From a financial standpoint, Jamestown Community College is performing up to par.
On Tuesday, the college's board of trustees met to discuss several items, including the financial outlook thus far into the 2012-13 academic year. The financial narrative was presented by John Garfoot, vice president of administration, who assessed the financial situation.
"Overall, we're in a good financial position given that we've received significantly more revenue than expense, and with expenses being right at budget for this time of year," said Garfoot.
The narrative provided insight to the college's finances from Sept. 1, 2012 through Jan. 31, 2013, which represents 42 percent of the fiscal year.
At the end of January, total revenues were at 70 percent of budget and, within that, student tuition was at 96 percent. Total salaries and wages were at budget relative to the percentage of the fiscal year completed. Equipment expenses were at 140 percent of budget, but $87,852 is be transferred into the plant fund at the end of the year and funded by capital chargeback - which will bring net equipment expenses to 70 percent of the budget. Overall, expenses were slightly over budget for that time frame, at 43 percent.
Additionally, the board was forced to make a revision to its budget in regard to a capital project which was approved in October.
The project includes the expansion and renovation of the Hamilton Collegiate Center's Artworks area, and is intended to accommodate and enhance the school's media arts program. Though the board had previously approved this project at a project cost not to exceed $750,000, the most recent and lowest estimate was higher than expected.
The board approved a revised resolution, which authorizes the administration of the college to undertake the project at a cost not to exceed $950,000. The original project cost was made possible, in large part, due to a $2 million federal Title III grant that was awarded to the college last year. The additional remaining cost will be funded from sources including the state construction fund, capital chargeback revenue and JCC foundation support.
In other business, board member Jim Griffin provided updates from the presidential search committee. The committee is seeking a replacement for Greg DeCinque, JCC's current president, who will be retiring in June following the close of the 2012-13 academic year. Griffin said that the committee has accumulated a hefty list of applicants, and will begin paring down the current list at its meeting in the first week of April before presenting it to the board.
The board also welcomed a new member at the beginning of its meeting. Marie Carrubba was sworn in by Lance Spicer, chairman of the board, and will be replacing Mary Ellen Bonner.