COD Board of Trustees Approves FY 2015 Budget
By Jennifer Duda
The College of DuPage Board of Trustees approved the Fiscal Year 2015 budget at its regular meeting on Thursday, June 26, following a scheduled public hearing.
The Operating Funds budgeted revenues for FY 2015 are $181,991,110 compared to $171,797,029 in FY 2014, representing a 5.9 percent increase. The Operating Funds budgeted expenditures for FY 2015 are $181,284,001 compared to $174,839,308 in FY 2014. This 3.7 percent increase in expenditures includes $104,352,694 allocated to Instruction, Academic Support and Student Services, which represents 57.6 percent of total Operating Funds expenditures.
“The State of Illinois is projected to end its fiscal year with a deficit in excess of $100 billion. As a result, the College’s annual budget once again relies very little on state funding,” said Tom Glaser, Senior Vice President for Administration and Treasurer. “The FY 2015 budget was developed with the expectation that the College will receive eight of 12 payments due from the state, which equates to 5 percent of total operating revenues in the FY 2015 budget.”
Due in part to the College’s healthy unallocated fund balance, both Moody’s and Standard & Poor’s have given the College Triple-A (Aaa/AAA) rating on all College debt, the highest rating possible. In addition, over the past year, the College has continued its efforts to contain costs, while planning for the potential ramifications of pending pension reform legislation and addressing future instructional space needs. The FY 2015 budget also includes $884,736 to fund Presidential scholarships.
“Our strategic focus continues to be on our students as we strive to provide them the best possible education at College of DuPage,” President Robert L. Breuder said. “Our FY 2015 budget includes increased funding of student support services, providing a high-quality education at an affordable price and ensuring our students learn the skills necessary to be successful in their future endeavors.”
College of DuPage
425 Fawell Blvd., Glen Ellyn IL
60137 (630) 942-2800
2014 College of DuPage