News Photo by Temi Fadayomi The Alpena Community College Board of Trustees approve the college’s 2024-25 fiscal year budget during a board meeting on Thursday at the college.

ALPENA — Alpena Community College has its upcoming finances planned out as its Board of Trustees approves the 2024-25 fiscal year budget during their board meeting on Thursday.

Both the general fund revenue and expenses are expected to see an increase from the 2023-24 fiscal year, projecting a jump from $16 million to $17 million in the 2024-25 fiscal year.

According to ACC President Don MacMaster, the increases in the budget were a consequence of several economic factors that impacted the college’s operations and financial planning, such as state aid, student enrollment, tuition fees, and local property taxes.

The state aid is estimated at $6.8 million, reflecting a 2.5% increase over the previous year and making up 14.1% of the total revenue budget.

Meanwhile, local property taxes are projected to increase by 6.8%, contributing $3.4 million or 19.8% of the total revenue.

Student enrollment is expected to decrease slightly by 1%, a cautious estimate after seeing a 4.4% increase in contact hours in the 2024 fiscal year.

Tuition and fees are anticipated to generate $6.6 million comprising 39% of the total revenue budget.

The budget also outlines modest pay increases for all bargaining units, with healthcare cost increases capped at 4.1% for 2024 and 0.2% for 2025, due to legislative actions.

IN OTHER BUSINESS

The Alpena Community College Board of Trustees on Thursday also:

* Authorized college officials to purchase 35 mini-tower computers and four monitors from Lenovo for a cost not to exceed $70,246.

* Authorized appropriate college officials to purchase one HAAS TL-1 CNC Toolroom Lathe from Gerotech, Inc., of Flatrock, for a cost not to exceed $49,481. The funding for the purchase will come from the college’s Technology Improvement Fund.

Temi Fadayomi can be reached at 989-358-5693 or tfadayomi@thealpenanews.com.