Page 10 - cocannualreport2015

FINANCE

College Commended for Fiscal Management

This year marked a significant turning point for the college with professionals representing the Accrediting Commission of
regard to funding. College of the Canyons saw its funding fully Community and Junior Colleges reviewed all aspects of the
restored in 2015 following multiple years of budget cuts that led college’s operations this past year.
to a cumulative 10 percent decline in funding during the Great In its summary report, the team commended the college for its
Recession. sound financial management. “A review of independent audit
Ours was one of just 12 community college districts statewide to reports and statements confirmed that the College consistently
return to pre-recession funding levels. In fact, our general fund demonstrates fiscal prudence and financial accountability,” the
revenue grew 13 percent between 2012 and 2015. team stated. “Through a review of financial documents, audits

The increase in financial resources directly benefitted students and other supporting evidence, the team verified that the College
with the addition of more class sections that allowed for increased has an adequate funding base, financial resources, reserves and
enrollment. In 2014-15, the number of funded full-time equivalent integrated planning sufficient to support the College’s mission and
students (FTES) we served grew by 4.2 percent, from 14,614 to programs.”
15,231, over the prior year. That solid foundation has positioned the college for future growth,
The college’s sound fiscal management and resulting as we expect to continue expanding access to education and
growth were highlighted as a significant strength during a increasing the number of students we can serve. In 2015-16,
recent accreditation evaluation. A team of visiting education enrollment is projected to grow 3 percent above last year.

General Fund Sources of Revenue General Fund Expenditures

8 COLLEGE OF THE CANYONS ANNUAL REPORT 2014 - 2015