Browse archives: 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 | 1996 | 1995

Published on 11/27/1995 All articles from this issue

Foothill-De Anza colleges receive healthy financial report

printer friendly version

By Clyde Noel / Town Crier Staff Writer

The financial condition of the Foothill-De Anza Community College District appears healthy, based on a report given at last week's board meeting.

The quarterly report given by James Keller, director of business services for the district, indicates revenues and expenditures are in line with the budget, including an operating surplus of more than $1.3 million.

Unlike the last two years, financial news coming from the Legislative Analyst Office in Sacramento this year is positive. State revenues are exceeding expectations, unemployment is down and more tax money is being collected.

According to Keller, two reasons that account for the favorable balance is property tax shortfall for 1994-95 was less than reported, and the district will receive a positive 1994-95 apportionment adjustment increase of $573,000 from the state.

Because of the favorable economy in the state, the lottery revenues are projected to be $300,000 more than projected.

Keller said the California State Lottery, which celebrated its 10th anniversary in October, has generated $7.4 billion to the schools, including the Foothill-De Anza campuses.

Estimated budget lottery revenues for the district were $3 million, but the estimated total revenues for the district are $3,381,000.

"It's interesting to note that nearly $200 million in prizes have been unclaimed," Keller said. "One jackpot was worth more than $16 million, so we should check our tickets."

District expenditures are essentially the way they were budgeted. However, Keller reported adjustments will be made as a result of negotiations with the employee bargaining units.

The district has also failed to finalize its identification of priority projects.

"Even though the district may have about $6 million to $7 million of reserves that it could commit to priority projects," Keller said, "this amount is far less that the total of the projects identified over the past four years of financial difficulties."

On the negative side of the budget, the district is about 2,000 full-time equivalent students away from its funding cap from the state. The district is trying to augment the colleges' budget for increased enrollment by enhancing activities that will increase enrollment. Unless increased enrollment occurs, the state will reduce money to the district.