LCC’s chief financial officer Don Wilske visited the Academic Senate during its Dec. 8 meeting to update the senators on the college’s revenues and expenses.
The college’s revenue totaled $133.3 million in fiscal year 2016-17. Thirty percent of that money came from property taxes, 25 percent from tuition and fees, 23 percent from state appropriations, 18 percent from grants and contracts, and 4 percent from other sources. As the economy recovers, the taxable value of properties within the LCC district has grown by nearly $1 billion since 2013, resulting in increased property tax revenue to the college.
LCC’s revenue is distributed to five different funds:
- Restricted funds, which come from outside the college, typically in the form of a grant;
- Designated funds, which the Board of Trustees has dedicated to a specific purpose;
- Plant funds, for buildings and maintenance;
- Auxiliary funds, for purposes outside the college’s core mission, which for LCC includes food service and parking; and,
- General fund, for all other sources.
About 45.3 percent of all general fund expenses – or about $55.2 million – go toward employee salaries and wages. Another 18.4 percent – about $22.4 million – is dedicated to employee benefits. Other general fund expenses include services and supplies, scholarships for students, and transfers.
In fall 2017, about 69 percent of course sections are being taught by adjunct faculty, while 31 percent were taught by full-time faculty. In the fall of 2013, 73 percent were taught by adjuncts and 27 percent by full-time. Declining enrollment has driven most of this trend.
A sound financial position is important for the continued education of our students, and HLC requires fiscal sustainability for continued accreditation. The next fiscal year budget development process will launch in late January 2018, at which time more details will be available.
Also during the Senate meeting, academic success coach director Carrie Gregg provided an update on the student engagement report redesign.
Additionally, media development specialist Justus Rohlfs visited the Senate to demonstrate Kaltura Classroom, a new piece of software in the Kaltura platform that allows professors to record lectures. The Media Creation Design Department also has a new lightboard available for faculty use that functions as a transparent whiteboard, allowing faculty to record lectures while writing notes or projecting images onto the lightboard. For more information, contact Media Services at x1670 or submit a request with the Help Desk’s 5-Star Service Center.
Senators also approved the recommendations of the Curriculum Committee.
The Senate will next meet 9 a.m. Jan. 19, 2018, in the Administration Building Boardroom. Everyone is welcome to attend.