SUGAR GROVE – Waubonsee Community College recently approved a $67 million spending plan for 2014-15, officials said.
The operating budget represents the college’s main costs, covering the education, operating and maintenance funds, officials said.
“As has been our history, it is a balanced operating budget,” spokesman Jim Sibley said.
The tax rate for this portion of the college’s funds is 49 cents per equalized assessed valuation, he said.
“I think our revenues received from the state are always difficult to project,” Sibley said. “The budget’s effect on the tax rate is difficult to estimate at this time. We won’t know the EAV part of that calculation until the end of December.”
The percentage of revenue from local property taxes is 57 percent, but officials are projecting 3.5 percent growth in property tax revenue, he said. This would be because of an increase in the consumer price index, as well as an increase in the EAV, Sibley said.
“The EAV is due to the Aurora Outlet Mall [tax increment finance] district coming back on the tax rolls,” Sibley said. “Like other taxing bodies, the mall lies within our district, and we benefit from that.”
Waubonsee also has $15 million a capital budget, which accounts for the completion of a field house and Erickson Hall, the culmination of the college’s 2020 Master Plan.
The field house will be open sometime in early 2015, he said.
“We are very pleased to be completing that entire plan,” Sibley said.
The remaining funds are the result of two successful referendums in 2003 and 2004 for $67 million to finance the 2020 plan, Sibley said.
When including the bond debt to the property tax rate, Sibley said the district’s total tax rate is 57.6 cents per $100 EAV.