Pima Community College issued its annual financial report along with the unqualified opinion from the Arizona Office of the Auditor General indicating the College’s financial statements are reliable, fairly presented and prepared according to accepted accounting principles.
The Office of the Auditor General for the State of Arizona conducts an annual financial audit for PCC to determine whether PCC’s financial statements are free of material misstatement and comply with state law.
See the full report from the Arizona Office of the Auditor General’s Financial Audit Division here. The state’s opinion is on page 11.
“Prudent stewardship of public funds is a top priority for the College,” Executive Vice Chancellor for Finance and Administration Dr. David Bea said, adding that “the College always has taken great pride in the quality and integrity of its financial reports.”
For more than 20 consecutive years, PCC has been recognized by the Government Finance Officers Association for excellence in financial reporting.
Highlights from fiscal year 2013 include:
- The College successfully budgeted to meet mandatory cost increases for health benefits, system licenses, maintenance fees, utilities, and increased retirement costs, and included additional funding for faculty sabbaticals and salary pool increases. Concurrently, the College focused on cost containment in order to keep tuition affordable for the residents of the County. In-state tuition rates at the College remain one of the lowest in Arizona.
- As a result of a $3.4 million payoff of an outstanding lease purchase agreement for the Northwest Campus A building, the College was able to reduce its annual debt service budget by approximately $0.4 million per year while saving approximately $1 million in interest over the next 10 years.
- PCC is on schedule to be debt free by the end of this fiscal year, reducing to zero the secondary property taxes Pima County taxpayers will pay to the College next fiscal year.