UPDATE: Agenda Item I-7 KCTCS QUARTERLY FINANCIAL REPORT June 13, 2014

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1 UPDATE: Agenda Item I-7 KCTCS QUARTERLY FINANCIAL REPORT June 13, 2014 The financial statements depict activity through the third quarter of fiscal year ; the quarter ended March 31, Information for these statements was derived from the KCTCS Administrative Financial System. The Statement of Revenues and Expenditures (Attachment A) reflects actual program and operational expenditures compared to the budget approved by the KCTCS Board of Regents June 14, This report reflects total revenues of $702 million, 76 percent of the budgeted revenue and appropriated funds. The Statement of Revenues and Expenditures also reflects current fund expenditures and budget reserve of $639 million, 69 percent of the expenditures budgeted for the year. The Statement of Net Position (Attachment B) reflects the overall financial position of the System and includes assets, liabilities, and net position. Attachment C is a letter to Finance and Administration Cabinet Secretary Lori Flanery indicating that KCTCS, on behalf of the Fire Commission, purchased a piece of equipment costing approximately $661,000. This letter is included in the KCTCS Quarterly Financial Report Update based on the provisons of the Annual Budget Adoption Resolution adopted by the KCTCS Board of Regents on June 14, Background The Annual Budget Adoption Resolution (adopted by the Board of Regents at its June meeting annually) states, The KCTCS Quarterly Financial Report shall contain sections that reflect the KCTCS July 1 opening budget, amendments to the opening budget, and expenditures to date. Attachment A, the Statement of Revenues and Expenditures, is designed to fulfill this requirement. Attachment B, the Statement of Net Position (Balance Sheet), although not specifically required in the Board s Annual Budget Adoption Resolution, has also been included in the Quarterly Financial Report to give the Board a periodic snapshot of the KCTCS financial position using the most common accounting-based schedule. 59

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3 Attachment A Kentucky Community and Technical College System Statement of Revenues and Expenditures March 31, 2014 (in thousands) APPROVED BUDGET REVENUES General Fund State Appropriations 191,456 REALIZED TO DATE PERCENT $ $ 153,164 80% Tuition and Charges 244, ,038 95% Investment Income 1,800 1, % Governmental Grants and Contracts 39,308 31,168 79% Sales/Services of Educational Activities 18,732 13,552 72% Other 84,133 21,151 25% Total General Fund 579, ,900 78% Restricted Funds 348, ,465 72% Total Revenues and Appropriated Fund Balances $ 928,704 $ 702,365 76% EXPENDITURES BY PROGRAM Instruction $ 292,189 $ 167,074 57% Public Service 46,124 29,297 64% Academic Support 48,303 28,563 59% Student Services 66,499 45,010 68% Institutional Support 104,665 65,148 62% Student Financial Aid 260, ,524 87% Operations & Maintenance 88,922 55,986 63% Total Expenditures by Program 907, ,602 68% Budget Reserve (Nonrecurring) 21,151 21, % Total Expenditures and Budget Reserve $ 928,704 $ 638,753 69% Current Year Revenues More Than Expenditures $ 63,612 61

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5 Attachment B Kentucky Community and Technical College System Statement of Net Position March 31, 2014 and 2013 (in thousands) ASSETS Current Assets Cash and cash equivalents $ 265,474 $ 272,051 Loans, accounts and pledges receivable, net of bad debt 31,440 54,535 Other current assets Total current assets 297, ,165 Noncurrent Assets Restricted cash and cash equivalents 18,827 10,419 Loans and other receivables 4,510 4,800 Endowment investments 46,571 40,129 Prepaid other postemployment benefits 10,586 0 Other long-term investments 16,166 12,392 Capital assets, net 598, ,128 Total noncurrent assets 695, ,868 Total assets 993, ,033 LIABILITIES Current Liabilities Accounts payable and accrued expenses 3,010 2,457 Employee withholdings and deposits 16,546 16,917 Compensated absences - current 1,200 1,299 Deferred revenue 22,228 28,474 Leases payable - current 2,097 2,848 Total current liabilities 45,081 51,995 Noncurrent Liabilities Leases payable - noncurrent 14,229 17,177 Compensated absences - noncurrent 10,800 11,692 Other long-term obligations 1,301 1,931 Total noncurrent liabilities 26,330 30,800 Total liabilities 71,411 82,795 NET POSITION Net investment in capital 582, ,102 Restricted 103,651 89,852 Unrestricted 235, ,284 Total net position $ 921,610 $ 907,238 63

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