Andrew Sprague, Board Member | John Wood Community College
Andrew Sprague, Board Member | John Wood Community College
John Wood Community College Finance & Audit Committee met June 11.
Here are the minutes provided by the committee:
The Finance Committee met on Wednesday, June 12, 2024, at 2:00 p.m., at John Wood Community College. Present were Larry Fischer; trustee, Josh Welker; Dean of Business Services & Institutional Effectiveness, Nora Klingele; Director of Fiscal Services, Dr. Bryan Renfro; president, and Jenny Venvertloh; note taker.
• Bills for Payment – Bills will be recommended for payment.
• Overnight Travel Requests – The committee reviewed the overnight travel requests 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. Proposals for CD rates were sent out. Results are due back on Friday and the committee will be sent a recommendation.
• 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 $2,464,961 and represents 12.9% of total revenues.
• Tuition revenue based on 38,500 credit hours which represents an increase of 1,000 credit hours from FY2024 budgeted credit hours.
• Local property tax levy of $6,258,097 based on a tax rate that is estimated to be approximately 1 cent (2.2%) lower and represents 32.8% of total revenues.
• Corporate Personal Property Replacement Tax revenue of $1,000,000 which is the same amount budgeted in FY2024 but $114,000 less that was is expected to be received in FY2024.
• No tuition or universal fee increase.
Operating expenditure projections include:
• All contractual obligations including all debt payments.
• Faculty and staff salary increases of approximately 3.25% for all Board-approved positions plus additional staff raises stemming from compensation reviews.
• 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 $9 million. A recommendation is being taken to approve this bond level.
c. Student Account Write Offs - A recommendation will be taken to the Board to approve student account write-offs.
https://www.jwcc.edu/about/board-of-trustees/board-agendas-minutes/#finance-committee
Alerts Sign-up