The Chair of the ACCJC sent a letter to the CCSF Interim Chancellor detailing their decision to place City College on enhanced monitoring after finding them to be an at-risk institution (lowest rating) due to the financial mismanagement that has occurred these last few years. Here's coverage of the situation from the SF Chronicle.
The letter is pretty self-explanatory, with the most egregious findings being:
- Deficits averaging $13.3 Million over a three year period
- Reduced cash reserves from $53 Million to less than $600K in a three year period (due to heavy deficit spending)
- -8.3% operating revenue ratio over three years (average)
- Salaries accounting for roughly 92% of all expenditures
This notice comes on top of the findings of the dire independent financial audit released earlier this year, the CCSF budget projections that predict massive deficits without a change to the status quo, and an 18% drop in enrollment that has occurred since last fall semester.
These are truly heartbreaking news in the midst of a year which will already go down in infamy.