The following is an overview of the College’s financial operations for the fiscal year ended August 31, 2015 (FY 2015). Most of the information contained within this Report to the Community is extracted from the financial information reported in the FY 2015 Comprehensive Annual Financial Report (CAFR). The CAFR is a more detailed and complete financial presentation prepared in conformance with Generally Accepted Accounting Principles (GAAP) and was audited by the College’s independent auditors, who issued an unmodified opinion. An unmodified opinion is given when an auditor can state that the financial statements are accurately and fairly presented in all material respects. The College’s CAFR is available on the College’s website at sanjac.edu/annual-financial-reports.
Financial Highlights: Assets, Liabilities and Net Position
The College’s financial position in FY 2015 continues to remain strong with total assets and deferred outflows of $590 million, total liabilities and deferred inflows of $414 million and total net position of $176 million, which includes the implementation of the Governmental Accounting Standards Board (GASB) Statement No. 68. The following is summarized from the College’s CAFR for the years ended August 31, 2015:
At August 31, 2015, the College’s credit ratings have been affirmed as follows:
Moody’s Investor’s Service (1)
Standard & Poor’s (2)
|General Obligation Bonds||Aa2||AA|
|Maintenance Tax Notes||Aa2||AA|
|Revenue Bonds||Aa3||Not Rated|
- Moody’s affirmed the General Obligation Bonds and Maintenance Tax Notes rating on August 11, 2015, and assigned the Revenue Bonds rating on July 9, 2015.
- Standard & Poor’s affirmed the General Obligation Bonds and Maintenance Tax Notes rating on August 12, 2015.
San Jacinto College Annual Highlights
Awards and Recognition
During the last year San Jacinto College received three awards for facilities projects and all were for the renovated Central Campus Lee Davis Library. The Urban Landscape Institute named the project the winner of a Development of Distinction Award. The project was also named as a winner of the Preservation Houston Good Brick Award and the American Schools & Universities awarded the project as Outstanding Building Interior Renovation.
Bond Programs, 2008 & 2015 ($295 million, $425 million) and Revenue Bonds 2015 ($50 million)
The 2008 Bond capital improvement program is completed. At the North Campus, a new library opened in 2016.
In addition, the Maritime Technology and Training Center on the Maritime Campus opened in 2016.
Completed projects within the 2008 Bond program include the Maritime Technology and Training Center across from the Bayport Terminal along the Houston Ship Channel, three new natural science and allied health buildings, two new one-stop student services buildings, a new transportation technology center, two renovated libraries and a new library building at the North Campus, a renovated welding training center and a new maintenance facilities and police support building.
The College received $50 million from the sale of combined fee revenue bonds (Series 2015) to fund the North Campus Center for Industrial Technology. This program is scheduled to be completed in the fourth quarter of 2016.
Infrastructure improvements have also been undertaken with this project. Central Campus experienced the greatest amount of work with new storm water systems, parking, roads and revised electrical power distribution for the entire campus.