State of Illinois. Rock Valley College Community College District 511 2nd Quarter Financial Report Ending 12/31/2009. Including Capital Projects

Transcription

1 3301 North Mulford Road Rockford, IL State of Illinois Rock Valley College Community College District 511 2nd Quarter Financial Report Ending 12/31/2009 Including Capital Projects Submitted: January 26, 2010 Prepared by: Presented by: Cynthia Haggard & staff Director of Financial Services Sam E. Overton, Jr. Vice President of Administrative Services Completed report located on the Quarry, under Administrative Services, Administrative Service, Financial Reports 1 of 19

2 RVC Board Report dated January 26, 2010 Prepared by: Cynthia Haggard Presented by: Sam Overton Table of Contents Page # Cover Sheet 1 Table of Contents 2 Comparison 3 Analysis 4-5 Graphs Total Operating Revenues & Expenses 6 Operating Revenues 7 Operating Expenses 8 Operating Functional Expenses 9 Quarterly Investments Report Capital Projects Update 13 Capital Projects 14 Capital Asset Disposals 15 Statement e t of Revenue e & Expense by Year by Fund FY 2010 Budget FY nd Quarter Results Attachments as of 12/31/09 (Audit Apps/ Datatel) Balance Sheet FY 10 Datatel/ICCB Budget FY 10 2nd Qtr Actuals, Revenue / Expenditures FY 10 2nd Qtr Actuals, ALL Funds - Actual to Budget (1 page) (1 page) (1 page) (12 pages) 2 of 19

3 RVC Board Report dated January 26, 2010 Prepared by: Cynthia Haggard Presented by: Sam Overton green/go - meeting or exceeding expectations yellow/caution - may need further action red/wait - needs attention 2nd Quarter Results (12/31/09) Total (ALL Funds excluding 08,09) Target 50% FY 2007 FY 2008 FY 2009 FY 2010 FY 2010 FYTD % Audited Audited Audited Budget 2nd Qtr FY 2010 Bdgt Revenue 67,579,160 86,585,396 70,537,959 70,991,114 69,802,115 98% Expense 68,864,703 76,064,654 79,356,266 79,131,334 47,026,225 59% Contingency % Net (1,285,543) 10,520,742 (8,818,307) (8,140,220) 22,775, % Fund Balance 36,141,639 46,662,381 37,844,074-60,619,964 Cash 11,196,030 19,160,803 14,147,174-39,447,058 Investments 26,384,937 29,620,835 26,878,787-24,542,449 Operating (01,02,05,06,11,12) FY 2007 FY 2008 FY 2009 FY 2010 FY 2010 FYTD % Audited Audited Audited Budget 2nd Qtr FY 2010 Bdgt Revenue 53,583,907 56,100,029 60,490,422 58,634,006 32,219,749 55% Expense 53,159,125 54,957,797 59,953,329 58,630,008 31,615,067 54% Contingency % Net 424,782 1,142, ,093 3, , % Fund Balance 14,528, ,670,394 16,207,487-16,812, Cash 4,324,903 6,216,001 5,527,983-7,998,777 Investments 12,099,314 11,778,439 11,975,734-10,926,300 Capital (03,04) Note: Fund 08 & 09 removed. Prior years restated for comparison purposes FY 2007 FY 2008 FY 2009 FY 2010 FY 2010 FYTD % Audited Audited Audited Budget 2nd Qtr FY 2010 Bdgt Revenue 11,524,164 29,522,232 9,632,779 10,762,193 35,935, % Expense 14,107,946 19,431,849 18,154,277 18,941,685 14,473,561 76% Contingency % Net (2,583,782) 10,090,383 (8,521,498) (8,179,492) 21,462, % Fund Balance 13,284,617 23,375,000 14,853,502-36,315,595 Cash 6,082,785 12,035,904 7,583,394-30,243,492 Investments 6,729,367 11,041,729 8,980,480-6,940,300 Trust & Agency (10,30) FY 2007 FY 2008 FY 2009 FY 2010 FY 2010 FYTD % Audited Audited Audited Budget 2nd Qtr FY 2010 Bdgt Revenue 2,471, , ,758 1,594,915 1,646, % Expense 1,597,632 1,675,008 1,248,660 1,559, ,597 60% Contingency % Net 873,457 (711,873) (833,902) 35, , % Fund Balance 8,328,860 7,616,987 6,783,085-7,492,200 Cash 788, ,898 1,035,797-1,204,789 Investments 7,556,256 6,800,667 5,922,573-6,675,849 3 of 19

4 RVC Board Report dated January 26, 2010 Prepared by: Cynthia Haggard Presented by: Sam Overton Quarter Summary: YTD Quarter Operating Results comparison are: 1st Qtr 09/30 2nd Qtr 12/31 3rd Qtr 03/31 4th Qtr 06/30 Audited 06/30 FY 07 $ 981,361 $ 852,010 $ 198,509 $ 852,522 $ 424,782 FY 08 (1,033,608) 1,480,597 1,234,617 1,542,720 1,142,232 FY 09 1,560,702 2,085, , , ,093 FY 10 1,041, , FY 08 Budget Reclassifications & Corrections Operating (Funds 01, 02, 05, 06, 11, & 12) Revenues - Exceeding target especially Tuition & Fees & Federal (PELL) Local Government / Property Tax - Levy Year 2008 EAV growth was 4.72% within the district, Budgeted Levy Year 2009 EAV growth is 4%, then 3% thereafter CPPRT receipts are ($299K) short of budget and expected to fall short in FY 10 ($600K) State Government / Grants FY 09 3rd and 4th Qtr payments (total $2,170) have been received State 2nd Qtr (12/31/2009) $1 million payment, not yet received State apportionment will be less than last year due to a smaller percentage of the same dollars Federal - consists of student loans, grants and pass-through (see Other Expenditures) over by $2,138k Tuition & Fees Revenue - over budget by $1,449k Credit Hours are exceeding the FY 10 run rate goal of 168,894 credit hours Summer II at $560k is included, previously deferred and fees exceeded budget Investment revenue was short by ($80k); more invested dollars, but at lower rates and expected to fall in FY 10 by ($160k) Expenditures - exceeding budget in some areas, Financial Aid offset by Federal Revenue Payroll - under Budget by $362k, Cash basis shows under budget by $447k, Overload due 01/31. Benefits - over Budget by $1,036k, Cash basis (Claims only) shows over budget by $271k Reasons - aggressive budgeted line item Contractual Services - under budget by $233k, similar to previous years. Other - tracking with Federal Government Revenue stream over budget by $1,890k Logical plan to spend down estimated FY 10 Surplus/Contingency, similar to prior years: FY 2007 Surplus Expenditure list totaled $1.477 million FY 2008 Surplus Expenditure list totaled $1.330 million FY 2009 Surplus Expenditure list totaled $1.726 million 4 of 19

