Financial update and special kudos from Interim CFO Bill Saraceno

As you are aware, the College has been working on two major initiatives related to finance and budgeting – our annual audit by the State Auditor’s Office and our financial year-end closing.

Regarding our audit, we have been patiently waiting for our State Auditor to arrive on campus to audit our 2015-2016 Financial Statements (this is in accordance with the plan I had shared with you earlier this year). On Monday, August 5, 2019, I heard from Wendy Choy (our lead auditor) that due to constraints on their end, they are moving the 2015-16 audit process out to the week of October 21-25, 2019. While this delay means we will not have our 2015-16 Financial Statement audit complete before the start of Fall quarter, the silver lining to this delay is that the State Auditor will be able to perform a three-year audit (rather than just one year at a time) when they arrive in October. While this delay is not ideal, the new plan is probably cheaper. Most importantly, this keeps the College within our original target for a year-end finish for 3 years of audited financial statements.

Regarding the year-end closing, the Financial Services and the Budget Office teams have completed the process related to the FY 2018-19 financial data. After receiving and assessing each college’s financial data tied to year-end closing(s), the State Board for Community & Technical Colleges (SBCTC) then provides a report that identifies entries/transactions which have caused errors so that each college is able to make final corrections during the month of July. I am pleased to report that Shoreline Community College received notice that zero errors were found in the financial data submitted–allowing us to finalize the FY 2018-19 closing almost two weeks ahead of the state schedule. This is an almost unheard of achievement, with well- deserved kudos to our administrators and staff in Financial Services and the Budget Office for their tireless work to submit impeccably clean financial records.

I am very pleased with this news and the work to ensure that we are moving forward to demonstrate fiscal solvency.

Bill Saraceno, Interim CFO

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