FOR ACTION
Board of Trustees
Charles Stewart Mott Community College
Regular Meeting,
March 23, 2009
Volume 42
Treasurer’s Report for February 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 February 2009 as
presented by the Administration.
Reviewed and Submitted By:
_____________________________________
Lawrence A. Gawthrop, Interim CFO
Date: March 13, 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.”
February Treasurer’s Report
Lawrence A. Gawthrop, CPA
Interim Chief Financial Officer
March 13, 2009
Summary of Expenditures:
Month of February Spending:
General Fund:
All Other Funds:
Total:
$ 5,197,835
$ 2,802,622
----------------$ 8,000,457
========
Comments on General Fund Financial Statements:
•
Statement of Revenues, Expenditures and Changes in Net Assets
Total revenues for the eight month period ending February 28, was $52 million,
representing 73% of the annual budget. This was slightly behind last year at this time,
when we had recognized 74.5% of budgeted revenues. Expenditures year-to-date were at
$39.1 million dollars, which represented 55% of the annual budget. This was 2.7% lower
compared to the previous year’s budget.
Revenues
Tuition and fee revenues were $24.3 million through February, an increase of $1.4
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 $18.3 million through February, a decrease of $586 thousand.
Currently, collections are slightly below the budgeted amounts, but are expected to come
in at or near budgeted amounts, 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. We received the
January payment as scheduled.
.
Expenditures
Salaries and wages are down $1.5 million, or 6.8% compared to the prior year. Fringe
benefit expenses also showed a comparable decrease of 7.7%. This decrease is largely
due to the implementation of the Faculty Assignment module in Datatel. The final salary
and related costs of the labor negotiations is still uncertain at this time and a reserve has
been incorporated in the budget.
Other Expenditures
The Contracted Services and Operations and Communications show the largest
variances relating to the reclassification of the Datatel maintenance invoices from
contracted services to the operations/communications area.
•
Balance Sheet
Overall, Total Assets were at $25.7 million, the same as February 2008. The largest
individual differences were comprised of a $1.1 million increase in Short-term
investments, a $700 thousand decrease in Cash and cash equivalents, and a $435
thousand decrease in Accounts receivable. 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 $6.2 million, Total Liabilities were down 15.7%, or $1.1 million from last year’s
February balance. The largest variances were a decrease of $2.7 million in accrued
payroll and related liabilities, a result of the accounting implementation of the Faculty
Assignment application in Datatel in the current year. An estimate of the total faculty
salaries are no longer accrued at the beginning of each semester and are now expensed as
they are paid. The $1.7 million increase in the Due to other funds is the timing difference
of the property tax revenue transfer from the General Fund to the Debt Retirement Fund
for retirement of our bonded debt.
Comments on spending from other funds:
•
The February expenditures in the other funds was comprised mainly in Restricted Funds,
most of which was for student financial aid and grant activities which totaled $1.9 million.
The Maintenance and Replacement and 2008 Bond issue funds comprised another $945
thousand of the total.
Mott Community College
General Fund
Statement of Revenues, Expenditures and Changes in Net Assets
For the 8 Months Ended February 28, 2009
With Comparative Totals at February 29, 2008
Actual to
Actual $
Change
FY 2008-2009 YTD Actuals as YTD Actuals as
Amend 1 Budget
of 2/28/09
of 2/29/08
Actual to
Actual %
Change
Revenues:
Tuition and fees
27,557,348
$ 24,334,453
Property taxes
24,440,631
18,340,872
18,927,229
(586,357)
-3.20%
State appropriations
15,159,600
6,971,516
8,248,971
(1,277,455)
-18.32%
Ballenger trust
1,841,880
1,223,295
1,188,350
34,945
Grants and other
2,166,199
1,092,847
1,695,585
(602,738)
-55.15%
71,165,658
51,962,983
52,966,566
(1,003,583)
-1.93%
Salaries and wages
36,707,271
22,534,877
24,072,996
(1,538,119)
-6.83%
Fringe benefits
14,826,825
8,882,338
9,563,130
(680,792)
-7.66%
Contracted services
4,696,833
2,217,600
2,465,661
(248,061)
-11.19%
Materials and supplies
1,945,047
1,116,931
1,070,869
46,062
4.12%
214,949
135,364
127,527
7,837
5.79%
Utilities and insurance
2,923,927
1,545,300
1,603,951
(58,651)
-3.80%
Operations/communications
5,627,184
2,150,208
1,435,255
714,953
33.25%
Transfers
3,849,217
459,942
521,043
(61,101)
-13.28%
217,813
17,003
42,151
(25,148)
-147.90%
71,009,066
39,059,563
40,902,583
(1,843,020)
-4.72%
156,592
12,903,420
12,063,983
Total revenues
$
$
22,906,431
$
1,428,022
5.87%
2.86%
Expenditures:
Facilities rent
Capital outlay
Total expenditures
Net increase/(decrease) in net
assets
839,437
6.51%
Mott Community College
General Fund
Balance Sheet
February 28, 2009
With Comparative Totals at February 29, 2008
As of
February 28,
2009
Assets
Current Assets
Cash and cash equivalents
Short term investments
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
$
1,252,049
22,573,832
As of
February 29,
2008
$
1,481,525
74,296
275,573
1,986,995
21,433,415
$
Change
$
1,917,021
46,045
271,162
(435,496)
28,251
4,411
$
25,657,275
$
25,654,638
$
$
232,618
1,447,503
36,464
1,876,451
$
355,023
4,156,856
15,346
168,531
$
Total Current Liabilities
(734,946)
1,140,417
2,637
(122,405)
(2,709,353)
21,118
1,707,920
3,593,036
4,695,756
(1,102,720)
2,562,595
2,605,327
(42,732)
6,155,631
7,301,083
(1,145,452)
Net Assets
Unrestricted
19,501,644
18,353,555
1,148,089
Total Net Assets
19,501,644
18,353,555
1,148,089
Accrued termination pay
Total Liabilities
Total Liabilities and Net Assets
$
25,657,275
$
25,654,638
$
2,637