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Financial Information Subcommittee

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Hartnell College - 411 Central Avenue (L-113), Salinas, CA 93901
November 13, 2012 at 3:00PM
I.Chair(s)

Alfred Muñoz, Administration
Joanne Trevino, Classified Senate
II.Attendee(s)

Matt Coombs, AIT/Management
Ann Wright, HCFA
III.Guest(s)

none
IV.Supporter(s)

Laura Warren
V.Adjournment

4:40 p.m.

Agenda #1

Topic:Approval of Minutes
Presenter:Al Muñoz
Summary of Agenda Item:Quorum not present; approval of minutes from June meeting tabled until the next FIS meeting.
Action(s) required:No action taken.
Responsibilites:
Deadline(s):12/20/2012

Agenda #2

Topic:New Business: Cash Flow
Presenter:Al Muñoz
Summary of Agenda Item:Al informed the committee of the cash flow situation as related to property taxes. He further explained that at November's board meeting, he presented that the college would be in deficit spending even though there is a reserve. Additionally, he stated that a resolution will be prepared for presentation at the December Board meeting which would, if approved, allow a transfer to MCOE from the college's fund 44 - property acquisition fund - of up to $2.5 million. The funds would be paid back when property taxes come in. Additionally, after property taxes are received, the college should be OK for the remainder of the year.
Action(s) required:No action items.
Responsibilites:n/a
Deadline(s):n/a

Agenda #3

Topic:New Business: Plan to revise budget
Presenter:Al Muñoz
Summary of Agenda Item:Following discussion related to FTES, Al said that in January, the president may ask that a revised budget be presented which would reflect a surplus, however the Board may instruct that the current budget remain.
Action(s) required:No action items.
Responsibilites:n/a
Deadline(s):n/a

Agenda #4

Topic:New Business: Solar panels at Alisal campus
Presenter:Al Muñoz
Summary of Agenda Item:A presentation will be made at the November 27 Board Workshop related to the financing of and the cost benefit of the solar panels project at Alisal campus. Currently MCOE has the solar panels installed at their location. Discussion followed related to the benefits of solar panels.
Action(s) required:No action items.
Responsibilites:n/a
Deadline(s):n/a

Agenda #5

Topic:New Business: Tax credit project
Presenter:Al Muñoz
Summary of Agenda Item:At the November Board meeting a presentation was made on the New Markets Tax Credit Program which is a program that has been in effect since 2000 to help blighted areas. Al explained that it works similarly to the old block grant funding. (Details can be found in the November 6, 2012 Board Packet.) The college will be attempting to submit an application between 12/31/12 and 1/31/13.
Action(s) required:No action items.
Responsibilites:n/a
Deadline(s):n/a

Agenda #6

Topic:New reports; Estimated October financials
Presenter:Al Muñoz
Summary of Agenda Item:Related to revenues, as of 10/31/2011 the college was at a $4.1 million deficit; as of 10/31/2012 the college shows a $7 million deficit which is related to the deferrals of apportionment. On the expense side, the college is at $10.1 million whereas last year the college was at $10.5 million. Al stressed that the college will continue to hold down expenses.

Discussions followed.
Action(s) required:No action items.
Responsibilites:n/a
Deadline(s):n/a