1 July 1, 2022 TO: College Community TITLE: Frederick Community College FY 2023 Operating, Auxiliary, and Capital Budgets Operating Budget The FY 2023 Operating budget of $62,473,610 represents an increase of $2,741,149 or 4.4% from the FY 2022 budget. Also included is the County approved Capital budget and Facilities Renewal grants from the State for FY 2023 that in total equals $3,396,500. The salary and wage scales have been updated to reflect budgeted increases in compensation and in the minimum wage increases. In keeping with the goal to keep College affordable for our students, the Board of Trustees approved no increase to tuition for FY 2023 in March 2022. Tuition will remain at $129/credit for in-county, $282/credit for out-of-county, and $382/credit for out-of-state. All changes in tuition and fee rates are effective with the fall 2022 semester. County funding for FY 2023 includes an additional $1,035,000 to provide a 3% COLA increase for all employees. State funding includes an appropriation to the College of $16,429,151 in aid for FY 2023, which represents a 19% increase from the FY 2022 budget. Auxiliary Enterprise Budget: Frederick Community College auxiliary enterprises for FY 2023 include the Bookstore and Carl & Norma Miller Children’s Center. Beginning July 1, 2022, the College dining services will be completely managed by Canteen, a division of Compass Group North America. Their contract for services is included in the FY 2023 Operating Budget. The FY 2023 Children’s Center budget will be finalized in the first quarter of the fiscal year with input from President Cheek. The FY 2023 approved Bookstore budget reflects a small profit. Capital Improvements Program (CIP) Budget: The following capital projects have been approved for funding in FY 2023. Also included are two Facilities Renewal grants from the state totaling $1,356,500: Total County State Facilities Renewal $ 1,356,500 $ 0 $ 1,356,500 FCC Systemics $ 1,635,000 $ 1,635,000 $ 0 Classroom Technology Upgrades $ 105,000 $ 105,000 $ 0 Technology Upgrades $ 300,000 $ 300,000 $ 0 ___________________________________________________ Total $ 3,396,500 $ 2,040,000 $ 1,356,500
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