The Odessa College Board of Trustees adopted a budget for 2020 that will support new initiatives, added employees, raises for eligible faculty and other increased expenditures.
The 2019-20 fiscal year budgets $51,745,312 for unrestricted funds and $13,814,943 for restricted and plant funds for a total budget of $65,560,255, up from $63,226,096.
A budget comparison showed OC had excess revenues of $7,190,331 as of June 30 compared to $6,974,432 in June 2018.
OC Chief Financial Officer Brandy Ham presented budget highlights to board members during the meeting Tuesday and said employee salaries are up by $2 million, a 6.6 percent increase from the current fiscal year, which is attributed to 12 full-time positions that were added along with a 5 percent raise for eligible full-time faculty members.
New initiatives include items such as fleet vehicle replacement, a scorer’s table for basketball and volleyball games and a new barber crossover school program.
The approved budget shows a total increase in expenditures of $3,309,190 and revenue projections to support the budget amount will increase 6.8 percent from the current fiscal year.
Ham said two main areas for projected revenue have increased significantly.
She said OC will receive state appropriations of $9,641,570, an increase of 15.2 percent, and taxes totaling $25,705,000, an increase of 7.8 percent.
The current tax rate is $.19966 per $100 valuation and the board will recommend a new tax rate in September.
A separate agenda item approved by the board allows for a designated portion of the increase in unrestricted funds be moved into an account annually to support Vision 2030.
Every year at the end of the audit period there are unrestricted funds that were budgeted for the prior year that go unused such as salaries from unfilled positions, increases in tuition and fees or additional operational expenses that went untouched.
“The amendment that was presented was, in order for us to demonstrate that we’re investing in our own growth, to take 25 percent of that audited amount and put it into Vision 2030,” OC Vice President for Student Services Kimberly McKay said. “We’ve started the seed money for Vision 2030, which we anticipate will cost or result in $75 million worth of improvements on this campus.”
Odessa College’s Executive Director of Administration and Human Resources Ken Zartner said the college’s ambitions are currently limited by infrastructure and Vision 2030 will revitalize the campus and address its growing needs.
“Vision 2030 is the expansion of our campus to prepare us for the future,” he said, and “have the space and facilities necessary to sustain our growth.”
Director of Media Relations Cheri Dalton said Vision 2030 is the next step in expansion and development for Odessa College.
“Vision 2015 was the plan for all of the changes and all of the new buildings that we did over five years and that was after we went to the community for a bond,” she said.
The OA previously reported that the Odessa Planning and Zoning Commission approved a request to rezone 1.6 acres of land on West University Boulevard and Andrews Highway from light commercial use to university use. The land was purchased as part of OC’s campus improvement project funded by a $68.5 million bond package passed in 2010.
“We have just completed Vision 2015 and now we’re looking to the next five years because there are still things we want to do and need to do,” Dalton said.
Zartner said the board is not looking to place any additional burden on the community by going out for a bond for infrastructure needs. He said it is important that OC utilizes their own budget to reach their goals.
“We’re not going to go out into our community and ask them for another bond right now,” Zartner said. “It’s not the time or the place. We don’t want to be put in front of some of the community’s other needs like the school district’s needs, the courthouse’s needs, etc.”
IN OTHER BUSINESS, THE BOARD:
>> Approved a resolution to change authorized representatives for Local Government Investment Cooperative.
>> Heard a report on approval of bid for Snap-on Tools & Certification Equipment for Sewell Auto Tech.
>> Heard a report on approval of bid for classroom furniture for Sewell Auto Tech.
>> Heard a report on approval of bid for truck driving simulator.
>> Received monthly financial statements.
>> Heard an OC2UTPB Teaching in 3 report.
>> Heard an institutional effectiveness report.
>> Heard the president’s report regarding welcome week, the 30 for 30 Fitness Challenge, recent gifts to OC, OC Blues Dance Team awards and summer enrollment.