On Monday the Frank Phillips College Board of Regents approved the proposed 2011-2012 Institutional Budget. It will represent a decrease of $1,190,315 from the 2010-11 year, due to a decrease in State funding and a level tax rate.
In the proposed upcoming budget, the college is projected to see a 23.9 % decrease in state appropriations that will amount to a reduction of $646,770.
Overall the college is planning for a 9.4% decrease in revenue, giving the college an estimated budget amount of $11,523,316.
To adjust to the smaller amount of revenue, the college budget will see drastic cuts in several areas including a 19% cut in travel, 24.7% in debt service, 39.3% in repairs and maintenance, and a 41.6% cut in capital expenditures.
The only items to see an increase from 2010-11 are ones such as transportation, insurance, postage and freight, and general expenses, along with a 44% increase in taxes and benefits.
During Monday’s meeting, the FPC Board of Regents approved the intent to set the tax rate at $.22 per $100 valuation for 2011-2012. This marks the tenth consecutive year the FPC proposed tax rate will remain at the capped $.22 rate.
In 2010-11, the college collected $1,895,510 in taxes and is proposing a collection of $1,789,676 for the upcoming year.