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NMC exec: Sacrifices key to achieving balanced budget
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Posted on Dec 11 2013
The chief financial officer of the Northern Marianas College, Tracy Guerrero, says the institution was successful in achieving a balanced budget last fiscal year as a result of some sacrifices initiated by the management during the 12-month period.
In her oral presentation to the Board of Regents on Friday, Guerrero disclosed that the institution recorded a “little surplus” last fiscal year that the college intends to use for its anticipated accreditation-related expenses this fiscal year.
Based on the unaudited data presented to the board, NMC posted a total surplus of $193,819. This was achieved after recording a total of $17.484 million in expenses against the college’s consolidated revenues amounting to $17.678 million.
Last fiscal year, NMC received $4.74 million in local appropriation; generated $4.120 million in tuition and fees; federal aids and grants amounting to $8.882 million; and $201,400 from a special account.
Guerrero’s report indicates a balance of $194,708 under the college tuition and fees account and another $41,809 from the special account. All figures presented are unaudited.
“I think we did a pretty good job in coming out with a balanced budget,” she said.
Because the college expects a lower revenue this fiscal year, the little surplus recorded in fiscal year 2013 will help meet costs associated with accreditation.
Guerrero said the unaudited figures have already been transmitted to the college’s external auditor.
In response to questions of board members, Guerrero said that part of the surplus is possibly from the “savings” generated from some vacant positions that remain unfilled to date. Also a factor in achieving the balanced budget, she said, is the deferment of classroom improvements and salary adjustments for college personnel.
Board vice chair Elaine Orilla expressed optimism of another year of “clean audit” for NMC from its external auditor.
Board chair Frank Rabauliman and NMC president Dr. Sharon Y. Hart separately lauded the hard work demonstrated by the CFO and her team as well as college employees in coming up with a balanced budget.
