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ELGIN

COMMUNITY COLLEGE

Annual Budget

For the Fiscal Year Ended June 30, 2008

Adopted August 14, 2007

Board of Trustees Community College District 509

1700 Spartan Drive Elgin, Illinois 60123

www.elgin.edu

ELGIN COMMUNITY COLLEGE

Community College District No. 509

Table of Contents

Page(s)

INTRODUCTORY SECTION Executive Summary ............................................................................................................... I1 Principal Officials .................................................................................................................. I7 Organizational Chart.............................................................................................................. I8 District Map ........................................................................................................................... I9 Mission Statement and Statement of Shared Values ............................................................. I10 The College and Its Community ............................................................................................ I11 Organization........................................................................................................................... I14 Financial Information............................................................................................................. I17

BUDGET SECTION Budgeted Operating Revenues by Source.............................................................................. B1 Schedule of Budgeted Operating Revenues by Source.......................................................... B2 Budgeted Operating Expenditures by Function..................................................................... B3 Budgeted Operating Expenditures by Object ........................................................................ B4 Schedule of Budgeted Operating Expenditures ..................................................................... B5 Comparison of Revenues and Expenditures By Source – All Funds......................................................................................................... B6 Comparison of Revenues and Expenditures By Fund – All Funds............................................................................................................ B7 Individual Fund Analysis Education Fund............................................................................................................... B8 Operations and Maintenance Fund ................................................................................. B9 Capital Projects Fund...................................................................................................... B10 Bond and Interest Fund................................................................................................... B11 Auxiliary Services Subfund Analysis Corporate and Continuing Education Division ......................................................... B12 Business and Industry Training ................................................................................. B13 Bookstore ................................................................................................................... B14 Child Care .................................................................................................................. B15 Food Service .............................................................................................................. B16 Visual and Performing Arts Center............................................................................ B17 Production Services ................................................................................................... B18

ELGIN COMMUNITY COLLEGE Community College District No. 509

Table of Contents (Continued)

BUDGET SECTION (Continued)

Page(s) Individual Fund Analysis (Continued) Auxiliary Services Subfund Analysis (Continued) Career Services .......................................................................................................... B19 Student Life................................................................................................................ B20 Intercollegiate Athletics ............................................................................................. B21 Audit Fund ...................................................................................................................... B22 Liability, Protection and Settlement Fund ...................................................................... B23 Public Building Commission Rental Fund ..................................................................... B24 Public Building Commission Operation and Maintenance Fund ................................... B25 Site and Construction Fund ............................................................................................ B26

STATISTICAL INFORMATION

History of Actual Operating Revenues by Source................................................................. S1 History of Actual Operating Expenses .................................................................................. S2 History of Reserved Fund Balance ........................................................................................ S3 Property Tax assessed Valuations, Rates, Extensions and Collections .................................................................................................. S4 Historical Tax Levy Information ........................................................................................... S6 Tuition Rate History .............................................................................................................. S7 Enrollment Statistics - Student Headcount ............................................................................ S8 Enrollment Statistics - Credit Hours by Instructional/Funding Category ........................................................................................... S9 Tuition and State Average Credit Hour Rate Compared to the College’s per Capita Costs ....................................................................... S10

ADDITIONAL INFORMATION

Proposed Resolution for Adoption ........................................................................................ A1 Certification of Minutes......................................................................................................... A3