5 RVC Board Report dated January 26, 2010 Prepared by: Cynthia Haggard Presented by: Sam Overton Capital (Funds 03 & 04) PEC Renovation & Addition - Budgeted at $13.0 million, approved by the Board of Trustees Unforeseen conditions (moisture & sewer pipe) utilized contingency, deleted acoustic alternate Completing landscaping, punch list and LEED Commissioning Parking Lot Modifications - construction May 15 through August 15, 2009 Parking Lot 2 (WTC/SC/PEC) & Parking Lots 7 & 8 (CLI) Planning for SCCE Visioning - Phase II - construction June through December 2009 Science Labs, Faculty & FSO spaces Projects (O - Operating; C - Capital) C ERC Lower Level Music renovations - Faculty offices & practice rooms C SCCE Science Labs, Faculty & FSO spaces C Support Services Bldg - Conference Rooms, Public Safety C SCCE VAV Box Replacement (Summer 2010) LS Areas of Rescue LS Bldg F Siding Replacement LS Entrance Door Security LS Foot Bridge, Dam & Pond Bank Enhancements Karl J. Jacobs Center for Science and Mathematics - target opening August 2011 Approved by ICCB as locally funded capital application 94,000 sq ft $28.6 million estimated cost 2009 Bond financing meets desired expectations, with PH&S tax swap Bid Documents release date February 5, Bids due March 5, 2010 Based upon bids, recommendations may be forthcoming. Planning for Arts Instructional Center (AIC), focus groups in Fall 2009 State approved 2009 Capital Plan and appropriation bill includes AIC match funding. Updated RAMP document submitted June 2009 Requested in 1998, limited by construction growth factors, at $45.4 million estimated cost Infrastructure improvements (co-gen electrical capacity, tunnels, IT) to be planned 2010 Bond financing meets desired expectations Action Items: Reconcile Life Safety Projects to fund balance and levy years. Other (Funds 10 & 30) Foundation financial performance follows recent positive financial market fluctuations The College requested $250k Capital Campaign transfer, received $125k in December 2009 Major Gifts Initiative Fundraising efforts for JCSM, AIC and Planned Giving 5 of 19

6 Rock Valley College Financial Report Total Operating Revenues and Expenses 70,000,000 60,000,000 50,000,000 40,000,000 30,000,000 20,000,000 10,000,000 Total Operating Revenues 1st 2nd 3rd 4th FY 08 Actuals 13,647,487 26,735,528 42,131,492 54,622,923 FY 09 Actuals 16,495,776 29,405,591 44,315,388 58,154,187 FY 10 Budget 14,658,502 29,317,003 43,975,505 58,634,006 FY 10 Actual 18,535,761 32,219,749 70,000,000 Total Operating Expenses 60,000, ,000,000 40,000,000 30,000,000 20,000,000 10,000,000 1st 2nd 3rd 4th FY 08 Actuals 14,681,095 25,254,931 40,896,875 53,080,203 FY 09 Actuals 14,935,074 27,320,206 43,344,182 57,358,780 FY 10 Budget 14,657,502 29,315,004 43,972,506 58,630,008 FY 10 Actual 17,494,196 31,615,067 GOOD 1st Qtr Revenues exceed expectations 2nd Qtr Revenues exceed expectations NOT SO GOOD, BUT OK 1st Qtr Expenditures exceed expectations 2nd Qtr Expenditures exceed expectations Surplus by Qtr VERY GOOD: 1st Quarter $1,041K Surplus 2nd Quarter $605K Surplus 6 of 19

7 Rock Valley College Financial Report Operating Revenues 30,000,000 Tuition & Fees Revenues 30,000,000 Local Government Revenues 25,000,000 25,000,000 20,000,000 20,000,000 15,000,000 15,000,000 10,000,000 10,000,000 5,000,000 5,000, FY 08 Actuals 3,461,081 7,260,907 10,037,777 12,303,730 FY 09 Actuals 4,207,124 7,435,290 10,434,652 14,576,099 FY 10 Budget 3,521,786 7,043,572 10,565,358 14,087,144 FY 10 Actual 4,998,269 8,492, FY 08 Actuals 4,733,955 9,495,437 14,291,154 19,882,094 FY 09 Actuals 5,308,073 10,638,700 15,725,932 22,931,065 FY 10 Budget 5,760,103 11,520,207 17,280,310 23,040,413 FY 10 Actuals 5,887,182 11,690,166 Includes: Summer II & III and Fall; overbudget by $1,449K Local government revenue exceeds expectation, net over budget $170K 30,000,000 Federal Government Revenues 30,000,000 State Government Revenues 25,000,000 25,000,000 20,000,000 20,000,000 15,000,000 15,000,000 10,000,000 10,000,000 5,000,000 5,000, FY 08 Actuals 3,070,585 3,557,676 7,642,164 8,883,298 FY 09 Actuals 3,511,927 4,746,331 8,805,859 10,222,532 FY 10 Budget 2,421,882 4,843,763 7,265,645 9,687,526 FY 10 Actuals 4,605,028 6,247, FY 08 Actuals 1,429,789 4,857,524 7,504,895 9,687,027 FY 09 Actuals 2,642,931 5,003,926 6,819,823 7,194,034 FY 10 Budget 2,109,471 4,218,942 6,328,412 8,437,883 FY 10 Actuals 2,292,906 4,169,106 Over budget by $1.4 million (See Operating Other Expenses) Under budget by $50k 7 of 19

