Iowa Central Community College anticipates a $50.36 million general fund budget for its 2014-2015 year, with $50.52 million in expenditures.
Ninety-two percent of the college's revenue comes from tuition fees and state general aid, Angie Martin, Iowa Central vice president of business affairs, explained to the college's board of trustees Tuesday.
"For state general aid, we do not know what we're going to get next year. Probably we'll know in May," Martin said. "Once we know what our state general aid is, then we'll want to set our tuition and fees, because we'll have to balance our budget to make sure we have enough to cover our expenses."
At 66 percent, the majority of the college's expenditures come from salaries, Martin explained.
"We have negotiations for our faculty and our classified staff," she said. "We're in the process of that, so we don't know what that is at this time either."
Decisions about state general aid will also impact the budget, Martin said.
"For this budget we have what the governor proposed, and he proposed no increase," she said. "That makes it challenging, too, when we factor in we'll most likely have salary increases. And that, in turns, results in raising tuition, cutting our current costs."
There has been some cost-cutting with this school year, Martin said, from the college's decrease in enrollment.
"Some of those items may carry over the next fiscal year," she said.
Dan Kinney, Iowa Central president, said it is difficult preparing a budget so early. It is a state requirement that it must be published.
"It's a guess-timate," he said. "We're trying to do the best that we can at what we think we're going to be in salary increases, state general aid. When the governor came out with zero, he's done that the last couple of years, and of course we've always gotten a little bit more from the state when the legislators got together."
A result, Kinney said, is that the budget will have to be amended at a later date.
Public hearings for both an amended budget and approval of the 2014-2015 budget are scheduled for March 11 at 5 p.m., at the Iowa Central Triton Cafe conference room.