By Kris McBride
THATCHER, Ariz. — The Arizona Auditor General has released its annual financial statement and compliance audit for Eastern Arizona College (EAC) for the fiscal year ending June 30, 2023. The report highlights significant financial progress over the past ten years.
According to the audit, EAC has seen operating revenues rise by 73% and non-operating revenues increase by 30%, contributing to a total revenue growth of 40% since the start of President Todd Haynie’s term. Even with this growth, operating expenses have risen by only 20%, demonstrating the College’s prudent management of resources. As a result, EAC’s net position has more than doubled during this same period, increasing from $31 million to $68 million.
The findings also indicate that EAC’s revenues have exceeded expenses over this time, allowing the College to continue its practice of setting aside funds for future expansion and academic program development, rather than relying on bonded debt for capital projects. However, despite the strengthened financial position, the College’s ability to spend remains limited by state-imposed expenditure caps.
“Fiscal responsibility has always been a cornerstone of Eastern Arizona College,” said EAC President Todd Haynie. “Our administration has carefully and conservatively managed resources to prepare for a period of growth. However, we are currently constrained by expenditure limitations, which prevent us from accessing the funds we’ve saved. This is why voters are being asked to consider allowing EAC to operate with a budget that reflects the actual costs of running a college in 2024, rather than being held to state-imposed spending limits set in 1979.”
For more information about the audit or to view the full report, please visit the Arizona Auditor General’s website.
