John Wood Community College Finance & Audit Committee met June 14.
Here are the minutes provided by the committee:
The Finance Committee met on Wednesday, June 14, 2023, at 2:00 p.m., at John Wood Community College. Present were Randy Greenwell; trustee, Josh Welker; Dean of Business Services & Institutional Effectiveness, Dr. Bryan Renfro; president, and Jenny Venvertloh; note taker.
• Bills for Payment – Bills will be recommended for payment.
• Out of District Travel Requests – The committee reviewed the out of district travel forms that were submitted and recommended for approval.
• Financials – Financials were presented and will be recommended for approval.
• Board Budget – The budget was reviewed.
• Review Investments – The investment report was reviewed.
• Board items
a. Tentative Budget – the tentative budget was reviewed. The proposed budget is balanced. Some key items from the budget:
Operating revenue projections include:
• State funding of $2,412,078 which is a 7% increase from FY2023 and represents 13.4% of total revenues.
• Tuition revenue based on 37,500 credit hours which represents an increase of 3,500 credit hours from FY2023 budgeted credit hours.
• Local property tax levy of $5,766,572 based on an estimated flat tax rate which represents 32.0% of total revenues.
• Corporate Personal Property Replacement Tax revenue of $1,000,000 which represents an increase of $249,454 over the FY2023 budgeted amount.
• No tuition or universal fee increase.
Operating expenditure projections include:
• All contractual obligations including all debt payments.
• Items from the College’s Strategic Master Plan.
• Faculty and staff salary increases of approximately 4.00% for all Board-approved positions plus additional staff raises according to recommendations from the staff compensation study.
• Funding for reorganizational plans from all service areas as recommended by the President
b. School Treasurer’s Bond – The treasurer of the college is required to be bonded. The level of bonding is $6.3 million. A recommendation is being taken to approve this bond level.
https://www.jwcc.edu/wp-content/uploads/2023/06/06.21.23-Finance-Audit-Committee-Report.doc
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