What are we missing in our current modeling and analysis of revenue and expenditures? How can we think differently about these?
Resource: Operating Revenue & Expense Components draft content: https://www.lanecc.edu/sites/default/files/conversation/operating_revenues_expenditures_2.21.17.pdf
The operating revenue and expenditure materials are clear and easy to understand. It would be helpful to add a pie chart for revenues and expenditures (similar to the OPE pie chart).
Great idea. We’ve added these to the draft.
Please also add a detailed pie chart by revenue and expenditure category
We’ve added both summary and detailed pie charts of revenues and expenditures. Thank you for the suggestion.
Look at models from other colleges. Who is doing this well? Can we learn or borrow from them?
Research which financial ratios and benchmarks demonstrate best practices and effective resource allocation.
It is uncanny how similar our FTE trend is to PCC. PCC may have a lot more students but they rose when we rose and dropped when we dropped. It might be worth looking into how they are coping with the recent drop and what they are predicting.
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https://www.lanecc.edu/sites/default/files/conversation/enrollment_presentation_3-1-2016.pdf
Thank you for this suggestion, Khristina. We have forwarded it on to our “enrollment huddle” group.
Consider a planning horizon longer than five years.
Our planning subcommittee has discussed the possibility of developing longer-term forecasts and associated plans. Our goal is to start with a five-year horizon during this cycle, then work toward longer-term modeling.
The materials and graphics are GREAT! A+++