INTRODUCTORY SECTION

ELGIN COMMUNITY COLLEGE Community College District No. 509

EXECUTIVE SUMMARY

REVENUES Revenue forecasting can be very difficult. Revenues depend upon numerous external factors of which many are beyond our control. Examples of the external factors are enrollment, legislation for property taxes or services, the economy, state funding streams and grant opportunities. The College can provide the best services and products to our students, but if the students don’t enroll, we will not attain our projected revenue and will not be able to support our estimated expenditures. The College’s task is to make assumptions based on historical trends, the state of the economy, and programming changes to provide a reasonable estimate of revenues. The level of revenues predicted then drives the expenditure levels to achieve a balanced budget. Property Taxes The equation to calculate the property tax extension for each levy year is complex and based upon several different assumptions. Each fiscal year recognizes 50% of two levy years. For example, fiscal year 2008 property tax revenue is comprised of 50% of the 2006 tax levy and 50% of the 2007 tax levy. The 2006 tax levy was filed with the five counties in December of 2006. The final tax extensions were received from the counties in April, with the exception of Cook County which will not be received until August or later. The 2007 tax levy will be approved by the Board and presented to the counties in December of 2007. The tax extension is calculated based on the equalized assessed values (EAV) of the properties within the College’s district multiplied by the extension rate of the College and adjusted for percent of burden. The amount the tax extension can increase each year is limited to the lesser of the consumer price index - urban (CPI-U) or 5%, unless a referendum is passed by the voters to allow excess increases. CPI-U used by the counties for the calculation is CPI-U for the month of December of the prior year, not an annualized rate. New property within the district is excluded from the increase base when determining the limiting rate for that year; therefore, our total extension may exceed 105% (or CPI-U plus 100 percent) of the prior year extension. Most of this information is not available to the College during the budget process. Several assumptions were made for the calculation of projected property tax revenues for fiscal year 2008. The College estimated an increase in EAV of 8% for the 2006 levy based on the historical trends and the state of the economy. As interest rates are rising, the economy is starting to slow. The increase in EAV is predicted to continue to increase at a steady rate of 8.0%. It is anticipated that 33% of the increase in EAV will be from new property. We anticipate new growth will continue, but possibly at a declining rate due to rising interest rates. CPI-U for the 2006 and 2007 tax levy is 3.4% and 2.5%, respectively. Based on these assumptions, property tax revenue for fiscal year 2008 is anticipated to be $26,094,332 for the Education Fund. This is an increase of $2,066,835 over fiscal year 2007. The large increase is due to a shift in the levy allocation moving additional funds into the Education levy from the

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Liability/Insurance levy in addition to the increases due to growth and increases in the EAV. Property taxes represent 50% of the Education fund revenues. Tuition and Student Fees Tuition rates are established based on preliminary projections prepared by the College. The projections include the cost to continue operating the College at its current capacity. Any anticipated new initiatives and new position requests for the year are presented with these projections, but are separated out for consideration. The first goal is to ensure funding for our current operating levels, then add new items pending available funds. Tuition is then set to recoup any shortfall to balance the budget or to fund new initiatives, whichever the case may be. For fiscal year 2008, the Board approved a $7 per credit hour increase in tuition. The increase was used to fund new positions, new initiatives identified in the academic plan, and to accommodate current operations. Predicting student enrollment is the key to predicting tuition and fees. The Board of Trustees usually establishes tuition and fee rates in the fall for the next fiscal year. These rates are utilized to develop a revenue projection based upon expected enrollment. After two years of declining enrollment, the College is hoping enrollment will stabilize in FY2008. Enrollment peaked in fiscal year 2005 with 178,618 credit hours. In fiscal year 2006, enrollment declined by approximately 6.7%. Credit hours were approximately 164,000 for fiscal year 2007 which is a decline of approximately 1.5% under fiscal year 2006. In fiscal year 2008, the College is anticipating enrollment to remain consistent with fiscal year 2007. The College continually monitors enrollment and adjustments are made as needed to expenditures to offset any downfalls. Student fees are intended to cover consumable instructional supplies, special publications or software needed for the courses, and other course specific expenditures. These fees are recommended by the Deans of the various divisions of the College and approved by the Board. The fiscal year 2008 budget includes increases in fees as recommended by the Divisional Deans to offset the rising costs of supplies and additional program offerings. Tuition and fees combined are expected to increase by $1,516,345 or 10% over fiscal year 2007. The increase is primarily due to the $7 per credit hour increase in the tuition rate. During the Spring 2007 semester, the College implemented a daily drop for non-payment policy. If the student registers for a class after the payment due date, they will be dropped if they don’t submit payment before 7:00 pm the following evening. In addition, the College offered payment plans via the web which automatically draw the money from a designated bank account or credit card. The new payment plans and daily drop have proven very successful in collecting tuition and fees. The College is conservatively reducing the allowance for uncollectible tuition and fees from 6.5% in fiscal year 2007 down to 3.5% in fiscal year 2008. State Funding State funding in recent years has been more unpredictable. The College continues to be very conservative in its initial estimates of state funding levels. In the last four years, the Illinois Community College Board (ICCB) has presented preliminary funding levels to the colleges; however, the funding levels supported in the State budget have been significantly less. The

