July 09, 2014
The Civic Federation supports the City Colleges tentative FY2015 budget totaling $723.5 million for reflecting the District’s continued commitment to sound financial practices and prudent planning. The FY2015 tentative budget holds the property tax levy relatively flat for the fifth consecutive year, increases unrestricted operating funds by only 1.0% from FY2014 and continues to maintain a healthy fund balance for contingencies.
City Colleges’ dramatic financial improvement in recent years has left the District in a better position to address uncertainties related to the State of Illinois’ continued financial distress and mitigate its impact on City Colleges’ students, faculty and staff. The full analysis includes recommendations for City Colleges to follow the City of Chicago’s lead in phasing out its retiree healthcare subsidy and for the District to adopt a charges and fees policy to govern tuition rate decisions and help prevent a steep tuition increase in coming years.
The City Colleges fiscal year begins July 1, 2014 and ends June 30, 2015.