FOR ACTION
Board of Trustees
Charles Stewart Mott Community College
Regular Meeting,
April 27, 2009
Volume 42
Treasurer’s Report for March 2009
This resolution is recommended.
Be it Resolved, That
The Charles Stewart Mott Community College Board of Trustees
Accepts the financial report of the College for the month of March 2009 as presented
by the Administration.
Reviewed and Submitted By:
_____________________________________
Lawrence A. Gawthrop, CFO
Date: April 17, 2009
Board Policy Statement Reference:
“3100 Budget Adoption: General: The Board recognizes that its annual budget represents the programmatic
direction and vision of the College. It is also designed to meet both the legal requirements and needs of the College.
1. The Finance Committee shall receive and review budget reports on a monthly basis.”
March Treasurer’s Report
Lawrence A. Gawthrop, CPA
Interim Chief Financial Officer
April 17, 2009
Summary of Expenditures:
Month of March Spending:
General Fund:
All Other Funds:
Total:
$ 4,990,646
$ 3,172,210
----------------$ 8,162,856
========
Comments on General Fund Financial Statements:
•
Statement of Revenues, Expenditures and Changes in Net Assets
Total revenues for the nine month period ending March 31, was approximately $57.4
million, representing 80.6% of the annual budget. This was slightly behind last year at
this time, when we had recognized 81.5% of budgeted revenues. Expenditures year-todate were at $44.0 million dollars, which represented 62% of the annual budget. This
equaled last year’s spending at this time when compared to the previous year’s budget
percentage.
Revenues
Tuition and fee revenues were $24.5 million through March, an increase of $1.6 million
from last year at this time. The fall and winter enrollment figures were higher than
anticipated causing a majority of the increase.
Property taxes were $21.9 million through March, a decrease of $174 thousand when
compared to the prior year. Collections are .8% behind the budget when compared to last
year, but are expected to come in as budgeted, as property taxes are recorded on a cash
basis and variances are caused by timing of payments from the various local taxing
authorities.
State appropriations payments for FY2008-09 are paid in monthly installments starting
with October. The total allocation for the current year is $15.2 million and we received
the March payment as scheduled.
Expenditures
Salaries and wages are approximately $25.5 million, or 1% lower when compared to the
prior year. Fringe benefit expenses are also 1% lower and approximate $10 million. The
final salary and related costs of the labor negotiations has been finalized and the financial
impact will be reflected in the next two to three treasurer’s reports.
Other Expenditures
Total expenditures are comparable to the prior year and are all tracking as budgeted.
Other than the salary related expenditures, the Contracted Services and
Operations/communications show the largest whole dollar changes for reasons addressed
in previous Treasurer Reports.
•
Balance Sheet
Total Assets were at $24 million, down 7.3%, or $1.9 million from last March. The
largest differences were comprised of a $2.2 million decrease in Short-term investments,
caused by a timing difference in the transferring of the debt portion of the tax collections
when compared to the prior year, a $377 thousand increase in Cash and cash equivalents,
and a $298 thousand decrease in Accounts Receivable for a total decrease of $2.2 million.
The College continues to seek to maximize its investment earnings by continually
monitoring its cash needs and leaving as much of its reserves as possible in interest
bearing accounts.
At $4.3 million, Total Liabilities were down 27.0%, or approximately $1.6 million from
last year’s balance through March. The most significant changes were in the areas of
Accounts Payable and Accrued payroll and related liabilities which were directly related
to timing of payments on the check run in accounts payable and the timing of payments on
the MPSERS and Health Plus payments in the accrued payroll and related liabilities. The
Due to Other funds showed a decrease of $539 thousand resulting from a difference in
the timing of payments between the college’s debt and general funds.
Comments on spending from other funds:
•
The March expenditures in the other funds were comprised mainly in Maintenance and
Replacement Fund (72) and Bond Issue, Series 2008, which totaled $977 thousand. The
remaining $2.2 million was spent out of the Restricted Funds, most of which was for
student financial aid and grant activities.
Mott Community College
General Fund
Statement of Revenues, Expenditures and Changes in Net Assets
For the 9 Months Ended March 31, 2009
With Comparative Totals at March 31, 2008
Actual to
Actual $
Change
FY 2008-2009 YTD Actuals as YTD Actuals as
Amend 1 Budget
of 3/31/09
of 3/31/08
Actual to
Actual %
Change
Revenues:
Tuition and fees
27,557,348
$ 24,519,727
Property taxes
24,440,631
21,920,702
22,095,414
(174,712)
-0.80%
State appropriations
15,159,600
8,336,643
9,588,080
(1,251,437)
-15.01%
Ballenger trust
1,841,880
1,376,207
1,336,893
39,314
Grants and other
2,166,199
1,210,569
2,001,137
(790,568)
-65.31%
71,165,658
57,363,848
57,940,169
(576,321)
-1.00%
Salaries and wages
36,707,271
25,502,128
25,751,962
(249,834)
-0.98%
Fringe benefits
14,826,825
10,010,749
10,092,879
(82,130)
-0.82%
Contracted services
4,696,833
2,412,591
2,757,003
(344,412)
-14.28%
Materials and supplies
1,945,047
1,289,608
1,166,239
123,369
Total revenues
$
$
22,918,645
$
1,601,082
6.53%
2.86%
Expenditures:
Facilities rent
9.57%
214,949
165,047
148,940
16,107
9.76%
Utilities and insurance
2,923,927
1,769,797
1,827,696
(57,899)
-3.27%
Operations/communications
5,627,184
2,421,504
1,672,279
749,225
30.94%
Transfers
3,849,217
459,942
521,043
(61,101)
-13.28%
217,813
18,844
52,258
(33,414)
-177.32%
71,009,066
44,050,210
43,990,299
59,911
0.14%
156,592
13,313,638
13,949,870
(636,232)
-4.78%
Capital outlay
Total expenditures
Net increase/(decrease) in net
assets
Mott Community College
General Fund
Balance Sheet
March 31, 2009
With Comparative Totals at March 31, 2008
As of
March 31,
2009
Assets
Current Assets
Cash and cash equivalents
Short term investments
Due from other funds
Accounts receivable - net of allowance
for uncollectible accounts ($2,770,822
for 2009 and $2,381,428 for 2008)
Inventories
Prepaid expenses and other assets
Total Assets
Liabilities and Net Assets
Current Liabilities
Accounts payable
Accrued payroll and related liabilities
Deposits held for others
Due to other funds
$
3,436,027
19,056,039
65,958
As of
March 31,
2008
$
1,220,361
79,058
323,482
3,058,714
21,295,703
-
$
Change
$
1,518,214
46,045
165,632
377,313
(2,239,664)
65,958
(297,853)
33,013
157,850
$
24,180,925
$
26,084,308
$
(1,903,383)
$
269,336
1,356,113
81,019
-
$
550,484
2,150,240
15,466
538,853
$
(281,148)
(794,127)
65,553
(538,853)
Total Current Liabilities
1,706,468
3,255,791
(1,549,323)
2,562,595
2,589,075
(26,480)
4,269,063
5,844,866
(1,575,803)
Net Assets
Unrestricted
19,911,862
20,239,442
(327,580)
Total Net Assets
19,911,862
20,239,442
(327,580)
Accrued termination pay
Total Liabilities
Total Liabilities and Net Assets
$
24,180,925
$
26,084,308
$
(1,903,383)