FOR ACTION
Board of Trustees
Charles Stewart Mott Community College
Regular Meeting,
May 19, 2008
Volume 41
Treasurer’s Report for April 2008
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 April 2008 as presented
by the Administration.
Reviewed and Submitted By:
_____________________________________
Lawrence A. Gawthrop, Interim CFO
Date: May 9, 2008
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.”
April Treasurer’s Report
Lawrence A. Gawthrop, CPA
Interim Chief Financial Officer
May 9, 2008
Summary of Expenditures:
Month of April Spending:
General Fund:
All Other Funds:
Total:
$ 4,168,722
$ 4,846,889
----------------$ 9,015,611
========
Comments on General Fund Financial Statements:
•
Statement of Revenues, Expenditures and Changes in Net Assets
Total revenues for the ten month period ending April 30, was approximately $62.2
million, representing 88.3% of the annual budget. This was slightly ahead of last year at
this time, when we had recognized 87.0% of budgeted revenues. The increase is 8.6%
when compared actual to actual. Expenditures year-to-date were at $48.2 million dollars,
which represented 68.5% of the annual budget. This was 3.4% lower in spending than
last year at this time when compared to the previous year’s budget.
Revenues
Tuition and fee revenues are $25.5 million through April an increase of $2.6 million from
last year at this time. The fall and winter as well as spring enrollment figures were higher
than anticipated causing a majority of the increase.
Property taxes were $22.1 million through April, an increase of $.8 million. There were
no significant collections in April and the total revenues are expected to come in close to
the budgeted figure, 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 FY2007-08 are paid in monthly installments starting
with October. The total allocation for the current year is $16.2 million comprised of
$14.9 million in the general yearly allocation plus the $1.3 million restoration of the
August 2007 payment. We received the April payment as scheduled.
Expenditures
Salaries and wages are approximately $27.9 million, or 1% higher when compared to the
prior year. Fringe benefit expenses are also 1.1% higher and are approximately $11.2
million. The final salary and related costs of the labor negotiations is still uncertain at this
time and an appropriate reserve has been incorporated into the amended budget.
Other Expenditures
Total expenditures are up 2.5% compared to the prior year and are all tracking as
budgeted. Other than the salary related expenditures, the Contracted Services and
Materials and Supplies show the largest whole dollar changes for reasons addressed in
previous Treasurer Reports.
•
Balance Sheet
Total Assets were at $25.2 million, up 19.3%, or $4.1 million from last April. The largest
differences were comprised of a $4.1 million increase in Short-term investments and a $.4
million decrease in Cash and cash equivalents for a total increase of $3.7 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 $4.9 million, Total Liabilities were down 5.3%, or approximately $276 thousand from
last year’s balance through April. The most significant changes were in the areas of
Accounts Payable and Accrued payroll and related liabilities. These decreases are the
effect of timing of health insurance payments between this year and last year. In FY
2006-2007, less health insurance payments were made at this time than in the previous
fiscal year.
Comments on spending from other funds:
•
Of the $4.8 million spent in the other funds, $1.3 million came out of the Bond Issue,
Series 2006 and $2.7 million was from 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 10 Months Ended April 30, 2008
With Comparative Totals at April 30, 2007
Actual to
Actual $
Change
FY 2007-2008 YTD Actuals as YTD Actuals as
Amend-1 Budget
of 4/30/08
of 4/30/07
Actual to
Actual %
Change
Revenues:
Tuition and fees
25,350,606
$ 25,531,685
2,552,677
10.00%
Property taxes
24,493,727
22,133,001
21,328,245
804,756
3.64%
State appropriations
16,278,400
10,927,189
9,351,208
1,575,981
14.42%
Ballenger trust
1,782,525
1,485,437
1,410,300
75,137
5.06%
Grants and other
2,555,700
2,128,608
1,808,629
319,979
15.03%
70,460,958
62,205,920
56,877,390
5,328,530
8.57%
Salaries and wages
36,345,637
27,871,852
27,592,954
278,898
1.00%
Fringe benefits
14,519,348
11,239,456
11,116,140
123,316
1.10%
Contracted services
4,862,882
3,031,794
2,560,748
471,046
15.54%
Materials and supplies
1,940,983
1,355,198
1,203,955
151,243
11.16%
196,349
173,515
150,588
22,927
13.21%
Utilities and insurance
2,863,603
2,040,966
2,006,994
33,972
1.66%
Operations/communications
4,234,586
1,862,844
1,825,387
37,457
2.01%
Transfers
5,119,217
523,043
452,010
71,033
13.58%
188,863
60,354
39,522
20,832
34.52%
70,271,468
48,159,022
46,948,298
1,210,724
2.51%
189,490
14,046,898
9,929,092
4,117,806
29.31%
Total revenues
$
$
22,979,008
$
Expenditures:
Facilities rent
Capital outlay
Total expenditures
Net increase/(decrease) in net
assets
Mott Community College
General Fund
Balance Sheet
April 30, 2008
With Comparative Totals at April 30, 2007
As of
April 30,
2008
Assets
Current Assets
Cash and cash equivalents
Short term investments
Accounts receivable - net of allowance
for uncollectible accounts ($2,381,428
for 2008 and $2,870,340 for 2007)
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
Unearned revenue
$
1,388,156
20,258,475
As of
April 30,
2007
$
2,144,454
46,045
174,658
1,833,708
16,109,826
$
Change
$
1,641,647
92,633
161,146
502,807
(46,588)
13,512
$
25,219,706
$
21,138,717
$
$
171,783
1,264,062
15,231
843,086
$
404,646
1,497,601
11,710
597,988
$
Total Current Liabilities
(445,552)
4,148,649
4,080,989
(232,863)
(233,539)
3,521
245,098
2,294,162
2,511,945
(217,783)
2,589,075
2,646,880
(57,805)
4,883,237
5,158,825
(275,588)
Net Assets
Unrestricted
20,336,469
15,979,892
4,356,577
Total Net Assets
20,336,469
15,979,892
4,356,577
Accrued termination pay
Total Liabilities
Total Liabilities and Net Assets
$
25,219,706
$
21,138,717
$
4,080,989