Oakton College Finances for the Fiscal Year Ending June 30, 2023
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Oakton College remains fiscally sound The College has prepared itself over the years to address potential financial shortcomings in state funding or property taxes. This is mainly attributable to strong financial planning, healthy reserves and a strong property tax base. For fiscal year 2023, the College again received a clean, unmodified opinion from its external auditing firm. The following charts reflect operating results for fiscal years 2021-2023. REVENUES FOR THE YEARS ENDED JUNE 30 (in millions)
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1
4
8
7
2021
2022 $ 16.7
2023 $ 12.5 $ 2.8 $ 64.1 $ 1.4 $ 11.1 $ 13.3 $ 4.9 $ 1.5 $ (1.2)
$ 16.7
Student Tuition and Fees * Auxiliary Enterprises Other Operating Sources * Local Grants and Contracts State Grants and Contracts ** Federal Grants and Contracts Investment Income Earned Property Taxes
$ 1.5 $ 1.6
$ 2.1 $ 1.5
6
5
$ 57.2 $ 1.1 $ 8.4 $ 10.8
$ 61.7 $ 3.6 $ 8.9 $ 21.6 $ (0.6) $ (1.0)
Revenues by Source 1. Student Tuition and Fees 11% 2. Auxiliary Enterprises 3% 3. Other Operating Sources 1% 4. Property Taxes 58% 5. Local Grants and Contracts 1% 6. State Grants and Contracts 10% 7. Federal Grants and Contracts 12% 8. Investment Income Earned 4%
$ 0.5
Interest on Capital Asset Related Debt $ (1.3)
TOTAL REVENUES
$ 96.5 $ 114.5 $ 110.4
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EXPENSES FOR THE YEARS ENDED JUNE 30 (in millions)
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1
2021 32.6 16.3 12.6
2022 37.2 16.1 15.6
2023 30.0 16.6
Instruction
Academic Support Student Services
12.2 5.0 11.5 5.0 11.1
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Operations and Maintenance General Institutional Support
7.7
8.3 11.1 4.7
10.9
Auxiliary Enterprises
4.3 9.8
Depreciation
10.9
4
TOTAL EXPENSES
$ 94.2 $ 103.9
$ 91.4
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*Revenue includes funding provided by the Oakton College Educational Foundation in the form of scholarships and grants to underwrite innovative projects, augment resources available to academic programs, and fund capital investment. Information about the Oakton Educational Foundation follows in the next section of this report. **Excludes state contributions for pensions and other post-employment benefits made on behalf of Oakton College. Recognized for excellence The Government Finance Officers Association of the United States and Canada (GFOA) recognized Oakton College with the Distinguished Budget Presentation Award for its 2023 budget and with the Certificate of Achievement for Excellence in Financial Reporting for its 2022 Annual Comprehensive Financial Report. This was the 32 nd straight year the College has received this award for its Annual Comprehensive Financial Report.
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Expenses by Function
1. Instruction 33% 2. Academic Support 18% 3. Student Services 13%
4. Operations and Maintenance 5% 5. General Institutional Support 13% 6. Auxiliary Enterprises 5% 7. Depreciation 12%
16 2023 Annual Report | oakton.edu
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