FOR ACTION
Board of Trustees
Charles Stewart Mott Community College
Regular Meeting,
April 28, 2008
Volume 41
Treasurer’s Report for March 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 March 2008 as presented
by the Administration.
Reviewed and Submitted By:
_____________________________________
Lawrence A. Gawthrop, Interim CFO
Date: April 18, 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.”
March Treasurer’s Report
Lawrence A. Gawthrop, CPA
Interim Chief Financial Officer
April 18, 2008
Summary of Expenditures:
Month of March Spending:
General Fund:
All Other Funds:
Total:
$ 3,087,719
$ 2,296,875
----------------$ 5,384,594
========
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 $58
million, representing 82.2% of the annual budget. This was slightly ahead of last year at
this time, when we had recognized 81.9% of budgeted revenues. Expenditures year-todate were at $44.0 million dollars, which represented 62.6% of the annual budget. This
was 3.5% lower in spending than last year at this time when compared to the previous
year’s budget.
Revenues
Tuition and fee revenues were $22.9 million through March - no change from the
previous month, and an increase of $1.2 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 $22.1 million through March, an increase of $1.2 million.
Collections are .4% ahead of the budget when compared to last year, but are expected to
come in on track, 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 March payment as scheduled.
Expenditures
Salaries and wages are approximately $25.8 million, or 1% higher when compared to the
prior year. Fringe benefit expenses are also 1% higher and are approximately $10 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% compared 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 $26.1 million, up 17.4%, or $3.9 million from last March. The
largest differences were comprised of a $2.6 million increase in Short-term investments
and a $.9 million increase in Cash and cash equivalents for a total increase of $3.5
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 $5.8 million, Total Liabilities were up 1.3%, or approximately $76 thousand 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.
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 2006, which totaled $1.2 million. The
remaining $1.1 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, 2008
With Comparative Figures at March 31, 2007
Actual to
Actual $
Change
FY 2007-2008 YTD Actuals as YTD Actuals as
Amend-1 Budget
of 3/31/08
of 3/31/07
Actual to
Actual %
Change
Revenues:
Tuition and fees
25,350,606
$ 22,918,645
1,161,036
5.07%
Property taxes
24,493,727
22,095,414
20,933,221
1,162,193
5.26%
State appropriations
16,278,400
9,588,080
8,025,072
1,563,008
16.30%
Ballenger trust
1,782,525
1,336,893
1,269,270
67,623
5.06%
Grants and other
2,555,700
2,001,138
1,560,800
440,338
22.00%
70,460,958
57,940,170
53,545,972
4,394,198
7.58%
Salaries and wages
36,345,637
25,751,962
25,498,967
252,995
0.98%
Fringe benefits
14,519,348
10,092,879
9,991,332
101,547
1.01%
Contracted services
4,862,882
2,757,003
2,297,831
459,172
16.65%
Materials and supplies
1,940,983
1,166,238
1,070,979
95,259
8.17%
Total revenues
$
$
21,757,609
$
Expenditures:
Facilities rent
196,349
148,940
141,367
7,573
5.08%
Utilities and insurance
2,863,603
1,827,696
1,784,904
42,792
2.34%
Operations/communications
4,234,586
1,672,280
1,941,478
(269,198)
-16.10%
Transfers
5,119,217
521,043
393,361
127,682
24.51%
188,863
52,258
31,080
21,178
40.53%
70,271,468
43,990,299
43,151,299
839,000
1.91%
189,490
13,949,871
10,394,673
3,555,198
25.49%
Capital outlay
Total expenditures
Net increase/(decrease) in net
assets
Mott Community College
General Fund
Balance Sheet
March 31, 2008
With Comparative Figures at March 31, 2007
As of
March 31,
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
$
3,058,714
21,295,703
As of
March 31,
2007
$
1,518,214
46,045
165,632
2,115,035
18,729,675
$
Change
$
1,137,700
92,633
139,522
380,514
(46,588)
26,110
$
26,084,308
$
22,214,565
$
$
550,484
2,150,240
15,466
538,853
748
$
230,880
2,647,319
11,710
144,475
87,828
$
Total Current Liabilities
943,679
2,566,028
3,869,743
319,604
(497,079)
3,756
394,378
(87,080)
3,255,791
3,122,212
133,579
2,589,075
2,646,880
(57,805)
5,844,866
5,769,092
75,774
Net Assets
Unrestricted
20,239,442
16,445,473
3,793,969
Total Net Assets
20,239,442
16,445,473
3,793,969
Accrued termination pay
Total Liabilities
Total Liabilities and Net Assets
$
26,084,308
$
22,214,565
$
3,869,743