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As revenues solidify, CWC adjusts final budget tally
Jul 1, 2014 - By Katie Roenigk, Staff Writer
The Central Wyoming College Board of Trustees has approved more than $2 million in changes to its fiscal year 2014 budget.
The move is common as the end of the fiscal year approaches, according to CWC president Jo Anne McFarland, who pointed out that each year's budget is set based on estimates made a year in advance.
"It is not possible for the revenues and expenditures of a nearly $20 million unrestricted current operating budget -- plus other substantial restricted and auxiliary budgets and federal grants that coincide with a different fiscal year -- to perfectly align with the original budget plan," McFarland said in her memo to the board. "(The process requires) a year-end reconciliation with 'actual' revenues and expenditures."
Ron Granger, CWC's vice president for administrative services, explained the need for the budget adjustment. First, he said $1.85 million of the increase is due to state regulations that limit carryover funds to 8 percent of CWC's biennial budget.
"This year we weren't sure what would happen as far as revenues going in and expenses coming out," Granger said. "We were over 8 percent."
Along with CWC's director of finance Avelinda Paskett, Granger proposed multiple uses for the carryover money that would exceed the state rule. Local money will go toward repayment of loans for about $1.37 in construction to the classroom wing and Professional-Technical building on the Riverton campus.
"We go ahead and get rid of that debt by paying it off," Granger said. "(The money) will still be there, (but) we're not paying interest on it. It's just sitting there until we use it."
Almost $351,000 will pay for "needed" supplies, Granger continued.
"We're having people buy equipment they were having to buy the next year or the year after," he said. "We're purchasing those things now so our budget for next year will stay the same but our expenses will drop."
Finally, Granger said $127,000 will be used to balance the school's "fund 60" account and food court budget.
Granger said last year's initial budget was prepared on a "very conservative" basis, so total revenues are likely to come in about $217,000 higher than projected.
CWC received about $60,800 more in state funding than anticipated, Granger said, and the school's health insurance reimbursement was about $84,800 higher than expected. He said there also was a $71,300 increase in "other revenue."
The budget for "self-supporting" auxiliary operations will go up by about $123,000.
"(That's) mainly because of housing -- there were more revenues than expenditures there -- along with the motor pool," Granger said during the June meeting.
This year, according to his memo, both the CWC Sinks Canyon Center and the food court on the Riverton campus operated at a deficit. Others, including the bookstore, housing, motor pool, copiers and telephones are operating "as they should."