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College then faced budget cuts or modifications to balance the budget each of these years. The state average credit hour rate has declined from $42.53 per credit hour in 2002 to $31.97 per credit hour in 2007. Fiscal year 2008 state funding is based on credit hours generated in fiscal year 2006. Credit hours generated in 2006 declined approximately 6.7% under fiscal year 2005. Preliminary figures from the State indicate an approximate decrease of 5% or $250,000 for fiscal year 2008.

EXPENDITURES

Certain expenditures remain challenging to project for fiscal year 2008. Several factors, which in the past have been relatively predictable, are not as predictable for fiscal year 2008. The effects of these factors, as described below, will have a significant impact on the budget. We have attempted to conservatively predict the effects of each and will continue to analyze each scenario as more information becomes available.

Salaries Salaries and benefits make up approximately 70% of the College’s operating budget and 61% of the College’s total budget. In previous years, our salaries have been driven by set contractual parameters making the budget process relatively straightforward. However, the current Support Staff Union salary schedule expires June 30, 2007. Negotiations are in progress for the creation of new salary schedules, but have not been completed. In addition, the Administrative Staff and the Support Staff are undergoing a salary study that could have a substantial impact on the budget; however, the financial impact of the study is currently unknown. We have set budget parameters for administrative and support staff salaries using the current contracts’ average increases and market increases as a base. Also, an increase in minimum wage will take affect for fiscal year 2008, which is also reflected in the budget. Negotiations were completed in March for the Faculty Union. The new salary schedules and any benefit changes have been reflected within the budget for fiscal year 2008. Extending Non-Tuition Based ESL to Levels 5 – 7 Currently, ESL Beginning Levels 1-4 are provided on a non-tuition based format, while Intermediate and Advanced Levels 5-10 are tuition-based. Currently, 77% of the students completing Level 4 do not continue on to Level 5. Levels 1-4 experience consistently high enrollment, while Levels 5-10 are consistently low. By providing Levels 5-7 on a non-tuition based format, the College can increase the number of students able to transition into other ECC certificate, career technical, and academic programs, as transition readiness does not typically begin prior to Level 7. The College will also fill a service gap within the community, as ECC is the sole adult education provider within the Elgin Area Planning Council approved to offer ESL instruction beyond the Beginning Levels. Lost revenues for Levels 5 – 7 are approximately $145,690. A portion of the revenues would be regained in future years through apportionment from the State. The approximate cost of $100,000 for expanding the program has been included in the fiscal year 2008 budget.

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Expansion in Health Professions The College is developing new programs in Radiological Technology and Physical Therapy Assistance. These programs have been identified as “critical occupations”. Critical occupations are defined as those that experience strong employment demand, provide good wages, are critical to industry competitiveness, and are appropriate for targeting for the workforce system. Planning for the implementation of these programs began in fiscal years 2006 and 2007. The development and implementation costs for these programs has been included in fiscal year 2008, including program directors, remodeling costs, new equipment costs, and other programmatic type costs. Staffing The Board indicated they would like to see the number of full-time faculty increased by at least five new faculty positions annually for fiscal years 2005, 2006, and 2007 which was carried out by the creation of the positions. However, as indicated below, there were several positions that were vacant due to turnover or hiring delays. In 2008, the College is continuing to add new faculty. After many retirements starting in 2000, the College has been aggressively attempting to replace vacant faculty positions and add new faculty as needed. Below is a table illustrating the number of full-time faculty for the last five years and the budgeted positions for fiscal year 2008.

