SMC balances $22.84 million budgetPublished 10:55pm Tuesday, June 19, 2012
The Southwestern Michigan College Board of Trustees adopted its proposed $22.84 million budget for the 2012-2013 fiscal year, following a public hearing.
“Southwestern Michigan College has adopted a structurally balanced budget every single year since the college was founded in 1964,” Board Chairman Fred Mathews said.
“I am very proud of the board of trustees and the college administration for their unwavering commitment to sound fiscal management.”
SMC President David Mathews described the financial challenges and accomplishments of the college over the past year that have led to this year’s budget.
“Although state aid to Southwestern Michigan College will increase by 3.1 percent ($190,000) next year, state-mandated contributions to the state-run retirement system will increase by 12 percent next year,” Mathews said.
“The result is that Southwestern Michigan College will have to pay approximately $150,000 of this $190,000 directly back to the state.”
“Despite funding challenges, the college has been able to balance next fiscal year’s budget, and to invest in facilities improvements and in the expansion of academic programs,” he said.
“The college’s priorities of academic excellence, service excellence, transfer education, career education, and the total college life experience are all reflected in this balanced budget. Construction of the college’s third on-campus housing unit for students has begun, and planning for a new one-stop student service center and expanded bookstore are under way.”
Also at the meeting, trustees re-appointed the public accounting firm of Plante and Moran to conduct the college’s financial audit for the 2011-2012 fiscal year that comes to an end June 30. Plante and Moran is a large multistate accounting firm with offices in southwest Michigan and providing auditing services for about half of Michigan’s 28 community colleges.