PCC Publishes Fiscal Year 2018 Audited Financial Report

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December 17, 2018
PCC Publishes Fiscal Year 2018 Audited Financial Report
 
Tucson, AZ – Pima Community College issued its annual financial report along with the opinion from the Arizona Office of the Auditor General indicating the College’s financial statements are presented fairly, are reliable, and were prepared according to accepted accounting principles.
 
The Office of the Auditor General for the State of Arizona conducts an annual financial audit of the College to determine whether PCC’s financial statements are free of material misstatement and comply with state law.
 
The full annual financial report is available online, with the Auditor General’s opinion beginning on page 13. Additional financial information about the College is accessible through the College’s webpage.
 
For 26 consecutive years, PCC has been recognized by the Government Finance Officers Association for excellence in financial reporting. Executive Vice Chancellor for Finance and Administration Dr. David Bea states, “As good stewards of public funds, the College is dedicated to providing clear and concise financial information. We maintain strong financial performance as we allocate resources to fulfill the College’s mission and strategic priorities.”
 
The College continues to reduce its operational budget as it pledges tuition and fee revenues in preparation for the issuance of Revenue Bonds.  The bond proceeds will fund the implementation of the first phase of the Educational and Facilities Master Plans, including the Center of Excellence for Applied Technology at the Downtown Campus. The annual financial report demonstrates this progress, with an increase in net position of $16.3 million over the prior year’s increase of $5.6 million.
 
This is the first of three fiscal year 2018 audits completed by the Auditor General. The audit of the College’s internal controls and the report of compliance with requirements described in the U.S. Office of Management and Budget (OMB) Uniform Guidance will follow in the first quarter of 2019.