Officials at Central Texas College characterized the college’s financial performance for the 2011-12 fiscal year as “strong” at a meeting of CTC’s board of trustees Thursday afternoon.
The board approved the college’s annual financial audit and the annual financial report, which showed a 9 percent jump in the college’s total assets, which translates to an increase of about $17 million. The college’s revenue from cash and investments was up $18 million, according to the report.
The increases come despite a drop in funding from the state, and a relatively low property tax rate adopted by the trustees.
Thomas Klincar, the college’s chancellor, credited the college’s success to its employees and staff.
“Our success is directly attributable to the thousands of employees who work not only on our Texas campuses but at every one of our locations across the United States and worldwide, where Central Texas College operates in a variety of challenging and potentially dangerous environments,” Klincar said.
In addition to accepting the financial report and audit for the 2011-12 fiscal year, the trustees also approved the replacement of three rooftop heating, ventilation and air conditioning units in the amount of $37,974, as well as the purchase of a new backhoe in the amount of $54,999 from Landmark Equipment.
Trustees also approved contractor Jamail & Smith Construction for repair, maintenance and construction projects throughout campus, and voted to allow the administration to negotiate and sign a new multi-year electricity agreement once its current contract with its provider, Constellation, ends in 2014.