FREEPORT (WIFR) -- Highland Community College has approved a tentative budget for fiscal year 2015.
The plan the Board of Trustees OK'ed will be submitted to the Illinois Community College Board once the trustees adopt it in September.
In the budget, operating revenues are about $14.2 million and budgeted expenses are about $14.8 million. The operating fund budget includes a deficit of approximately $510,000. Many changes are expected between the adoption of the tentative budget and the presentation of the permanent budget in September. Final state allocations have not been announced yet for fiscal year 2015. An estimate from the ICCB estimates it will be about $130,000 less than fiscal year 2014.
The operating funds tentative budget estimates that revenue will be less than one percent greater than fiscal year 2014 and expenses will be about 2.8 percent greater than the previous year.
“Some costs, such as the cost for unfunded state mandated tuition waivers and employee health insurance have increased, but overall, many costs have been or will be reduced in order to bring expenses more in line with expected revenues,” said Jill Janssen, Vice President of Administrative Services, in a press release. “The College maintains a fund balance, or reserve, which will also be utilized to absorb the deficit. The goal is to adopt a permanent budget that maintains fund balance levels recommended by the ICCB.”
Final enrollment numbers for fall and state and federal restricted grant funding are also likely to lead to adjustments to the permanent budget.
As of June 30, the state owes Highland Community College about $347,000 in unrestricted funds and $110,000 in restricted funds.