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The College of the Florida Keys5901 College RoadKey West, FL 33040(305) 296-9081MEMORANDUMDate:May 14, 2020To:Board of TrusteesFrom: Heather Margiotta, ControllerSubject: April 2020 Financial ReportRevenues Total revenue of 9,442,885 is 211,893 (2%) higher than the prior year. Student Fee Revenues of 2,720,097 are 129,704 lower than the previous year. This decrease is primarilydue to lab fee refunds as a result of COVID-19 and a reduction in lab fees assessed totaling 99,347.Additional decreases include non-resident fees at 20,576 and continuing education fees at 21,308.Decreases in above student fees are offset by an increase in resident tuition fees at 13,131. FTE hasincreased by 25.4 over prior year. However, fee exemptions have also increased by 37.3 FTE thus reducingthe total fees assessed. Community College Program Fund revenue of 5,389,569 is 839,769 greater than prior year.Performance Based Incentive of 179,218 is 30,147 greater than prior year. Lottery Funds of 671,412 is 563,864 less than prior year. These trends are expected to continue for the current fiscal year. Other Revenues of 482,309 are 35,265 higher compared to prior year. Indirect cost collected is 15,588more than prior year primarily due to a new unbudgeted grant with indirect costs from the NationalScience Foundation (NSF) for STEM research. Additionally, interest and dividends are 32,226 higher thanprior year, Foundation support is up by 44,516 and dual enrollment has grown by 28,000. Increases areoffset by a decrease in rental fees at 57,163 as a result of Collegiate Academy terminating their contractand the aquatic center revenue is down by 27,727.Expenses Personnel expenses of 6,605,985 are 247,164 (4%) greater than prior year primarily due toadministrative positions no longer covered by grants which is offset by a decrease in the instructionaldivision as a result of vacant positions. Current expenses of 2,307,402 are 148,967 (7%) greater than prior year primarily due to an increase inATI Services in the Nursing program at 45,504, an increase in insurance costs at 17,189, an increase inpostage at 14,171, and an increase in utilities at 3,399. Transfers and other expenses are also greaterthan prior year primarily due to a federal audit credit adjustment of 61,372 to expense in prior year.Additionally, Monroe County School Board rental fees for upper and middle keys centers were paid earlierthan prior year (June) at 61,844. Increases are offset by a decrease in technology support servicecontracts at 9,973 and a reduction in bank service fees at 7,693. Cost savings include a reduction inprofessional service for Financial Aid consultant not used in current year at 9,627 and reduction in travelcosts at 27,493.Capital Capital of 2,711 is 481 greater than prior year primarily due to an increase in administrative equipmentat 954 which is offset by a reduction in acquisition of technology equipment at 237 and instructionalequipment at 1,198 compared to prior year.
The College of the Florida KeysOperating Revenues and ExpendituresFor the Month Ended April 30, 706XX710XXAccountTitleMatriculation/Tuition FeesContinuing Education/Self-SupportingNon-Resident FeesLaboratory FeesApplication FeesGraduation FeesTranscript FeesTechnology FeesOther Student FeesDual EnrollmentCommunity College Program FundFY 2019-20BudgetActualAmount 18820,00063,0006,467,490 Performance Based Incentive-FCSPF*License Tag Fee AppropriationsPerformance Based Incentive-CategoricalLottery Funds -CCPFIndirect Cost Recovered-StateIndirect Cost Recovered-FederalGifts, Grants & Contract-PrivatePurchasing Rebates/CommissionsUse of College FacilitiesInterest and dividendsFines and PenaltiesTransfers and Other RevenueTotal Revenues 6,000600123,75011,526,965Management InstructionOther ProfessionalCareer StaffOther Personnel Services InstructionalBenefitsTotal 2,211,608 9,176,394 Travel Freight and PostageTelecommunicationsPrintingRepairs and MaintenanceRentalsInsuranceUtilitiesOther ServicesProfessional FeesEducational/Office MaterialsData Software Non-CapitalizedMaintenance/Construction MaterialOther Materials and SuppliesSubscriptions/Library BooksTransfers and Other ExpensesTotal Current Expenses 793,4813,429,245 Minor EquipmentMinor EquipmentFurniture and EquipmentTotal Capital Outlay Total Expenses *Adjustment for Performance FundingGrand Total Revenues Less Expenses DifferencePercentageCollected/Spentto (2,570,409)82.2%73.0%74.3%80.1%58.0%68.2%72.0% .3%69.8%61.8%66.6%66.5%23.7%67.3% 60,3556,00015,82282,177 16.7%0.0%0.0%12,687,816 8,916,098(3,771,718)70.3%(1,160,851) 526,7871,687,638-45.4%Special Appropriation - Other
CFK FY 2019-20 OperatingTotal Revenues & Expenditures 1,800,000 1,600,000 1,400,000 1,200,000Dollars 1,000,000 800,000 600,000 400,000 200,000 JULAUGSEPOCTNOVDECJANRevenuesFEBMARAPRMAYAPR 708,213 839,006MAYJUNExpendituresFiscal Year 2019-20RevenuesExpendituresJUL 1,599,682 749,724 AUG818,637855,286 SEP581,191982,948OCT 1,260,548 927,457NOV 1,015,541 895,718DEC 1,037,463 901,044 JAN709,426874,323FEB 692,866 1,009,572MAR1,019,318881,020JUNTOTAL 9,442,885 8,916,098
CFK FY 2019-20 OperatingTotal Revenue FY19 vs FY20 1,800,000 1,600,000Dollars 1,400,000 1,200,000 1,000,000 800,000 600,000 400,000 200,000Revenue FY20Revenue FY19 JULRevenue FY20Revenue FY19 JUL1,599,6821,528,056 AUG818,637787,850AUG SEP581,191467,381SEP OCT1,260,5481,193,782OCT NOV1,015,5411,051,849NOVDEC 1,037,463 894,669DEC JANJAN709,426755,604 FEBFEB692,866698,372MAR MAR1,019,318963,107APR APR708,213890,322MAYMAYJUNJUNTOTAL 9,442,885 9,230,992
CFK FY 2019-20 Fund 1Student Fee Revenue FY19 vs FY 20 1,200,000 1,000,000Dollars 800,000 600,000 400,000 200,000 JULAUGSEPOCTNOVDECJANFEBMARAPRMAYJUN (200,000)Student Fee Revenue FY 20Student Fee Revenue FY 20Student Fee Revenue FY 19JUL 1,000,807 1,010,338 AUG217,123 277,526 SEP(7,181) (25,182) OCT519,435 432,812 NOV270,601 365,012 DEC356,315 224,318 Student Fee Revenue FY 19JAN21,718 73,724 FEB9,139 21,020 MAR292,409 252,460 APR39,730217,773MAYJUN TOTAL2,720,0972,849,801
ATI Services in the Nursing program at 45,504, an increase in insurance costs at 17,189, an increase in postage at 14,171, and an increase in utilities at 3,399. Transfers and other expenses are also greater than prior yea
