Waubonsee Community College received news this month reaffirming the college’s efforts to responsibly and effectively manage funds while also addressing financial challenges brought by the ongoing state budget standoff.
Waubonsee received its 17th consecutive Certificate of Achievement for Excellence in Financial Reporting for the audited financial report for the fiscal year that ended June 30, 2015. The Certificate of Achievement is the highest form of recognition in governmental accounting and financial reporting, stated a news release.
In addition, the college recently learned that Moody’s has reaffirmed the college’s Aa1 rating, with a stable outlook. This maintains the college’s rating one step from a AAA rating, the highest available, and is seen as a strong endorsement by Moody’s of the college’s financial stability, stated the release.
Due to the lack of state funding for higher education in fiscal year 2016, Moody’s has been in the process of reviewing the credit ratings of all Illinois institutions. Several state universities were downgraded as part of the process. The news comes as the college’s board of trustees has vowed to continue the high quality tradition of the college while maintaining a balanced budget, despite the challenge of an ongoing lack of state funding, which amounts to approximately $7 million. Due to the budget impasse in Illinois, Waubonsee has not received any state funding in fiscal year 2016 and does not anticipate funding from the state for the upcoming fiscal year.
In cost-saving measures, Waubonsee this year reduced spending on travel, delayed filling vacant positions and the purchase of equipment. The college also passed a tuition increase for next fiscal year.