8 Rock Valley College Financial Report Operational Expenses 30,000,000 Operating Salaries Expenses 30,000,000 Operating Benefits Expenses 25,000,000 25,000,000 20,000,000 20,000,000 15,000,000 15,000,000 10,000,000 10,000,000 5,000,000 5,000, FY 08 Actuals 6,496,351 12,956,330 20,354,095 26,505,743 FY 09 Actuals 5,934,028 13,429,412 21,457,621 28,018,540 FY 10 Budget 7,467,370 14,934,740 22,402,109 29,869,479 FY 10 Actuals 6,641,624 14,572, FY 08 Actuals 1,377,964 3,027,794 4,719,018 6,279,936 FY 09 Actuals 1,692,295 2,786,198 4,177,239 6,006,575 FY 10 Budget 1,711,808 3,423,616 5,135,424 6,847,232 FY 10 Actuals 2,402,468 4,459,903 Accrual basis under by $362k, Cash basis under budget $447K Accrual basis over budget by $1.0 million, Cash basis Claims over by $271K 30,000,000 Operating Contractual Expenses 30,000,000 Operating Other Expenses 25,000,000 25,000,000 20,000,000 20,000,000 15,000,000 15,000,000 10,000,000 10,000,000 5,000,000 5,000, FY 08 Actuals 1,182,552 1,877,774 2,621,875 3,445,395 FY 09 Actuals 1,220,472 2,024,266 2,866,867 4,058,539 FY 10 Budget 984,788 1,969,577 2,954,365 3,939,153 FY 10 Actuals 1,213,628 1,736,868 Under budget $233K FY 08 Actuals 3,460,748 3,664,413 7,790,332 8,529,174 FY 09 Actuals 4,017,140 5,376,974 9,248,982 10,326,368 FY 10 Budget 2,517,375 5,034,750 7,552,124 10,069,499 FY 10 Actuals 5,076,646 6,924,534 Over budget by $1.9 million (see Federal Government Revenue) 8 of 19

9 Rock Valley College Financial Report Functional Expenses 30,000,000 Instructional Expenses 30,000,000 Public Service Expenses 25,000,000 25,000,000 20,000,000 20,000,000 15,000,000 15,000,000 10,000,000 10,000,000 5,000,000 5,000, FY 08 Actuals 3,498,976 8,033,377 13,139,032 16,936,947 FY 09 Actuals 3,359,437 8,156,561 13,655,458 18,472,950 FY 10 Budget 4,821,937 9,643,874 14,465,811 19,287,748 FY 10 Actuals 4,271,591 9,763, FY 08 Actuals 1,670,484 3,088,887 4,559,653 6,572,823 FY 09 Actuals 1,630,352 2,983,371 4,445,254 6,348,845 FY 10 Budget 1,732,602 3,465,204 5,197,805 6,930,407 FY 10 Actuals 1,814,813 3,247,747 30,000,000 Operations & Maintenance 30,000,000 Institutional Support 25,000,000 25,000,000 20,000,000 20,000,000 15,000,000 15,000,000 10,000,000 10,000,000 5,000,000 5,000, FY 08 Actuals 1,582,865 3,032,993 4,606,739 6,646,714 FY 09 Actuals 1,638,055 3,097,836 4,935,223 6,809,575 FY 10 Budget 1,557,561 3,115,123 4,672,684 6,230,245 FY 10 Actuals 1,516,938 2,971, FY 08 Actuals 2,479,389 4,000,289 5,895,911 8,128,672 FY 09 Actuals 2,556,392 4,374,975 6,185,522 8,990,309 FY 10 Budget 2,236,513 4,473,025 6,709,538 8,946,050 FY 10 Actuals 2,865,598 4,947,739 9 of 19

10 ROCK VALLEY COLLEGE Portfolio of Investments 12/31/09 RVC Board Report dated January 26, 2010 Prepared by: Cynthia Haggard Presented by: Sam Overton FY 08 October 2007, transferred $500,000 from Operating Cash to Operating Investments. FY 09 October 2008, transferring FY 08 Surplus less Accumulated Investment Earnings retained at PMA - NONE FY 10 October 2009, transferring FY 09 Surplus less Accumulated Investment Earnings retained at PMA - NONE The graph below represents the total cash equivalents and investments by class on 12/31/09: Cash Equivalents & Investments by Class 32% Certificate of Deposit, 32% Money Markets, 68% 68% Conclusion: On Target Operating Cash accounts are tracking with expectations Investments are tracking with expectations 10 of 19

11 ROCK VALLEY COLLEGE $25,000,000 Net Cash Balances - All Funds $20,000,000 $15,000,000 $10,000,000 $5,000,000 $ FY 07 Capital FY 08 Capital FY 09 Capital FY 10 Capital FY FY FY FY FY 07 Operating FY 08 Operating FY 09 Operating FY 10 Operating $40,000,000 Investment Account Balances $35,000,000 $30,000,000 $25,000,000 $20,000,000 $15,000,000 $10,000,000 $5,000,000 $0 FY 07 Operating Investments FY 08 Operating Investments FY 09 Operating Investments FY 10 Operating Investments FY 07 Capital Investments FY 08 Capital Investments FY 09 Capital Investments FY 10 Capital Investments 11 of 19

