FOR ACTION
Board of Trustees
Charles Stewart Mott Community College
Regular Meeting,
December 17, 2007
Volume 39
Treasurer’s Report for November 2007
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 November 2007 as
presented by the Administration.
Reviewed and Submitted By:
_____________________________________
Lawrence A. Gawthrop, Interim CFO
Date: December 7, 2007
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.”
November Treasurer’s Report
Lawrence A. Gawthrop, CPA
Interim Chief Financial Officer
December 7, 2007
Summary of Expenditures:
Month of November Spending:
General Fund:
All Other Funds:
Total:
$ 4,155,331
$ 4,407,276
-------------$ 8,562,607
=======
Comments on General Fund Financial Statements:
•
Statement of Revenues, Expenditures and Changes in Net Assets
Total revenues year-to-date was $32.5 million, representing 48.3% of the annual budget.
This was 3.3% ahead of last year at this time, when we had recognized 45.0% of budgeted
revenues. Expenditures year-to-date were at $23.3 million dollars, which represented
34.6% of the annual budget. This was 0.1% lower in spending than last year at this time
when compared to the previous year’s budget.
Revenues
Tuition and fee revenues were $15.9 million through November, an increase of $795
thousand from last year at this time. This indicates that the winter enrollment pace is
comparable to the prior year as the current tuition and fees increase is largely the same as
it has been since fall enrollment figures were known.
Property taxes were $10.7 million through November, an increase 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 project to end the year at the final
budgeted amounts.
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 November 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 unknown at this
time. If the situation is unresolved at the time of the January amended budget, a
contingency is being considered to reflect the potential effect on the current year budget.
Other Expenditures
Total expenditures are down .1% compared to the prior year and are all tracking as
budgeted. Besides the Salaries, Wages, and Fringes, the Contracted Services, Utilities
and insurance, Transfers 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 $20.6 million, up 16.7% from last November, with the largest
increases in the areas of cash and short-term investments.
At $5.0 million, Total Liabilities were up 6.0% from last year’s balance through
November, with the major difference in accounts payable and accrued payroll and related
liabilities.
Comments on spending from other funds:
•
The November 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 $2.9 million. The remaining $1.5 million was in the areas of Debt Retirement, and
capital outlay from the Series 2006 Bond Issue and Maintenance and Replacement
funds.
Amend 1 Budget
•
The College is in the process of collecting budget revisions from all department heads for the
first fiscal year budget amendment. This process will continue until the holiday break with
the final revisions completed by the second week in January. The amended budget will be
presented at the January board meeting for approval.
Mott Community College
General Fund
Balance Sheet
November 30, 2007
With Comparative Figures at November 30, 2006
As of
November 30,
2007
Assets
Current Assets
Cash and cash equivalents
Short term investments
Due from other funds
Accounts receivable - net of allowance
for uncollectible accounts ($2,412,060
for 2007 and $2,870,340 for 2006)
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
$
2,565,070
13,533,921
2,114,711
As of
November 30,
2006
$
2,153,261
46,045
159,912
1,637,314
11,391,120
2,518,172
$
Change
$
1,884,913
92,633
107,343
927,756
2,142,801
(403,461)
268,348
(46,588)
52,569
$
20,572,920
$
17,631,495
$
2,941,425
$
269,579
2,105,310
13,858
$
127,084
1,850,366
11,230
$
142,495
254,944
2,628
Total Current Liabilities
2,388,747
1,988,680
400,067
2,620,458
2,735,198
(114,740)
5,009,205
4,723,878
285,327
Net Assets
Unrestricted
15,563,715
12,907,617
2,656,098
Total Net Assets
15,563,715
12,907,617
2,656,098
Accrued termination pay
Total Liabilities
Total Liabilities and Net Assets
$
20,572,920
$
17,631,495
$
2,941,425
Mott Community College
General Fund
Statement of Revenues, Expenditures and Changes in Net Assets
For the 5 Months Ended November 30, 2007
With Comparative Figures at November 30, 2006
FY 2007-2008
Original Budget
YTD Actuals as YTD Actuals as
of 11/30/07
of 11/30/06
$
24,507,814
$ 15,910,744
Property taxes
24,018,727
10,738,731
State appropriations
14,571,386
Ballenger trust
Grants and other
Actual to
Actual $
Change
Actual to
Actual %
Change
Revenues:
Tuition and fees
795,373
5.00%
10,044,523
694,208
6.46%
4,231,644
2,720,526
1,511,118
35.71%
1,700,000
742,719
705,150
37,569
5.06%
2,616,372
939,654
829,793
109,861
11.69%
67,414,299
32,563,492
29,415,363
3,148,129
9.67%
Salaries and wages
37,018,191
13,329,688
12,983,948
345,740
2.59%
Fringe benefits
14,553,548
5,231,538
5,235,950
Contracted services
4,354,944
1,699,168
1,412,688
286,480
16.86%
Materials and supplies
1,899,171
667,030
643,935
23,095
3.46%
Total revenues
$
15,115,371
$
Expenditures:
Facilities rent
(4,412)
-0.08%
196,299
77,995
67,333
10,662
13.67%
Utilities and insurance
2,831,603
1,005,778
934,598
71,180
7.08%
Operations/communications
4,070,709
886,310
996,772
(110,462)
-12.46%
Transfers
2,175,197
357,901
270,631
87,270
24.38%
130,613
33,942
12,691
21,251
62.61%
67,230,275
23,289,350
22,558,546
730,804
3.14%
184,024
9,274,142
6,856,817
2,417,325
26.07%
Capital outlay
Total expenditures
Net increase/(decrease) in net
assets