East Central College will receive a financial boost from its 2017 assessed valuation.
is up by nearly 3.5 percent from the college’s 2016 value, or roughly $52.3 million.
President Dr. Jon Bauer said it’s a much needed dose of good financial news for the college which had to deal with mid-year withholdings last semester, and further state budget cuts for the new school year.
“I think its helpful to the bottom line of our revenue,” Bauer said.
The board of trustees approved the junior college’s 2017-18 fiscal year budget in late July which planned for no growth in county revenue. Bauer said planning for little to no growth was a conservative move to protect the college from overextending its budget.
“There was no way to know how this would play out,” he said. “The conservative approach was to budget for what we anticipated receiving.”
He added that the funds coming from assessed valuation will help the college avoid future cutting.
The valuation for the county increased by $67.8 million, thus raising the amount of money the college will receive from personal property.
Bauer said it’s unclear how the financial boost will affect other facets of the college. For instance, ECC’s faculty are still waiting to hear whether they will receive raises this year, a delay that has troubled the college’s National Education Association branch.
However, Bauer said he should be able to provide an answer to the faculty by the October meeting of the board of trustees. He said he hopes to have good news for the faculty, but said it’s too early to make a decision.
The new budget also was designed around the projection that enrollment would be down by at least 5 percent, which the current enrollment for the upcoming fall semester reflects. He said that number won’t be concrete until the semester has been underway for a month or two.
“We’ll wait until after the semester begins and wait until our enrollment numbers are final,” Bauer said. “Now that we have the other pieces of the puzzle we can have a better idea of what we can do with raises. I’m hopeful.”