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NMC’s deficit down to $19K
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Posted on Sep 29 2011
From a projected budget deficit of $855,000 by the end of the fiscal year, the Northern Marianas College was able to lower the expected shortfall to just $19,000, according to the college’s chief financial officer.
Roger Madriaga described the projected deficit as “pretty small” and may not actually happen once all records are reconciled.
He said that tuition and fees paid by students played significant role in sustaining the college’s operational needs.
He disclosed during yesterday’s Board of Regents meeting that the projected $19,000 shortfall covers the last payroll for personnel and utility payments this month. Today is the last day of fiscal year 2011.
According to Madriaga, NMC’s current finances may be described as “break-even” throughout the fiscal year.
“If you take a look [at the records] you will see that we are relatively stable,” he said, adding that efforts and actions made by the college in the fiscal year were “wise decisions.”
Since both payroll and utility payments fluctuate from month to month, Madriaga said the projected deficit may not actually be realized.
For instance, he said, utility payment went from as high as $74,000 a year to as low as $44,000, while payroll went as high as $198,000 per payroll to as low as $132,000. The college has close to 200 personnel, including federally funded workers.
NMC, he reported, received the following revenue and appropriation from various sources this fiscal year: $4.3 million for tuition, fees, and indirect cost; $3.9 million from the general fund; $142,000 in special funds; and $10.4 million in federal funds.
NMC has two funding sources: appropriation from the Legislature, which mostly pays for the salary of personnel, and tuition and fees, which pay for the college’s non-personnel expenditures.
It was earlier disclosed that the college generated a total of $4.227 million from this year’s tuition and fees.