12 ROCK VALLEY COLLEGE Portfolio of Investments December 31, 2009 Certificates of Deposit - 32 % 12/31/ /31/2009 FYTD12/31/09 Principal Market Value Investment Amount Amount Income Earned PMA Operating Account ( ) $ 10,926,300 $ 10,926,300 $ 20,579 PMA 2008 Bond Proceeds ( ) 1,284,400 1,284,400 2,758 PMA 2009 Bond Proceeds ( ) 5,655,900 5,655,900 12,144 Total Certificates of Deposit $ 17,866,600 $ 17,866,600 $ 35,481 * Money Markets - 68% PMA ISDLAF Money Market Operating ( ) $ 2,791,339 $ 2,791,339 $ 5,258 PMA ISDLAF Money Market 2008 Bond Proceeds ( ) PMA ISDLAF Money Market 2009 Bond Proceeds ( ) 24,370,041 24,370,041 52,328 PMA ISDLAF Money Market Capital Campaign ( ) 1,216,854 1,216,854 2,613 Illinois Funds Money Market 10,322,523 10,322,523 19,443 Total Money Markets $ 38,700,827 $ 38,700,827 $ 79,642 Accrued Interest Income 27,508 TOTALS $ 56,567,427 $ 56,567,427 $ 142,631 NOTES: * - Money Markets are classified as Cash & Cash Equivalents in the financial reports. Detailed investment statements are available in the Financial Services department 12 of 19

13 RVC Board Report dated January 26, 2010 Prepared by: Cynthia Haggard Presented by: Sam Overton FY 10 2nd Quarter Summary: Facilities Master Plan - 5 year revision completed June 2008 Annual update for current year projects and updated program reviews - update January PEC Renovation & Addition - Budgeted at $13.0 million, target opening August 15, 2009 Targeting LEED Gold certification, ICECF grant $135,000 Unforeseen Conditions (moisture and replacement of sewer pipes) exceeded contingency and reversed acoustic alternate Parking Lot Improvements - Board approved, target completion August 15, 2009 Parking Lot #2 (WTC/PEC/SC) - Perimeter Road entrance alignment with WTC, designated parking for SC Parking Lot # 7 & 8 (CLI) - additional student parking & improved storm water drainage SCCE Visioning - Phase II - Greg Wear, Chair - Board approved Relocation Traffic Safety offices, adding 2nd Computer Lab - target completion August 15, 2009 Faculty Offices & FSO Spaces, and Science Labs, target completion December 31, 2009 FSO Spaces, appropriate Storage Science and Mathematics Classroom Building - Greg Wear, Chair, target opening August 2011 Conceptual Design approved, ICCB Capital application submitted, working on Schematic Design 3 story building; 97,000 sq ft; $28.6 million project; LEED Gold Sustainability target Arts Instructional Center - Design NOT yet Board approved Prepared RAMP documentation for additional College input - DONE, submitted June 2009 State of Illinois 2009 (6 year) Capital Plan includes final appropriation. Funding appropriation bill passed Revisit to start Spring 2010 and adjust Conceptual Design & Schematics for current College needs Capital Development Board project, awaiting schedule, approval and involvement CLI & CLII Renovations - Greg Wear, Chairing - NOT a Board approved Capital Project Possible consolidation of programs at one location (either SCCE or MAIN campus) 13 of 19

14 Rock Valley College Capital Projects Fund 03 - CAPITAL - 'Ops & Maint - Restricted' Budget FY10 FUTURE Funding Source Function Project Total Est. Cost Est. FY 10 Exp 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Totals Future Funding RVC Bonds AIC Construction $ 10,500,000 $ 500,000 $ - $ - $ - $ - $ - $ 10,000,000 RVC Bonds PEC Renovations & Additions 10,173,417 5,500,000 2,084, , ,410, ,000 RVC Bonds Parking Lot 2 Renovations (WTC/SC/PEC) 1,284, , ,544 18, , ,000 RVC Bonds Parking Lot 7 & 8 Renovations 1,031, , ,296 17, , ,000 GRANT Illinois Clean Energy Grant ,635 16, ,665 - RVC Bonds SCCE Visioning - Phase III 4,000, ,000,000 RVC Bonds AIC Tunnel Extension 2,000, ,000,000 RVC Bonds Power House Expansion 2,500, ,500,000 RVC Bonds ERC Practice Room Remodel 94,400 75,000 24, ,837 - RVC Bonds SCCE 2009 Science Lab (990, ,360) 1,495,138 1,495, , , ,359,073 1,359,073 RVC Bonds SSB 1300/DPS Expansion 100,000 90,000 41,263 37, ,701 88,701 RVC Bonds JSCM Science & Math (26,500k + 2,084k) 28,584,000 7,500, , , ,204,651 22,288,651 RVC Bonds WTC New Offices 50,000 50, , ,453 - RVC Bonds IT Server Room Renovations (SCCE) 150, ,000-41, ,594 - RVC Bonds FY 10 TBD - New Projects (1,238,350) (6,195,138) ,956,788 TOTAL BOND PROJECTS $ 60,724,974 $ 10,615,000 $ 5,024,149 $ 1,835,185 $ - $ - $ 6,859,334 $ 48,443,213 Life Safety LS 2001 PEC ADA - Elevator $ 206,500 $ - $ 46,399 $ - $ - $ - $ 46,399 $ - Life Safety LS 2005 Electrical Systems 302, Life Safety LS 2005 Building Gutters 39, Life Safety LS 2007 Blding F Siding 317, , , , , ,761 Life Safety LS 2007 PEC HVAC Phase 1 340,470-5,692 1, ,339 - Life Safety LS 2007 PEC HVAC Phase 2 438, Life Safety LS 2007 PEC Electrical Service 276, , ,069 - Life Safety LS 2008 PEC HVAC Phase 3 1,404,000-84, ,033 - Life Safety LS 2008 PEC Fire Protection 159,120-14, ,777 - Life Safety LS 2008 VAV Box WTC , close 15,523 15,523 Life Safety LS 2008 Entrance Doors Sec 325, ,000 31,159 11, ,518 43,118 Life Safety LS 2008 CLII Asbestos Abatement - Phase 1 847, ,605 Life Safety LS 2008 CLI & CLII Sprinkler Heads 89, ,680 Life Safety LS 2008 Areas of Rescue 87,934 50,000 3,567 1, ,101 43,035 Life Safety LS 2009 SCCE VAV Box Replacement 635, , , , ,577 Life Safety LS 2010 Foot Bridge Replacement 94,870 95,000 4,319 67, ,086 71,956 Life Safety LS 2010 Dam Replace/Pond Bank 192, , ,484 51, , ,258 Life Safety CLI & CLII Vestibules Life Safety LS Old Monies 172, ,023 Life Safety LS New Levy Undistributed 3,086, ,086,799 TOTAL LIFE SAFETY PROJECTS $ 9,016,956 $ 1,614,800 $ 902,530 $ 283,315 $ - $ - $ 1,185,845 $ 5,165,335 TOTAL $ 69,741,930 $ 12,229,800 $ 5,926,679 $ 2,118,500 $ - $ - $ 8,045,179 $ 53,608, of 19

