Colorado Mountain College OKs budget for next year | VailDaily.com
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Colorado Mountain College OKs budget for next year

Daily staff report
newsroom@vaildaily.com
Vail, CO Colorado

ASPEN, Colorado – At Monday’s meeting of the Colorado Mountain College Board of Trustees in Aspen, the board voted to approve the college’s overall $55.2 million budget for 2011-12. Because of projected substantial decreases in two of three of the college’s main sources of revenue, the overall budget is $10 million lower than the current fiscal year.

“In 2011-12 we expect to see a 26 percent decrease in property tax revenues across our six-county district, as well as a 23 percent decrease in funding from the state,” said Linda English, the college’s vice president for finance. “Those declines will be partially offset by increased revenues we anticipate from higher enrollments and a small increase in tuition rates.”

The bulk of the impact from the $10 million cut will be in the capital projects portion of the college’s budget, in setting aside funds for future construction projects. Because the college has long used a “pay-as-you-go” philosophy and has already reserved funds for such projects as a replacement academic building in Steamboat Springs and the consolidation of Central Services sites in downtown Glenwood Springs, those current projects will be unaffected by the cut to the capital budget, trustees heard. Capital campaigns are also underway to raise additional funds for those projects.

The general operating budget for 2011-12 is increasing 3.5 percent, to $52 million, compared to last year. The increase is largely because of health insurance premiums that are jumping 20 percent, as well as increased costs for utilities and adding adjunct instructors to meet growing enrollment for credit classes, English explained. Across the board, there will be a salary freeze for all college employees in the coming year.


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