COMPREHENSIVE ANNUAL FINANCIAL REPORT FISCAL YEAR ENDED JUNE 30, 2018 JANUARY 9, 2019 GOVERNING BOARD MEETING PRESENTED BY: DR. DAVID BEA
REVENUES BY SOURCE FY 2018 FY 2017 $ Change % Change Operating Revenues Tuition and Fees (net of allowances) $ 28,532,331 $ 28,834,580 $ (302,249) -1.0% Contracts 2,766,925 2,660,348 106,577 4.0% Commissions and Rents 1,067,161 1,720,067 (652,906) -38.0% Other Operating Revenues 1,008,383 924,054 84,329 9.1% Total Operating Revenues 33,374,800 34,139,049 (764,249) -2.2% Nonoperating Revenues Property Taxes 111,324,689 106,823,980 4,500,709 4.2% Federal Grants 42,048,279 39,352,391 2,695,888 6.9% State and Local Grants 1,323,106 1,544,239 (221,133) -14.3% Share of State Sales Tax 2,418,985 2,341,003 77,982 3.3% Gifts 706,141 711,223 (5,082) -0.7% Investment Income 626,296 323,910 302,386 93.4% Other Nonoperating Revenues, net 7,789 4,850 2,939 60.6% Total Nonoperating Revenues 158,455,285 151,101,596 7,353,689 4.9% Capital Gifts and Grants 80,650 39,520 41,130 104.1% Total Revenues $ 191,910,735 $ 185,280,165 $ 6,630,570 3.6%
EXPENSES BY CATEGORY FY 2018 FY 2017 $ Change % Change Operating Expenses Educational and General Instruction $ 51,138,005 $ 52,009,785 $ (871,780) -1.7% Academic Support 24,914,373 25,221,536 (307,163) -1.2% Student Services 27,188,490 28,146,761 (958,271) -3.4% Institutional Support 32,910,008 33,893,651 (983,643) -2.9% Operation and Maintenance of Plant 14,767,795 16,299,388 (1,531,593) -9.4% Student Financial Aid 16,557,909 15,449,569 1,108,340 7.2% Auxiliary Enterprises 877,258 931,331 (54,073) -5.8% Depreciation 7,117,410 7,701,083 (583,673) -7.6% T otal Operating Expenses 175,471,248 179,653,104 (4,181,856) -2.3% Nonoperating Expenses Loss on Capital Asset Disposal 54,672 22,066 32,606 147.8% Interest on Capital Asset Related Debt 32,493 0 32,493 100.0% T otal Nonoperating Expenses 87,165 22,066 65,099 295.0% - T otal Expenses $ 175,558,413 $ 179,675,170 $ (4,116,757) -2.3%
OPERATING EXPENSES BY TYPE Expense Type FY 2018 FY 2017 $ Change Employee Compensation and Benefits $ 116,106,384 $ 120,424,857 $ (4,318,473) Communication and Utilities 5,469,192 5,048,989 420,203 Travel 2,015,353 1,775,905 239,448 Contractual Services 16,303,721 17,451,598 (1,147,877) Supplies and Materials 7,718,640 6,964,803 753,837 Student Financial Aid 16,557,910 15,449,439 1,108,471 Other Expenses 4,182,638 4,836,430 (653,792) Depreciation 7,117,410 7,701,083 (583,673) T otal Operating Expenses $ 175,471,248 $ 179,653,104 $ (4,181,856)
NET POSITION Item FY 2018 FY 2017 $ Change Cash and Cash Equivalents $ 73,008,446 $ 54,863,646 $ 2,010,685 Short + Long-term Investments 56,874,331 56,396,686 477,645 Other Current + Non-Current Assets 104,672,670 112,426,125 (7,753,455) T otal Assets $ 234,555,447 $ 223,686,457 $ 10,868,990 T otal Liabilities 147,207,659 159,632,724 (12,425,065) T otal Net Position $ 88,408,939 $ 71,892,281 $ 16,516,658 Net Position Invested in Capital Assets (net of related debt) 96,772,449 100,330,570 (3,558,121) Restricted Net Position 12,451,846 11,339,876 1,111,970 Unrestricted Net Position (20,815,356) (39,778,165) 18,962,809 T otal Net Position $ 88,408,939 $ 71,892,281 $ 16,516,658
REVENUES, EXPENSES, AND CHANGES IN NET POSITION Item FY 2018 FY 2017 Total Operating Revenues $ 33,374,800 $ 34,139,049 Total Operating Expenses 175,471,248 179,653,104 Operating Loss (142,096,448) (145,514,055) Net Nonoperating Revenues 158,368,120 151,079,530 Income before Capital Appropriations, Gifts and 16,271,672 5,565,475 Grants Capital Gifts and Grants 80,650 39,520 Increase in Net Position $ 16,352,322 $ 5,604,995
SUMMARY • Unmodified opinion from the Arizona Office of the Auditor General indicating the College’s financial statements are reliable, fairly presented, and prepared according to accepted accounting principles • Financial Statements demonstrate progress towards the three- year budget plan in preparation for the projected FY21 Expenditure Limit • Increase in tuition & fees • Decrease in total expenditures • Significant increase in net position indicates strong financial standing as the College prepares to issue debt for Revenue Bonds
A SPECIAL THANK YOU TO FINANCIAL SERVICES FOR THEIR WORK ON THE CAFR Daniel Soza, Carl Englander, Aurora Juarez, Marisa Mandal, Tim Rapoza, & Bernard Simon
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