15 ROCK VALLEY COLLEGE Capital Assets Disposal Report July 1, December 31, 2009 The following capital assets owned by the College were disposed of and removed from the financial records: Capital Asset Acquisition Cost Accumulated Depreciation Loss on Disposal Disposal Method Office Equipment $ - $ - $ - Auctioned / sold Office Equipment 48,955 48,955 - Donated Office Equipment 5,028 5,028 - No longer tracking Office Equipment 7,229 7,229 - Scrapped Office Equipment Traded In Instructional equipment Auctioned / sold Instructional equipment No longer tracking Instructional equipment 6,194 6,194 - Scrapped Instructional equipment 61,125 61,125 - Donated Vehicle Trade In on new vehicle Vehicle Auctioned / sold Vehicle No longer tracking Service Equipment Auctioned / sold Service Equipment 3,952 3,952 - Scrapped Service Equipment 12,065 12,065 - Donated Service Equipment No longer tracking Service Equipment Warranty Replacement Service Equipment Traded In TOTAL DISPOSAL AMOUNTS $ 144,548 $ 144,548 $ - Detailed disposal records are available in the Financial Services department. 15 of 19

16 RVC - FY 2010 Budget Fund 03 Fund 05 Fund 06 Fund 10 Fund 12 Fund 01 Fund 02 Oper & Maint Fund 04 Auxiliary Restricted Trust & Fund 11 Liability, Prot Fund 30 Education Oper & Main Restricted Bond & Int Enterprises Purposes Agy Audit & Settle Foundation Totals % Revenues by Source 41 Local Government $ 17,655,833 $ 2,790,267 $ 3,487,833 $ 6,801,360 $ - $ 428,300 $ - $ 69,757 $ 2,096,256 $ - $ 33,329,606 47% 42 State Government 4,747, , ,700 2,755, ,437,883 12% 43 Federal Governmental ,687, ,687,526 14% 44 Student Tuition & Fees 12,133,667 1,598, , ,129-3,300-14,329,273 20% 45 Sales & Services Fees 64, ,716,900-22, ,803,562 3% 46 Facilities Revenue % 47 Investment Revenue 232,000 4, ,000 42,000 25,000-20,000 2,000 74, , ,810 1% 48 Gifts, Grants, & Bequests - 2, ,000-9, ,600 6, ,174 1,046,174 1% 49 Other Sources 51,200 13, , , ,800-66,182-1,478,280 2% Total Budget Revenues $ 34,884,905 $ 5,265,011 $ 3,918,833 $ 6,843,360 $ 3,000,392 $ 13,172,203 $ 657,931 $ 71,757 $ 2,239,738 $ 936,984 $ 70,991, % Appropriations by Object 51 Salaries $ 24,235,798 $ 1,474,778 $ - $ - $ 1,187,942 $ 2,177,641 $ - $ - $ 793,320 $ - $ 29,869,479 38% 52 Employee Benefits 4,951, , , , ,495-6,847,232 9% 53 Contractual Services 1,807,541 1,080,500-2, , ,897 99,872 57, , ,700 4,191,125 5% 54 General Materials & Supplies 2,372, , , ,492 83, ,100 60,300 4,045,532 5% 55 Travel & Conference/Mtg Exp 412,170 (6,750) , ,869 31,585-12, ,818 1% 56 Fixed Charges 490,655 14,000-6,709,485 22, , , ,813,132 10% 57 Utilities 11,795 1,489, ,400 4, ,000-1,515,635 2% 58 Capital Outlay 211, ,000 12,229, ,000-12,902,800 16% Other Expenditures 335,450 3, ,320 9,628, , ,025 11,202,581 14% 60 Provision for Contingency % Total Budget Expenses $ 34,828,303 $ 5,152,700 $ 12,229,800 $ 6,711,885 $ 2,809,746 $ 13,175,407 $ 648,416 $ 57,087 $ 2,606,765 $ 911,225 $ 79,131, % Net by Fund $ 56,602 $ 112,311 $ (8,310,967) $ 131,475 $ 190,646 $ (3,204) $ 9,515 $ 14,670 $ (367,027) $ 25,759 $ (8,140,220) Expenditures by Function 0 Other $ - $ - $ - $ - $ - $ - $ 24,168 $ - $ - $ - $ 24,168 0% 1 Instruction 18,747, , , ,287,748 24% 2 Academic Support 4,208, ,600 16, ,233,609 5% 3 Student Services 3,230, ,861 39, , ,563,747 5% 4 Public Service/Continuing Ed 975, ,249,820 3,704,606 14, ,944,857 9% 6 Auxiliary Services 294, ,047-38, ,473 1% 7 Operations & Maint - 4,781,350 12,229, , ,447,815-18,460,045 23% 8 Institutional Support 7,293, ,350-6,711,885 64, ,132 57,087 1,158, ,225 16,694,292 21% 9 Scholarships, Grants, Waivers 77, ,009, , ,262,396 12% Total Expenses by Function $ 34,828,303 $ 5,152,700 $ 12,229,800 $ 6,711,885 $ 2,809,746 $ 13,175,408 $ 648,416 $ 57,087 $ 2,606,765 $ 911,225 $ 79,131, % 16 of 19

