10
FY
21
ANNUAL
FINANCIAL
REPORT
Auxiliary Activities
Auxiliary activities had a net decrease of $14.5 million or 48.1%, during fiscal year 2021 primarily due to
the reduction in food service costs, salary, and fringe benefits savings realized from furloughs, plus non-
salary reductions. e net decrease was partially offset by $1.0 million in net pension expense allocated to this
expenditure category.
Depreciation Expense
Depreciation expense increased by $1.1 million, or 4.1% in fiscal year 2021, due to additional capital
expenditures which were eligible to be depreciated.
Nonoperating Expenses
Interest expense decreased by $5.2 million in fiscal year 2021 due to the significant debt service savings
achieved from Series 2020D bond restructuring. e college restructured $180 million of outstanding bonds to
provide debt service savings of approximately $88 million over five fiscal years (FY2021 through FY2025). Other
nonoperating expense represents amortization of bond premiums, cost of issuance, and deferred outflows on
outstanding bond issues.
e graphs below are illustrations of expenses by functional categories incurred by the college's operation for the
fiscal years ended June 30, 2021 and 2020:
