Grayson College’s preliminary budget report for the fiscal year that ended on Aug. 31 indicates the college revenues were projected to be higher than budgeted. Highlights from the preliminary report indicate the college’s revenues are 3.17 percent higher than what was projected.
GC Vice President Giles Brown presented the report to the board of directors at the college’s new board meeting room on Tuesday afternoon.
Brown said the report showed the college was in a healthy financial situation while emphasizing the fact that the report was still preliminary at this time.
“By all indications, we will have had a very good year,” Brown said. “What you see after the audit is a lot of generally accepted accounting principals that mainly deal with post employment benefits. This compares to the budget the board just approved. How we did against that budget is a positive amount. Revenue came in above 3 percent above that. We came in under on the expenditure budget.”
The college had budgeted to take in $8,803,302 in tuition and fees for the year, and the actual amount was $10,290,392. Likewise the budget had $14,200,000 in revenue from local taxes while the actual revenue from that source was $14,462,750.
The college had budgeted a total expenditure amount of $32,773,698 for the year, and the actual expenditure was $28,078,847. Some of the items that came in under budget in the expenses column included salaries for adjunct employees. The amount budgeted was $1,940,539 with actual expenses reportedly at $1,604,157.
In the report, it shows departmental operating expenses were $2,187,373 while the actual number was $1,824,217.
The report can be used to provide an indication of financial results for the year but is on a different basis than the annual financial report. That report will be presented later using the generally accepted accounting principals. It will included non-budgeted, non-cash transactions that are not indicated in the current report.
It also states that the revenue is projected to be 3.17 percent higher than budgeted based on positive variances in tuition, feels and local taxes. It also indicates expenditures to be 1.79 percent below the budgeted amount. Salaries are cited in the report as a significant reason for that.
Reporter Richard A. Todd can be reached via email at firstname.lastname@example.org. Follow him on Facebook and Twitter @RichardAToddHD.