College of DuPage Board of Trustees Approves FY 2017 Budget with Tuition and Tax Levy Flat for Second Year
The College of DuPage Board of Trustees approved the Fiscal Year 2017 budget at its regular meeting on Thursday, June 23, following a scheduled public hearing.
The Board approved the budget based on the premise that the tuition rate and operating tax levy would be kept flat for the second year in a row.
“One of the most important duties of this Board is the oversight of the fiduciary responsibilities of the College. This budget is based on best financial practices that reduce costs to our students and taxpayers while keeping intact the quality education and services provided by College of DuPage,” said Board Chairman Deanne Mazzochi. “I would like to thank the budget committee, led by its Chairman, Board Secretary Frank Napolitano, and the College’s Finance Department for their excellent work.”
The Operating Funds budgeted revenues for FY 2017 are $173.3 million compared to $182.4 million in FY 2016. The Operating Funds budgeted expenditures for FY 2017 are $172.9 million compared to $181.4 million in FY 2016. The budget and additional financial documents can be viewed by clicking here.
“This is only the second year that a committee has overseen the budget process in the College’s history,” said Board Secretary Napolitano. “This budget was built by economizing and by eliminating unnecessary spending, while maintaining the quality education provided by College of DuPage. I am proud of the work the Budget Committee, the COD Board of Trustees, the Administration and Finance Department have done over the past year to assist in this process. The resulting budget passed today by the Board of Trustees is one more example of our respect for the community we serve.”
Trustee Napolitano cited the uncertainty about state allocations as a significant factor in planning the College’s budget for the coming year. College of DuPage has received $3.5 million of the $12.2 million budgeted by the state for this fiscal year, which ends June 30, 2016.
“The uncertainty in Springfield means that state allocations remain a guessing game,” Secretary Napolitano said. “Since we don’t have a crystal ball to understand what our state leaders will do, we have created a budget with a cushion that plans for the worst. If Springfield does better, then that is great news. If not, we are prepared.”
For more information, contact Joe Moore at (630) 942-2371 or firstname.lastname@example.org.
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