The following is an overview of the College’s financial operations for the fiscal year ended August 31, 2016 (FY 2016). Most of the information contained within this Report to the Community is extracted from the financial information contained within the FY 2016 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, which resulted in the College receiving 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 www.sanjac.edu/annual-financial-reports.
FINANCIAL HIGHLIGHTS: ASSETS, LIABILITIES AND NET POSITION
The College’s financial position in FY 2016 continues to remain strong with total assets of $718 million, total liabilities of $560 million, and total net position of $166 million. Total net position decreased by $9.4 million in 2016, a 5.3 percent decrease. The decrease is primarily due to the decrease of $9.6 million in net investment in capital assets. The following is prepared from the College’s Statement of Net Position and provides a summary of its assets, liabilities and net position for the years ended August 31 (amounts expressed in millions):
San Jacinto College Annual Highlights
Bond Program 2015 ($425 million) and Revenue Bonds 2015 ($50 million)
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 competed in the first quarter of 2017.
Design is underway for seven buildings included in the 2015 Bond program. New buildings include a petrochemical and energy technology training facility, a student services welcome center, a general classroom building, a new cosmetology/culinary training center on the North Campus, a cosmetology training center on the South Campus and an engineering and technology building. The 2015 Bond program also includes design of one building and renovation of nine buildings. Significant infrastructure projects are also included in the 2015 Bond program. These have not yet begun.
Awards and Recognitions
The College received a Landmark Award from the Houston Business Journal. The College was named the Texas Association of School Administrators and Boards’ Caudill Architectural Design Award for the Maritime Technology and Training Center on the Maritime Campus. The North Campus Center for Industrial Technology received the Tilt-Up Concrete Association Achievement Award.
On Aug. 31, 2016, the College’s credit ratings were affirmed as follows:
|Moody’s Investor’s Service (1)||Standard & Poor’s (2)|
|General Obligation Bonds||Aa2||AA|
|Maintenance and Tax Notes||Aa2||AA|
|Revenue Bonds||Aa3||Not Rated|
- Moody’s affirmed the General Obligation Bonds, Maintenance Tax Notes, and Revenue Bonds rating on Aug. 10, 2016.
- Standard & Poor’s affirmed the General Obligation Bonds and Maintenance Tax Notes rating on Aug. 15, 2016.