17 RVC - FY 2010 Budget Revenues by Source Operating Capital Other Total 41 Local Government $ 23,040,413 $ 10,289,193 $ - $ 33,329, State Government 8,437, ,437, Federal Governmental 9,687, ,687, Student Tuition & Fees 14,087, ,129 14,329, Sales & Services Fees 1,781,460-22,102 1,803, Facilities Revenue Investment Revenue 337, , , , Gifts, Grants, & Bequests 151, , ,074 1,046, Other Sources 1,111, ,800 1,478,280 Total Budget Revenues $ 58,634,006 $ 10,762,193 $ 1,594,915 $ 70,991,114 Appropriations by Object Operating Capital Other Total 51 Salaries $ 29,869,479 $ - $ - $ 29,869, Employee Benefits 6,847, ,847, Contractual Services 3,939,153 2, ,572 4,191, General Materials & Supplies 3,901, ,202 4,045, Travel & Conference/Mtg Exp 711,633-32, , Fixed Charges 1,103,047 6,709, ,813, Utilities 1,515, ,515, Capital Outlay 673,000 12,229,800-12,902, Other Expenditures 10,069,499-1,133,082 11,202, Provision for Contingency Total Budget Expenses $ 58,630,008 $ 18,941,685 $ 1,559,641 $ 79,131,334 Net by Fund $ 3,998 $ (8,179,492) $ 35,274 $ (8,140,220) Expenditures by Function Operating Capital Other Total 0 Other $ - $ - $ 24,168 $ 24,168 1 Instruction 19,287, ,287,748 2 Academic Support 4,232, ,233,609 3 Student Services 3,292, ,841 3,563,747 4 Public Service/Continuing Ed 6,930,407-14,450 6,944,857 6 Auxiliary Services 622,448-38, ,473 7 Operations & Maint 6,230,245 12,229,800-18,460,045 8 Institutional Support 8,946,050 6,711,885 1,036,357 16,694,292 9 Scholarships, Grants, Waivers 9,087, ,000 9,262,396 Total Expenses by Function $ 58,630,009 $ 18,941,685 $ 1,559,641 $ 79,131, of 19

18 FY 10-2nd Qtr 12/31/09 - Actuals Fund 01 Education Fund 02 Oper & Main Fund 03 Oper & Maint Restricted Fund 04 Bond & Int Fund 05 Auxiliary Enterprises Fund 06 Restricted Purposes Fund 10 Trust & Agy Fund 11 Audit Fund 12 Liability & Settle Fund 30 Foundation Totals % Revenues by Source 41 Local Government $ 8,708,983 $ 1,466,651 $ 32,275,916 $ 3,463,126 $ - $ 102,796 $ - $ 38,511 $ 1,373,225 $ - $ 47,429,208 68% 42 State Government 2,011, , ,840, ,169,106 6% 43 Federal Governmental ,247, ,247,764 9% 44 Student Tuition & Fees 7,344, , , , ,660,792 12% 45 Sales & Services Fees 31, ,580 2, ,239 1% 46 Facilities Revenue % 47 Investment Revenue 36,399 1,276 69,526 2, , ,952 1,035,551 1% 48 Gifts, Grants, & Bequests ,000-2, , , ,338 1% 49 Other Sources 197,989 30, ,224 45, , , ,117 1% Total Actual Revenues $ 18,331,638 $ 2,785,284 $ 32,470,442 $ 3,465,212 $ 1,321,688 $ 8,356,897 $ 415,687 $ 38,682 $ 1,385,560 $ 1,231,025 $ 69,802, % Appropriations by Object 51 Salaries $ 11,910,019 $ 680,153 $ - $ - $ 611,680 $ 956,303 $ - $ - $ 414,488 $ - $ 14,572,643 31% 52 Employee Benefits 3,021, , , , ,030-4,459,903 9% 53 Contractual Services 740, ,165 86,178 1, , ,954 53,592 49,215 63,362 62,108 1,940,192 4% 54 General Materials & Supplies 1,161, , ,370 97,956 31, ,283 10,927 2,025,816 4% 55 Travel & Conference/Mtg Exp 139,626 (11,325) ,068 81,385 56,803 - (31) ,732 1% 56 Fixed Charges 215,325 11, ,149 5,983,274 11,921 85, , ,106,593 15% 57 Utilities 3, , ,362 1, , ,079 1% 58 Capital Outlay 239,593 5,383 7,983, , ,312,334 18% 59 Other Expenditures 159, ,370 6,718, , ,102 7,645,933 16% 60 Provision for Contingency % 71 Transfer to Other Funds (16,281) , % 72 Transfer from Other Funds 16, (16,281) % Total Actual Expenses $ 17,591,056 $ 2,456,968 $ 8,488,841 $ 5,984,720 $ 1,382,420 $ 8,543,556 $ 362,569 $ 50,112 $ 1,590,955 $ 575,028 $ 47,026, % Net by Fund 740, ,316 23,981,601 (2,519,508) (60,732) (186,659) 53,118 (11,430) (205,395) 655,997 22,775,890 Expenditures by Function 0 Other $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - 0% 1 Instruction 9,576, , , ,763,630 21% 2 Academic Support 1,980, , ,983,145 4% 3 Student Services 1,619, ,350 11, , ,841,393 4% 4 Public Service/Continuing Ed 479, ,066,084 1,702,252 4, ,252,428 7% 6 Auxiliary Services 163, ,316-2, ,873 1% 7 Operations & Maint 10 2,237,801 7,983, , ,771-10,954,761 23% 8 Institutional Support 3,738, , ,327 5,984,720 9,801 11,164 72,448 50, , ,028 12,085,262 26% 9 Scholarships, Grants, Waivers 34, ,634,850 77, ,746,733 14% Total Expenses by Function $ 17,591,056 $ 2,456,968 $ 8,488,841 $ 5,984,720 $ 1,382,420 $ 8,543,556 $ 362,569 $ 50,112 $ 1,590,955 $ 575,028 $ 47,026, % Fund Balance $ 10,610,207 $ 262,855 $ 35,500,759 $ 814,836 $ 2,009,589 $ (146,690) $ 880,607 $ 123,479 $ 3,952,729 $ 6,611,593 $ 60,619,964 Cash $ 7,064,528 $ 832,796 $ 29,428,987 $ 814,505 $ 1,966,631 $ (2,959,511) $ 1,087,095 $ 123,480 $ 970,853 $ 117,694 $ 39,447,058 Investments $ 7,723,600 $ 202,700 $ 6,940,300 $ - $ - $ - $ - $ - $ 3,000,000 $ 6,675,849 $ 24,542, of 19

