Heartland College board approves budget, adopts task force ideas to strengthen finances

Posted on September 18, 2019
Heartland
Heartland Community College’s budget, adopted Tuesday, runs a $507,000 deficit, according to school administrators. (WJBC file photo)

 

By Howard Packowitz

NORMAL – Heartland Community College trustees on Tuesday unanimously adopted a $32.4 million budget for the current school year that’s running about a half-million dollars in the red.

Heartland administrators said the budget has a $507,000 deficit, but the college is in the midst of a multi-year strategy to bring revenue and expenditures into line.

Trustees also adopted recommendations from Heartland’s Financial Sustainability Task Force, which advises the district to hold the tax rate at current levels. Heartland is also embracing the task force’s call to boost reserves to a range of 40 to 60 percent of the college’s operating fund.

Heartland administrators believe stronger reserves will help the college achieve the highest possible AAA bond rating, which lowers interest rates and reduces borrowing costs. Standard & Poor’s analysts give Heartland a AA+ credit rating.

The task force is seeking student input before making recommendations about tuition before December 1.

Howard Packowitz can be reached at [email protected]

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