Waubonsee Community College is considering spending almost $104 million in its 2014 fiscal year, including $23.4 million on capital projects.
The proposed budget is on display at the college's administrative offices in Dickson Center on the Sugar Grove campus. The earliest the board of trustees can vote on it is at their August meeting. It has to be adopted by Sept. 30.
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The college expects revenue of about $86 million, including more than $44 million in property taxes and $20.5 million in tuition and fees. The college has a goal of having tuition and fees account for no more than 33 percent of operating revenue.
The fiscal year began June 30.
Much of the discrepancy between income and expense is due to $24 million in spending in the operations and maintenance, restricted fund. The college has been putting money in that fund for several years for capital projects; it started the year with a balance of $45.6 million.
The college is preparing for the final project in its 2020 College Master Plan, the $18.3 million expansion of athletic facilities that will include a new field house and renovation of Erickson Hall on the Sugar Grove campus. It awaits approval from the Illinois Community College Board. If approved, Waubonsee expects to finish that project in 2015.
The proposed budget factored in the 4 percent raises the board recently gave to full-time faculty.
It will spend $6.87 million to repay debt.
Overall, the college owes $79.25 million in principal. It expects to finish repaying current debt in 2026, according to the tentative budget.
Of operating expenditures, 54 percent is for salaries; 9.4 percent is for materials and supplies, 9 percent is for contractual services, and 8.97 percent is for employee benefits.