19 FY 10-2nd Qtr 12/31/09 - Actuals Revenues by Source Operating Capital Other Total 41 Local Government $ 11,690,166 $ 35,739,042 $ - $ 47,429, State Government 4,169, ,169, Federal Governmental 6,247, ,247, Student Tuition & Fees 8,492, ,159 8,660, Sales & Services Fees 709, , Facilities Revenue Investment Revenue 48,504 71, ,435 1,035, Gifts, Grants, & Bequests 120, , , , Other Sources 742, , ,117 Total Actual Revenues $ 32,219,749 $ 35,935,654 $ 1,646,712 $ 69,802,115 Appropriations by Object Operating Capital Other Total 51 Salaries $ 14,572,643 $ - $ - $ 14,572, Employee Benefits 4,459, ,459, Contractual Services 1,736,868 87, ,700 1,940, General Materials & Supplies 1,983,012-42,804 2,025, Travel & Conference/Mtg Exp 299,723-57, , Fixed Charges 703,870 6,402, ,106, Utilities 605, , Capital Outlay 328,820 7,983,514-8,312, Other Expenditures 6,924, ,399 7,645, Provision for Contingency Transfer to Other Funds Transfer from Other Funds Total Actual Expenses $ 31,615,067 $ 14,473,561 $ 937,597 $ 47,026,225 Net by Fund $ 604,682 $ 21,462,093 $ 709,115 $ 22,775,890 Expenditures by Function Operating Capital Other Total 0 Other $ - $ - $ - $ - 1 Instruction 9,763, ,763,630 2 Academic Support 1,983, ,983,145 3 Student Services 1,636, ,115 1,841,393 4 Public Service/Continuing Ed 3,247,747-4,681 3,252,428 6 Auxiliary Services 396,469-2, ,873 7 Operations & Maint 2,971,247 7,983,514-10,954,761 8 Institutional Support 4,947,739 6,490, ,476 12,085,262 9 Scholarships, Grants, Waivers 6,668,880-77,853 6,746,733 Total Expenses by Function $ 31,615,067 $ 14,473,561 $ 937,597 $ 47,026,225 Fund Balance $ 16,812,169 $ 36,315,595 $ 7,492,200 $ 60,619,964 Cash $ 7,998,777 $ 30,243,492 $ 1,204,789 $ 39,447,058 Investments $ 10,926,300 $ 6,940,300 $ 6,675,849 $ 24,542, of 19

20 Balance Sheet, All Funds Summarized by SubClass (xx-xxxxx-xxxxx), Breakdown by Fund Period: FY2010, Jul/ Dec/2009 Data Current as of: 25-Jan Education Fund 02 Operations Maintenance Fund 03 Operations Maint Restricted 04 Bond and Interest Fund 05 Auxiliary Enterprises Fund 06 Restricted Purposes Fund 08 General Fixed Assets 09 General Long Term Debt 10 Trust and Agency Fund 11 Audit Fund 12 Liability, Protection, Settlement 30 Foundation Totals % 1 - Assets 11 - Cash & Cash Equivalents ( ) % 12 - Investments % 13 - Receivables % 14 - Accrued Revenue % 17 - Prepaid Exp & Deferred C % 18 - Fixed Assets % Total 1 - Assets Liabilities 21 - Payroll Deductions Payabl ( ) ( ) 0% 22 - Current Obligations Payab % 23 - Accounts Payable % 24 - Accrued Expense % 27 - Deferred Revenue % 28 - Fixed Liabilities % 29 - Other Liabilities % Total 2 - Liabilities Fund Balances Fund Balance ( ) ( ) Revenue Over Expenses ( ) ( ) ( ) ( ) ( ) ( ) Total 3 - Fund Balances ( ) ( ) % % Liabilities + Fund Balance Date Produced: 25-Jan-10 Produced By: Financial Services Department Page 1 of 1

21 Budget Report, All Funds Summarized by Function & Subclass (xx-xxxxx-xxxxx), Breakdown by Fund Period: FY2010, Jul/ Dec/ Education Fund 02 Operations Maintenance Fund 03 Operations Maint- Restricted 04 Bond and Interest Fund 05 Auxiliary Enterprises Fund 06 Restricted 10 Trust and Purposes Fund Agency Fund 11 Audit Fund 12 Liability, Protection, Settlement 30 Foundation 4 - Revenues 41 - Local Government Source % 42 - State Government Source % 43 - Federal Government Sour % 44 - Student Tuition & Fees % 45 - Sales & Service Fees % 47 - Investment Revenue % 48 - Gifts, Grants & Bequests % 49 - Other Revenue % Total 4 - Revenues % 5 - Expenses 51 - Salaries % 52 - Employee Benefits % 53 - Contractual Services % 54 - General Materials & Suppl % 55 - Travel & Conf/Meeting Ex ( ) % 56 - Fixed Charges % 57 - Utilities % 58 - Capital Outlay % 59 - Other Expenditures % Total 5 - Expenses % 7 - Transfers 71 - Transfers to Other Funds % 72 - Transfer from Other Fund % Total 7 - Transfers % Net By Fund ( ) ( ) ( ) ( ) Data Current as of: 25-Jan-10 Totals % Expenditures by Function 0 Other Instruction Academic Support Student Services Public Service/Continuing Ed Auxiliary Services Operations & Mtce of Plant Institutional Support Scholarships, Grants, Waivers % % % % % % % % % Net By Fund % Date Produced: 25-Jan-10 Produced By: Financial Services Department Page 1 of 1

