Residents living within the Elgin Community College District 509 boundaries will see a property tax increase based on the college’s 2012 levy.
Trustees approved a $55 million request to cover the college’s operating budget, which represents a 3 percent increase over last year’s levy. Sharon Konny, ECC vice president of business and finance, said the amount is greater than the college will actually receive. The levy is inflated to capture any growth from new construction within the district.
Konny said ECC will receive between 82 percent and 86 percent of the $55 million.
Trustees approved the levy 6-1 during their meeting Tuesday. Robert Getz was the only dissenting vote and no community members showed up to speak about the increase.
Robert McBride, chairman of the board of trustees, said the college has always worked to be transparent with its finances and enjoys high bond ratings from both Moody’s and Standard & Poor’s rating agencies.
“What it says is both the college and the board of trustees work very, very hard to make sure those dollars that are provided are used well,” McBride said.
Based on Illinois law, the college’s tax increase cannot exceed the rate of inflation, or 3 percent for this year’s levy.Copyright © 2013 Paddock Publications, Inc. All rights reserved.