The North Orange County Community College District has approved a $98-million budget that includes funding for seven new faculty members, new instructional equipment and construction. The

1996-97 budget, which includes a $9.9-million reserve fund, comes a year after major job cuts had to be made, district officials said. Last year’s $89.3-million budget was balanced by the

Board of Trustees by not replacing 35 instructors who retired or resigned. In addition, another 30 nonteaching jobs were eliminated and several administrative positions were consolidated in

fiscal 1995-96. That budget suffered because of the bankrupt Orange County investment pool, in which the district had invested $86 million. “It’s a good recovery,” district spokeswoman Donna