In terms of revenue for next year, property taxes are expected to remain flat when compared with actual taxes received in the current year, because assessments will continue to be based on June 30, 2011, valuations. State revenues are also expected to remain flat, while an approximately $600,000 increase in tuition revenues is forecast, based on the recent increases of $3-$20 per credit hour (depending on student residency status) and a slight increase in enrollment.
"By comparing costs among campuses and using zero-based budgeting, we've been able to identify duplicate requests for funding and centralize some expenses," said Linda English, the college's vice president for finance.