Actual Projected Fiscal Year 2004 2005 2006 2007 2008 Number of Faculty 113 124 126 133 138

Academic Master Plan During fiscal year 2006, the College created its first Academic Master Plan. The Plan established 7 goals or initiatives to help guide the College into the future. These goals are as follows:

1. Ensure curriculum currency and program relevance based on student and community goals and needs for lifelong learning and preparation for the future.

2. Provide access to learning for District 509. 3. Ensure learning success. 4. Enhance our partnerships with businesses and other educational institutions in the

district. 5. Ensure the opportunities to enhance faculty and staff expertise promoting

instructional excellence and student learning aligned with the College’s mission. 6. Foster a culturally enriching and diverse environment. 7. Promote and enhance integrity and effective communication.

$300,000 has been included in the fiscal year 2008 budget to fund the implementation of the objectives identified within the plan that relate to these initiatives. The additional funds are targeted to include outcomes assessment, CurricuNET, programmatic marketing, consulting, increase in College 101 offerings, new course development, and support of the new radiological technician. Additionally, several new positions and part-time and over-time dollars have been added to accommodate the goals within the Academic Master Plan.

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Strategic Campus Master Plan In addition to the Academic Master Plan, the College has updated its Strategic Campus Master Plan. This plan lays out the facilities plan for the future and prioritizes future capital projects for the College. The College has created a Library Task Force with the charge for developing a plan to meet the established expectations in the Accreditation Report. An Executive Director of Planning and Institutional Effectiveness position has been included in the fiscal year 2008 budget. One of the tasks of this position is to integrate the various planning documents within the College and facilitate the coordination of the budget and planning process. IT Initiatives The College has fully implemented Datatel for all modules and upgraded the system to Release 18. Many modules are adding enhancements to increase service, increase data integration and decrease manual processes. The projects included in the fiscal year 2008 budget include applicant tracking for both Human Resources and Admissions, document scanning, and workflows for online approvals for purchasing. For fiscal year 2008, enhancement of student electronic services including network ID’s, student email, web-accessible storage, and photo identification cards are planned. Additionally, an upgrade of the infrastructure and phone system, which started in fiscal year 2007 with the planning and initial setup, will continue into fiscal year 2008. Other Expenses $100,000 has been included for the truck driving program to purchase trucks. The intention is to fund $100,000 annually to maintain the necessary fleet of trucks without largely impacting the budget in any one year. The College has budgeted to have an asset revaluation completed in fiscal year 2008 for insurance purposes and the maintenance of fixed asset records. Additionally, the budget has allowed for the scanning of permanent records for record retention. With the decline in state funding and grant availability, the need for the ECC Foundation to gain more community support is increased. The College has provided additional funds for alumni communications and marketing support for the ECC Foundation. The College has a new President, Dr. David Sam. The President has made some changes within the organizational structure of the College. A contingency has been established in the fiscal year 2008 budget to implement additional initiatives and changes as determined by the President. Assumptions for Other Funds A transfer of one million dollars from the Operations and Maintenance Fund to the Restricted Operations and Maintenance Fund has been reflected within the budget. The transfer will be used to pay the City of Elgin for land acquisition costs. The remaining funds will be set aside for the Library.

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The parameters for the auxiliary services to be adopted at the June 12th Board meeting have been reflected in the budget. The Board has approved transferring Career Services operations to the Education Fund. Student Athletics and Student Life are reflected as auxiliaries, but are funded by transfers from the Education Fund to the Auxiliary Funds. Additional information In fiscal year 2008, the lease with the Kane County Public Building Commission (PBC) for the Fountain Square Campus will expire and the maintenance of the building will become the responsibility of the College. The budget for fiscal year 2008 includes a transfer from the Education Fund to the Operations and Maintenance fund of $369,013 for maintenance. The College has looked at every expense and has attempted to include all identified new initiatives within the budget. We have successfully prepared a balanced operating budget that will allow the College not only to continue at its current capacity but also expand and improve upon the services offered to the Community.

