The College of DuPage Board of Trustees approved the Fiscal Year 2014 budget at its regular meeting on Thursday, June 20, following a scheduled public hearing.
The Operating Funds budgeted revenues for FY 2014 are $171,797,029 compared to $165,544,877 in FY 2013, representing a 3.8 percent increase. The Operating Funds budgeted expenditures for FY 2014 are $174,839,308 compared to $167,994,077 in FY 2013. This 4.1 percent increase in expenditures includes $4,313,652 allocated to Instruction and Academic Support, which represents 63 percent of the total spending increase.
"College of DuPage is operating in a state that has a budget deficit of $8.09 billion, as well as an estimated $100 billion in unfunded pension liabilities. Because of this, the College's FY 2014 budget relies very little on state funding," said Tom Glaser, Senior Vice President for Administration and Treasurer. "The FY 2014 budget is balanced and was developed with the expectation that the College will receive just four of 12 payments due from the state, which equates to just 2.9 percent of total operating revenues in the FY 2014 budget. When community colleges were created, the state legislature committed to providing one third of the cost to educate a student.
Under this formula, the College should receive approximately $54 million from the state. However, given the significant financial challenges facing the state, the College is budgeting receipt of only $4.1 million in the 2014 fiscal year. This budget uses $2.5 million of reserve to balance the budget."
Due in part to the College's healthy unallocated fund balance, which comprises 56.3 percent of its operating budget, both Moody's and Standard & Poor's recently affirmed the College's Triple-A (Aaa/AAA) rating on all College debt, the highest rating possible. In addition, over the past year, the College has streamlined financial aid processes to new and returning students, has rolled out a new payment plan system that provides greater flexibility to students for paying their tuition, and has implemented a loan counseling program that helps students make educated decisions regarding borrowing. The FY 2014 budget also includes $533,400 to fund Presidential scholarships.
"The focus at College of DuPage has always been and always will be on our students,"
President Robert L. Breuder said. "Our FY 2014 budget keeps higher education affordable, provides the best teachers and facilities available, and includes increased funding of support services for students to ensure their experience at College of DuPage is both positive and beneficial for their future."