College of DuPage Board Approves 2017 Tax Levy Request
The College of DuPage Board of Trustees voted Nov. 16 to request an operating tax levy for 2017 at the same level as the prior year's tax extension amount for the second consecutive year.
The 2017 tax levy of $81.7 million is equal to the College's 2016 tax extension, the approximate amount of property tax revenue collected for that year. Additionally, the Board approved a debt levy abatement of $8.6 million, representing principal and interest due on bonds which the College funds using alternate revenue sources. This debt levy abatement results in an additional $3 million in savings for local taxpayers.
"Our diligence in pursuing what is best for the College, its students and the greater District 502 community allows us to once again hold the line on property taxes," said Board Chairman Deanne Mazzochi. "The Board of Trustees and the College leadership have worked together as strong financial stewards and we are pleased to share the results with our constituents."
In June, the Board of Trustees approved its Fiscal Year 2018 budget based on the premise that the tuition rate and operating tax levy would remain consistent with the prior fiscal year. At its March 16 regular meeting, the Board of Trustees voted to keep tuition flat for the fall 2017 and spring and summer 2018 terms. Tuition and fees will remain at $135 per credit hour for in-district residents, below the state average of $140.
Brian Caputo, Vice President for Administration and Treasurer (CFO) for the College, said that given COD's healthy finances, the Administrative Affairs Division felt confident in bringing this recommendation to the Board.
"While there remains uncertainty regarding state funding, this administration is carefully planning for the future and balancing this with the needs of our students and the community members served by College of DuPage," he said.
Earlier this year, College officials issued a FY2018 Budget-in-Brief document for the current fiscal year. The 15-page document is available on the College's website and offers a comprehensive summary of the College's overall budget.
College of DuPage is regionally accredited by the Higher Learning Commission. Serving approximately 27,000 students each term, College of DuPage is the largest public community college in the state of Illinois. The College grants nine associate degrees and offers more than 170 career and technical certificates in over 50 areas of study.