The Budget Office at MassArt facilitates:

• Developing annual operating and capital budgets

• Maintaining long-range financial planning models

• Monitoring changes to these budgets with emphasis on maintaining good fiscal management with reasonable controls

• Enforcing policy decisions regarding use of funds

• Providing reports and data to assist management in making sound fiscal decisions

FY20 Budget vs. Actual Recap (

10-

01-19 Update)

CST Budget Review - FY20 - 910-241-19 Update.xlsx

Fund 28 Budget Review - FY20 - 910-241-19 Update.xlsx

PCE & PCG Programs Budget Review - FY20 - 910-241-19 Update.xlsx

Trust Fund Budget Review - FY20 - 910-241-19 Update.xlsx

FY19 Budget vs. Actual Recap

CST Budget Review - FY19 All.xlsx

Fund 28 Budget Review - FY19 All.xlsx

PCE & PCG Programs Budget Review - FY19 All.xlsx

Trust Fund Budget Review - FY19 All.xlsx

FY20 Budget

Approved by the Board of Trustees, June 11, 2019     

Budget Process

As we begin our FY'20 Budget process at the College, I will periodically add new information to this page for review and comment.  Please note some documents will be labeled draft.   My goal is to provide as much information as early as possible to the MassArt  community in a timely manner.

Budget Timeline and Project Chart -DRAFT

FY2020 BudgetPak Instructions

FY'2019 Budget:

Memo: Closing the FY2019 Budget Cycle

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FY'2019 Budget Memo and Instructions

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Approved by the Board of Trustees, June 12, 2018        

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FY19 Fiscal Operations  Reports (Quarterly)  

Operations Summary by Month, by Department

FY'2019 Budget Development Process

• On-Going consultation process with the MassArt Community including;    

  • Budget Committee (Staff, faculty and students)

  • Administrative Council (Staff)

  • Department Chairs (Faculty)

  • Student Groups (Students)

  • Presidents's Cabinet

  • Board of Trustees

• On-Going Analysis of FY'19 revenue and projected expenses

• Discussion and decisions by Senior staff and Cabinet

• Presentation to BOT for approval

How to Use Budget Pak

BudgetPak login

1 page instructions

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name Budget Pak Instructions 2019 (1).pdf height 250

______________________________________

FY'2018 Budget

Fiscal year 2017 has been another challenging budget year due to several factors, including lower enrollment than projected, increased salary expenses, and reduction in state support. We put several measures in place to control spending and managed to a spending plan approved last June. Over the year, we were successful at reducing spending and deferring positions and projects.  Thank you for your support and involvement in these efforts.For fiscal year 2018, we presented to trustees a balanced budget, which was passed on June 13th, at the annual meeting. This budget totals $75.3M in expenditures with $75.8M in revenue across the funds. This balanced budget was formed with several assumptions, including no significant additional funding from the Commonwealth again this year. This budget assumes almost no growth in the personnel budget, which we are committed to keeping below 65% of total budgeted expenditures.The undergraduate budget revenue is projected to be $45,359,701, with an annual student headcount of 1,650: 1,075 in-state; 285 out-of-state (including international students); and 290 from New England. We are anticipating a state maintenance funding level at $18,888,201, which is a slight increase over FY17. We are also anticipating $26,471,500 in tuition, fees and other sources after institutional aid and scholarships are factored in. This model shows a conservative approach and we have a high level of confidence that we will achieve this revenue target.The approved FY'2018 budget plan continues to fund all collective bargaining obligations and invests in priority areas outlined by the college for enrollment management and financial aid. The additional investment in financial aid has been instrumental in our strategy to reverse the downward trend in enrollment as well as to increase it from 470 new students in FY17 to over 530 new students projected for FY'18. We increased available institutional financial aid to undergraduate students next year by approximately $1M with a total of $8M available in FY'2018. This reaffirms our commitment to our students to keep MassArt affordable and accessible for all.The housing budget assumes slight increases in both revenue and expenses of about 3.5%. We submitted a balanced spending plan for this segment, and MassArt has negotiated additional bed spaces at Wentworth and Wheelock to meet the increased demand for on-campus student housing.Non-operating capital expenditures for FY18 include MSCBA bond funds, DCAMM grants, Governor’s bond funding, and the Unbound Campaign. We do not plan to increase our operating budget debt service obligations for FY18. The major projects with substantial work slated for FY18 are the Tower Building Study, Library Renovation, ADA Access to North Hall, Galleries Renovation (phase 1), Skyway Renovation, and the Alternative Energy Project. These projects will continue our almost ten-year campaign to reduce deferred maintenance on campus; increase accessibility for students, staff, faculty, and visitors; improve energy use reduction and stabilization; and begin an organized improvement of the aesthetics of the campus.Despite the fiscal challenges, the college continues to maintain quality for our students both academically and through continued improvements to the physical infrastructure. The college continues to be fiscally sound, and level funding from the state continues to put pressure on our operating account. The challenge before us in FY2018 and coming years is to respond with fiscal restraint to protect what has been achieved while continuously aligning with and envisioning the vibrant future laid out for our students.As always, MassArt’s success continues to rest in the profound ability of our community to come together to face and respond to challenges whether they are financial or social. The importance of contributing to each new incoming class and helping them become vibrant and vital artists, designers, artist educators and professionals able to go out and make a difference in the world, is our privilege and responsibility and I thank you for your continuous dedication to our mission.

   FY2018 MassArt Budget          

   

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