OGLESBY – Illinois Valley Community College announced they are in a strong financial position during the Tuesday audit-finance committee meeting. Vice President for Business Services and Finance Cheryl Roelfsema said revenues in the general fund, comprised of the education and operations and maintenance funds, were at 99 percent of budget. Credit hours, budgeted at 53,000, were just under 51,000.
Roelfsema also presented audit-finance with the tentative fiscal 2021 budget projecting credit hours at 51,000, state funding at just over $2 million and a 5 percent increase in property tax revenue.
Overall, revenues are projected at $32.1 million, less than one percent over 2020. Expenditures of $32.5 million are up less than one percent over the previous year. Revenues and expenditures in the general fund are balanced at $22.5 million, an increase of 1.4 percent over 2020. The budget is not expected to result in a tax increase.
The general fund includes a $600,000 contingency to protect the college against uncertainties regarding enrollments during the pandemic and the possibility state support could decrease if the proposed income tax increase fails at the Nov. 3 ballot.
“All of these uncertainties make it important to have a contingency to cover revenue shortages or invest in personnel, infrastructure, or equipment to effectively deliver instruction,” Roelfsema said.
The tentative budget will be presented to the full board Aug. 13 with final passage expected Sept. 10.
