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December 17, 2008 (El Cajon ) — Grossmont Cuyamca Community College District today announced it has passed five separate 2007-2008 audits. The audits presented to the governing board cover the district's general audit, its part-time employees' pension plan, Grossmont and Cuyamaca colleges foundations, and the district's auxiliary. Two more audits relating to the district's Prop. R facilities bond program are scheduled for presentation to the governing board next month.
As budgets across the country undergo heightened scrutiny in today's troubled economy, Governing Board President Bill Garrett praised the district's unblemished audit record. He noted that both colleges experienced significant enrollment growth, even as the state began to show strains of a weakening economy. The last fiscal year also saw an upswing in program offerings, financial aid and facilities.
For the year ended June 30, 2008, the district's total assets increased $61.9 million or 20.6 percent from the previous year; the majority being based on increases in capital assets. Total liabilities increased $76.7 million, or 41.4 percent, related mainly to the issuance of general obligation bonds in 2008. The district's net assets decreased $14.9 million, or 12.9 percent, due to increased costs for salaries, utilities, financing and other operating expenses.
The district's general audit by the San Diego-based accounting firm of Nigro Nigro & White, PC shows no questioned costs and no management recommendations. It confirms that the college district is fiscally sound and also gives a clean bill of health to its financial reporting practices.
"In the last couple of years, a number of our senior administrators in these areas have retired, but as these audits show, our systems remained intact and our practices continue to be transparent, thorough and valid", Chancellor Omero Suarez said. "We continue to deal with the challenge of operating this district and both colleges on the most stringent of budgets. These audits confirm that we manage by making sure that every dollar coming out of our coffers is a dollar wisely spent."
The chancellor said while deliberations continue in Sacramento over a staggering state deficit, college and district administrators continue to focus on budget priorities and cost-cutting strategies. "We are looking at what we can do this year to continue to provide programs and services to a growing number of students even as we prepare to help absorb anticipated cuts later this spring", he said. The shortfall is likely to stay with us for a while.
The annual audits by certified public accountants are required by the state education code. For the past five years, auditors have submitted reports with no questioned costs on the part of the district. These audit reports will be available for public viewing at both college libraries, as well as the office of the vice chancellor of business services
Grossmont and Cuyamaca colleges, located in El Cajon in eastern San Diego County, serve 27,000 students. For information about the Grossmont-Cuyamaca Community College District and its colleges, visit www.gcccd.edu.
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