Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget Finance topic
No spam. Unsubscribe anytime.
Southeast Tech ends fiscal year $1.7 million positive; fund balance near $11 million
Summary
Interim finance staff reported a $1.7 million surplus for the fiscal year, citing higher-than-budgeted tuition revenue and timely state reimbursements; combined fund balance reported at about $11 million.
Interim finance staff reported to the board that Southeast Technical College closed the most recent fiscal year approximately $1.7 million in the black and holds about $11 million in combined fund balances.
The interim presenter said the college recorded roughly $37.4 million in revenue against $35.7 million in expenses, surprising officials who had budgeted more conservatively. The presenter attributed the positive variance to higher credit-driven tuition revenue, careful expense management and faster reimbursement of equipment and Perkins funds from the state.
State revenues were slightly below budget, the presenter said, and some reimbursements remain outstanding; federal funds and local auxiliary sales came in above projections. The presenter noted that a structural deficit included in the prior year’s budget did not require using reserves because of the stronger-than-expected revenue performance.
On the expense side, instruction, support services and facilities were each modestly below budget due to some open positions and delayed expenditures. Board members asked about potential federal funding uncertainty and a separate HUD grant tied to the Abner Center; presenters said they are prioritizing spending reimbursable federal funds and will continue monitoring federal budget developments.
The board moved and approved a motion to acknowledge the fiscal-year report.
