FY23 Strategic Plan and Budget Report

APPROVED 08/18/2022
OPERATING
EXPENSES
Total operating expenditures budgeted for
fiscal year 2023 are $258 million, compared to
$240 million budgeted for fiscal year 2022. The
primary drivers of this increase are initiatives of
approximately $6 million to address inflation,
$3.5 millon for salary increases, $8 million
for new positions and continued funding
of prior salary increases, and a $4.5 million
increase to address capital needs and deferred
maintenance. Offsetting these increases are
reduced debt service budgets as well as a
reduction in grants, as expenditures of CARES
Act funding are coming to an end.
The fiscal years 2022 and 2023 budgets were
prepared by removing all vacant positions that
were previously budgeted but unfilled. As a
result, the personnel budgets appear decreased
compared to fiscal year 2021, when in actuality
they have been reduced to only reflect real-time
staffing levels. The Strategic Pool serves as a
way for the College to more precisely manage
hiring growth and other budget deployments,
and includes portions of all the fiscal year 2023
initiatives mentioned above.
A potentially very significant caveat to the fiscal
year 2023 budget at the time of publication is
the timing and amount of the bond issuance
that will finance the CCAP projects detailed
in the capital budget. Depending on how the
bond issuance is structured and finalized in
the coming months, a material increase in debt
service expenditures could be added. TSTC
is actively planning for this, and has defined
scenarios to allow for new debt while still
achieving a substantially balanced budget.
Figure 10
FY 2021 FY 2022 FY 2023
Budget Budget Budget
Operating Expenditures
Operating Costs 104,031,984 109,389,827 117,552,174
Statewide Benefits 31,201,472 30,937,761 33,095,630
Personnel Costs 100,737,651 92,163,349 96,750,915
Strategic Pool - 8,000,000 11,000,000
Total Operating Expenditures 235,971,107 240,490,937 258,398,719
STRATEGIC PLAN & BUDGET REPORT
23