FOR ACTION
Board of Trustees
Charles Stewart Mott Community College
Regular Meeting,
February 19, 2008
Volume 40
Treasurer’s Report for January 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 January 2008 as
presented by the Administration.
Reviewed and Submitted By:
_____________________________________
Lawrence A. Gawthrop, Interim CFO
Date: February 15, 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.”
January Treasurer’s Report
Lawrence A. Gawthrop, CPA
Interim Chief Financial Officer
February 15, 2008
Summary of Expenditures:
Month of January Spending:
General Fund:
All Other Funds:
Total:
$ 3,945,900
$ 10,556,945
----------------$ 14,502,845
========
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 $44.5 million,
representing 68.8% of the annual budget. This was slightly ahead of last year at this time,
when we had recognized 68.0% of budgeted revenues. Expenditures year-to-date were at
$31.4 million dollars, which represented 44.6% of the annual budget. This was 2.5%
lower in spending than last year at this time when compared to the previous year’s budget.
Revenues
Tuition and fee revenues were $25.4 million through January, an increase of $2.0 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 $16.7 million through January, an increase of $.6 million. Property
taxes are recorded on a cash basis and variances are caused by timing of payments from
the various local taxing authorities. As an example, in the same last fiscal period ended
January 31, Davison and Montrose Townships had paid an additional $480 thousand.
These payments were not received until February in the current year.
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 January payment as scheduled.
Expenditures
Salaries, wages and fringes are comparable to the prior year and on pace with budgeted
amounts. 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 down .6% compared to the prior year and are all tracking as
budgeted. The Contracted Services and Materials and supplies show the largest
increases for reasons addressed in previous Treasurer Reports. 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 $28.6 million, up 6.3% from last January, comprised of a $3.6
million increase in short-term investments and a $2.5 million decrease in cash and cash
equivalents for a net increase of $1.03 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 $5.2 million, Total Liabilities were down 27.2% from last year’s balance through
January, with the largest decreases in difference in accounts payable and accrued payroll
and related liabilities.
Accounts payable is down $2.7 million from the previous year due to the timing of the
receipt and payment of student loan refunds. In the previous fiscal year, the refundable
portion of the student loans were received on January 31, and paid out in early February.
In the current fiscal year, the student loan refunds were not yet received.
Accrued payroll is up $866 thousand due to the timing of the January health insurance
payment being paid in January in the prior fiscal year and paid in February in the current
fiscal year.
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 $9.2 million. The Maintenance and Replacement and 2006 Bond issue funds
comprised another $1.4 million of the total and the remaining $245 thousand was in bond
interest payments from the Debt Retirement Funds.
Mott Community College
General Fund
Balance Sheet
January 31, 2008
With Comparative Figures at January 31, 2007
As of
January 31,
2008
Assets
Current Assets
Cash and cash equivalents
Short term investments
Due from other funds
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
$
3,575,628
17,988,618
4,576,465
As of
January 31,
2007
$
2,305,864
46,045
121,517
6,115,629
14,417,405
3,903,010
$
Change
$
2,267,521
92,895
110,761
(2,540,001)
3,571,213
673,455
38,343
(46,850)
10,756
$
28,614,137
$
26,907,221
$
1,706,916
$
1,455,416
1,099,895
14,851
$
4,194,145
234,098
11,600
$
(2,738,729)
865,797
3,251
Total Current Liabilities
2,570,162
4,439,843
(1,869,681)
2,608,983
2,670,969
(61,986)
5,179,145
7,110,812
(1,931,667)
Net Assets
Unrestricted
23,434,992
19,796,409
3,638,583
Total Net Assets
23,434,992
19,796,409
3,638,583
Accrued termination pay
Total Liabilities
Total Liabilities and Net Assets
$
28,614,137
$
26,907,221
$
1,706,916
Mott Community College
General Fund
Statement of Revenues, Expenditures and Changes in Net Assets
For the 7 Months Ended January 31, 2008
With Comparative Figures at January 31, 2007
Actual to
Actual $
Change
FY 2007-2008 YTD Actuals as YTD Actuals as
Amend-1 Budget
of 1/31/08
of 1/31/07
Actual to
Actual %
Change
Revenues:
Tuition and fees
25,350,606
$ 22,668,889
2,013,455
8.88%
Property taxes
24,493,727
16,726,808
16,136,609
590,199
3.53%
State appropriations
16,278,400
6,909,862
5,372,800
1,537,062
22.24%
Ballenger trust
1,782,525
1,039,806
987,210
52,596
5.06%
Grants and other
2,555,700
1,157,650
1,317,890
70,460,958
48,503,015
44,469,943
4,033,072
8.32%
Salaries and wages
36,345,637
17,497,934
17,352,011
145,923
0.83%
Fringe benefits
14,519,348
7,373,965
7,469,878
(95,913)
-1.30%
Contracted services
4,862,882
2,259,888
1,764,237
495,651
21.93%
Materials and supplies
1,940,983
936,572
832,916
103,656
11.07%
196,349
127,527
109,821
17,706
13.88%
Utilities and insurance
2,863,603
1,307,418
1,315,465
(8,047)
-0.62%
Operations/communications
4,234,586
1,288,385
1,468,210
(179,825)
-13.96%
Transfers
5,119,217
527,778
391,914
135,864
25.74%
188,863
38,127
19,882
18,245
47.85%
70,271,468
31,357,594
30,724,334
633,260
2.02%
189,490
17,145,421
13,745,609
3,399,812
19.83%
Total revenues
$
$
20,655,434
$
(160,240)
-13.84%
Expenditures:
Facilities rent
Capital outlay
Total expenditures
Net increase/(decrease) in net
assets