22 4 - Revenues Actuals Report, All Funds Summarized by Function & Subclass (xx-xxxxx-xxxxx), Breakdown by Fund Period: FY2010, Jul/ Dec/ Education Fund 02 Operations Maintenance Fund 03 Operations Maint Restricted 04 Bond and Interest Fund 05 Auxiliary Enterprises Fund 06 Restricted Purposes Fund 10 Trust and Agency Fund 11 Audit Fund 12 Liability, Protection, Settlement 41 - Local Government Source State Government Source Federal Government Sour Student Tuition & Fees Sales & Service Fees Investment Revenue Gifts, Grants & Bequests Other Revenue Total 4 - Revenues Foundation Totals % Data Current as of: 25-Jan % % % % % % % % Expenses 51 - Salaries Employee Benefits Contractual Services General Materials & Suppl Travel & Conf/Meeting Ex ( ) (31.06) Fixed Charges Utilities Capital Outlay Other Expenditures Total 5 - Expenses Transfers 71 - Transfers to Other Funds ( ) Transfer from Other Fund ( ) Total 7 - Transfers % % % % % % % % % Net By Fund ( ) ( ) ( ) ( ) ( ) Expenditures by Function 0 - Other % 1 - Instruction % 2 - Academic Support % 3 - Student Services % 4 - Public Service/Continuing % 6 - Auxiliary Services % 7 - Operations & Mtce of Plant % 8 - Institutional Support % 9 - Scholarships, Grants, Waiv % Net By Fund Date Produced: 25-Jan-10 Produced By: Financial Services Department Page 1 of 1

23 Actuals Report, All Funds Summarized by Function & Subclass (xx-xxxxx-xxxxx), Breakdown by Fund Period: FY2010, Jul/ Dec/2009 Fund 01 Education Fund Data Current as of: 25-Jan-10 Budget $ Actual $ Encumbered $ Difference $ Actual as a % of Budget Revenues 41 Local Government Sources 17,655, ,708, ,946, % 42 State Government Sources 4,747, ,011, ,735, % 44 Student Tuition & Fees 12,133, ,344, ,789, % 45 Sales & Service Fees 64, , , % 47 Investment Revenue 232, , , % 49 Other Revenue 51, , (146,788.77) 387% Total Revenues 34,884, ,331, ,553, % Expenses 51 Salaries 24,235, ,910, ,325, % 52 Employee Benefits 4,951, ,021, , ,917, % 53 Contractual Services 1,807, , , , % 54 General Materials & Supplies 2,372, ,161, , , % 55 Travel & Conf/Meeting Expense 412, , , , % 56 Fixed Charges 490, , , , % 57 Utilities 11, , , (2,454.23) 29% 58 Capital Outlay 211, , , (64,370.19) 114% 59 Other Expenditures 335, , , % Total Expenses 34,828, ,591, ,443, ,793, % Transfers 71 Transfers to Other Funds 0.00 (16,281.48) 72 Transfer from Other Funds , , (16,281.48) Total Transfers Net for Fund 01 56, , (1,443,384.17) 759, Expenditures by Function 1 Instruction 2 Academic Support 3 Student Services 4 Public Service/Continuing Ed 6 Auxiliary Services 7 Operations & Mtce of Plant 8 Institutional Support 9 Scholarships, Grants, Waivers 18,747, ,576, , ,988, % 4,208, ,980, , ,113, % 3,230, ,619, , ,607, % 1,001, , , , % 294, , , % (9.70) 7,267, ,738, ,108, ,420, % 77, , , % Net for Fund 01 34,828, ,591, ,443, ,793, Date Produced: 25-Jan-10 Produced By: Financial Services Department Page 1 of 12

24 Actuals Report, All Funds Summarized by Function & Subclass (xx-xxxxx-xxxxx), Breakdown by Fund Period: FY2010, Jul/ Dec/2009 Fund 02 Operations & Maintenance Fund Data Current as of: 25-Jan-10 Budget $ Actual $ Encumbered $ Difference $ Actual as a % of Budget Revenues 41 Local Government Sources 2,790, ,466, ,323, % 42 State Government Sources 857, , , % 44 Student Tuition & Fees 1,598, , , % 47 Investment Revenue 4, , , % 48 Gifts, Grants & Bequests 2, , % 49 Other Revenue 13, , (17,361.65) 232% Total Revenues 5,265, ,785, ,479, % Expenses 51 Salaries 1,474, , , % 52 Employee Benefits 381, , , % 53 Contractual Services 1,080, , , , % 54 General Materials & Supplies 454, , , (51,921.21) 87% 55 Travel & Conf/Meeting Expense (6,750.00) (11,325.38) , % 56 Fixed Charges 14, , , (3,992.28) 79% 57 Utilities 1,489, , , , % 58 Capital Outlay 261, , , , % 59 Other Expenditures 3, , (9,735.39) 0% Total Expenses 5,152, ,456, ,573, ,122, % Net for Fund , , (1,573,604.88) 1,357, Expenditures by Function 7 Operations & Mtce of Plant 8 Institutional Support 4,781, ,237, ,440, ,102, % 371, , , , % Net for Fund 02 5,152, ,456, ,573, ,122, Date Produced: 25-Jan-10 Produced By: Financial Services Department Page 2 of 12

25 Actuals Report, All Funds Summarized by Function & Subclass (xx-xxxxx-xxxxx), Breakdown by Fund Period: FY2010, Jul/ Dec/2009 Fund 03 Operations & Maint-Restricted Data Current as of: 25-Jan-10 Budget $ Actual $ Encumbered $ Difference $ Actual as a % of Budget Revenues 41 Local Government Sources 3,487, ,275, (28,788,082.85) 925% 47 Investment Revenue 181, , , % 48 Gifts, Grants & Bequests 250, , , % 49 Other Revenue Total Revenues 3,918, ,470, (28,551,608.66) 829% Expenses 53 Contractual Services , (86,178.00) 56 Fixed Charges , (419,149.33) 58 Capital Outlay 12,229, ,983, , ,555, % Total Expenses 12,229, ,488, , ,049, % Net for Fund 03 (8,310,967.00) 23,981, (691,173.14) (31,601,394.48) Expenditures by Function 7 Operations & Mtce of Plant 8 Institutional Support 12,229, ,983, , ,555, % , (505,327.33) Net for Fund 03 12,229, ,488, , ,049, Date Produced: 25-Jan-10 Produced By: Financial Services Department Page 3 of 12