FOR ACTION
Board of Trustees
Charles Stewart Mott Community College
Regular Meeting,
February 23, 2009
Volume 41
Treasurer’s Report for January 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 January 2009 as
presented by the Administration.
Reviewed and Submitted By:
_____________________________________
Lawrence A. Gawthrop, Interim CFO
Date: February 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.”
January Treasurer’s Report
Lawrence A. Gawthrop, CPA
Interim Chief Financial Officer
February 13, 2009
Summary of Expenditures:
Month of January Spending:
General Fund:
All Other Funds:
Total:
$ 6,246,968
$ 11,093,489
----------------$ 17,340,457
========
Comments on General Fund Financial Statements:
•
Statement of Revenues, Expenditures and Changes in Net Assets
Total revenues for the seven month period ending January 31, was $47.7 million,
representing 67.1% of the annual budget. This was slightly behind last year at this time,
when we had recognized 68.2% of budgeted revenues. Expenditures year-to-date were at
$33.9 million dollars, which represented 47.7% of the annual budget. This was 3.5%
higher in spending than last year at this time when compared to the previous year’s
budget.
Revenues
Tuition and fee revenues were $24.1 million through January, 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 $16.0 million through January, a decrease of $.7 million. Property
taxes are recorded on a cash basis and variances are caused by timing of payments from
the various local taxing authorities. We anticipate our total collections for the current
fiscal year to be in line with the $24.4 million originally budgeted.
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, wages and fringes are up $2.4 million compared to the prior year as there were
three payrolls posting in January versus two last year. The final salary and related costs
of the labor negotiations is still uncertain at this time with four Collective Bargaining
Agreements currently open.
Other Expenditures
Total other expenditures are consistent with the prior year and are tracking as budgeted.
The Contracted Services and Operations and Communications show the largest
variances for reasons addressed in previous Treasurer Reports related to the
reclassification of the Datatel maintenance invoices. There have been no significant
changes since the first two months of the fiscal year and the changes are a carryover from
those months.
•
Balance Sheet
Total Assets were at $27.4 million, down 4.3% from last January, comprised of a $3.7
million decrease in cash and short-term investments, a $1.6 million increase in Accounts
receivable and a $733 thousand increase in due from other funds. The decrease in cash
and short-term investments was due in large part to funding the third payroll in January.
The increase in accounts receivable is largely due to a change in recording of the student
loans in the financials. We are clearing the payments from the student loans through A/R
now instead of a cash clearing account.
At $6.9 million, Total Liabilities were up 33.4% from last year’s balance through January,
with the largest increases in accounts payable and accrued payroll and related liabilities.
Accounts payable is up $1.5 million from the previous year due to the timing of the check
runs between the two fiscal years. In the previous fiscal year there was a check run on
January 31, and in the current fiscal year the check run did not occur until February 3.
The Accrued payroll liabilities increase was the effect of the implementation of the Faculty
Assignment module in Datatel.
Comments on spending from other funds:
•
The January expenditures in the other funds was comprised mainly in Agency and
Restricted Funds, most of which was for student financial aid and grant activities which
totaled $10.3 million. The Maintenance and Replacement and 2006 Bond issue funds
comprised another $583 thousand of the total and the remaining $210 thousand was in bond
interest payments from the Debt Retirement Funds.
Mott Community College
General Fund
Statement of Revenues, Expenditures and Changes in Net Assets
For the 7 Months Ended January 31, 2009
With Comparative Totals at January 31, 2008
Actual to
Actual $
Change
FY 2008-2009 YTD Actuals as YTD Actuals as
Amend 1 Budget
of 1/31/09
of 1/31/08
Actual to
Actual %
Change
Revenues:
Tuition and fees
27,557,348
$ 24,086,700
Property taxes
24,440,631
16,004,377
16,726,808
(722,431)
-4.51%
State appropriations
15,159,600
5,606,389
6,909,862
(1,303,473)
0.00%
Ballenger trust
1,841,880
1,070,383
1,039,806
30,577
Grants and other
2,166,199
971,364
1,157,651
(186,287)
-19.18%
71,165,658
47,739,213
48,503,016
(763,803)
-1.60%
Salaries and wages
36,707,271
19,596,169
17,497,934
2,098,235
10.71%
Fringe benefits
14,826,825
7,673,642
7,373,965
299,677
3.91%
Contracted services
4,696,833
1,842,030
2,259,888
(417,858)
Materials and supplies
1,945,047
974,087
936,573
Total revenues
$
$
22,668,889
$
1,417,811
5.89%
2.86%
Expenditures:
Facilities rent
37,514
-22.68%
3.85%
214,949
120,330
127,527
(7,197)
-5.98%
Utilities and insurance
2,923,927
1,230,414
1,307,418
(77,004)
-6.26%
Operations/communications
5,627,184
1,950,488
1,288,386
662,102
33.95%
Transfers
3,849,217
459,942
527,778
(67,836)
-100.00%
217,813
14,627
38,127
(23,500)
-160.66%
71,009,066
33,861,729
31,357,596
2,504,133
156,592
13,877,484
17,145,420
(3,267,936)
Capital outlay
Total expenditures
Net increase/(decrease) in net
assets
7.40%
-23.55%
Mott Community College
General Fund
Balance Sheet
January 31, 2009
With Comparative Totals at January 31, 2008
As of
January 31,
2009
Assets
Current Assets
Cash and cash equivalents
Short term investments
Due from other funds
Accounts receivable - net of allowance
for uncollectible accounts ($2,773,059
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
$
2,752,083
15,057,613
5,308,971
As of
January 31,
2008
$
3,957,270
69,663
241,218
3,575,628
17,988,618
4,576,465
$
Change
$
2,305,864
46,045
121,517
(823,545)
(2,931,005)
732,506
1,651,406
23,618
119,701
$
27,386,818
$
28,614,137
$
(1,227,319)
$
2,878,215
1,441,976
25,285
$
1,455,416
1,099,895
14,851
$
1,422,799
342,081
10,434
Total Current Liabilities
4,345,476
2,570,162
2,565,634
2,608,983
6,911,110
5,179,145
1,731,965
Net Assets
Unrestricted
20,475,708
23,434,992
(2,959,284)
Total Net Assets
20,475,708
23,434,992
(2,959,284)
Accrued termination pay
Total Liabilities
Total Liabilities and Net Assets
$
27,386,818
$
28,614,137
1,775,314
(43,349)
$
(1,227,319)