Andrew Sprague, Board Member | John Wood Community College
Andrew Sprague, Board Member | John Wood Community College
John Wood Community College Finance & Audit Committee met March 12.
Here are the minutes provided by the committee:
The Finance Committee met on Wednesday, March 12, 2024, at 3:30 p.m., at John Wood Community College. Present were Larry Fischer and Angie Greger; trustees, Josh Welker; Dean of Business Services & Institutional Effectiveness, Dr. Bryan Renfro; president, Nora Klingele; director of fiscal services, and Jenny Venvertloh; notetaker.
• Bills for Payment - The bills were reviewed and will be recommended for payment. A detailed report of expenditures over $2,500 was reviewed.
• Approval of Travel Requests – The committee reviewed the overnight travel forms that have been submitted and recommended them for approval.
• Financials - The financials were reviewed and will be recommended for approval. There were no major or unexpected changes to the balance sheet. Operating fund balance is a little over $13M but will continue to decline as we get to the end of the fiscal year. Operating revenues are expected to come in close to, or slightly lower than, budget. Operating expenditures are expected to come in below budget.
• Board Budget – The budget was reviewed.
• Review & Discuss Investments - The investment report was reviewed. Proposals for CD rates will be sent out to continue the College’s laddered structure.
• Other – Mr. Welker reviewed the College’s current bond schedule. The College currently has 2 outstanding bonds. One bond is paid by the tax levy and will be paid down by FY2029. The other bond is abated and paid through operations and will be paid down by FY2032. The College currently has a large amount of available debt capacity.
https://www.jwcc.edu/wp-content/uploads/2025/03/03.12.25-BFM.doc
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