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Community College District No. 509

Principal Officials

BOARD OF TRUSTEES

Members

Phyllis Folarin, Chairperson Ellie MacKinney, Vice Chairperson

John Duffy Robert Getz

Robert McBride Clare Ollayos

Diane Stredde

Sarah Keissami, Student Member of the Board

David Sam, President

ELGIN COMMUNITY COLLEGE Community College District 509

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District Map

Serving the counties of:

Cook DeKalb DuPage

Kane McHenry

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Mission Statement and Statement of Shared Values

MISSION STATEMENT The mission of Elgin Community College is to improve people’s lives through learning.

INSTITUTIONAL GOALS 1. Prepare students to be competitively employed. 2. Prepare students to be successful in baccalaureate programs. 3. Provide students with basic academic skills. 4. Provide district employers with programs and services to sustain a quality workforce. 5. Provide lifelong learning opportunities. 6. Prepare students and employees to learn, live, and work in a globally diverse society. 7. Prepare students and employees to be technologically literate or fluent. 8. Provide affordable and flexible access to programs, services and appropriate technology. 9. Provide appropriate service and support to meet the needs of students, employees and other

stakeholders.

VISION Elgin Community College will be the best comprehensive community college in the United States by providing tomorrow’s education today.

SHARED VALUES

Learning We hold learning as our primary focus. Integrity We maintain at all times the highest level of honesty, communication, cooperation and credibility in relationships and in fulfilling our commitments. Excellence We strive for the highest standards of performance and superior quality in all of our programs, services and activities. Fairness We strive to create a climate of fair-mindedness and respect. Caring We offer a caring attitude to promote cross-cultural understanding, individual growth and a positive sense of self worth for all members of the college community. Freedom of Inquiry We value academic freedom and freedom of inquiry. Accountability We assume responsibility for our decisions and actions.


THE COLLEGE AND ITS COMMUNITY THE COMMUNITY Elgin Community College (ECC) District 509 is one of 39 community college districts in the Illinois Community College System. District 509 covers approximately 360 square miles, including the following rural and urban municipalities: Algonquin, Bartlett, Burlington, Carpentersville, East Dundee, Elgin, Gilberts, Hampshire, Hanover Park, Lake in the Hills, Lily Lake, Pingree Grove, Plato Center, Sleepy Hollow, South Elgin, St. Charles, Streamwood, Valley View, Wasco, Wayne, and West Dundee. In addition to these municipalities, some people with the following addresses are also District residents: Carole Stream, Cary, Elburn, Fox River Grove, Hoffman Estates, Huntley, LaFox, Maple Park, Schaumburg, Sycamore, and West Chicago. ECC serves residents of public school districts U-46, 300, 301, and 303. In-district public high schools are: Bartlett High School; Central High School, Burlington; Dundee-Crown High School, Carpentersville; Elgin High School and Larkin High School, Elgin; Hampshire High School, Hampshire; Jacobs High School, Algonquin; South Elgin High School, South Elgin; St. Charles East High School and St. Charles North High School, St. Charles; and Streamwood High School, Streamwood. In district private high schools in Elgin are Elgin Academy, Fox Valley Lutheran Academy, St. Edward High School, Einstein Academy, and Westminster Christian. HISTORY OF THE COLLEGE The District was originally founded as part of the University of Illinois Agricultural Extension Service. In 1949, the board of Unit School District Number 46 subsequently took over the District’s functions. In May 1950, the College became a member of the American Association of Junior Colleges. In 1965, the State of Illinois developed a community college system; one year later in 1966, Elgin Community College District 509 became a part of this system. The College was granted Class I Junior College status by the State Board of Higher Education. The college designation changed from Junior College District 509 to Community College District 509 in 1975. Initially housed in the former Elgin High School, the College purchased its first permanent building next door and named it Renner Hall after the College’s first president in 1959. Until its move in 1970 to its current main campus site, the College was situated

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in various buildings in Elgin. Six buildings were built between 1970 and 1979 on the campus, which completed about 60 percent of the original master plan. After joining the Illinois Community College System, the College extended its offerings of formalized vocational programs, adding over 20 programs between 1966 and 1970. District 509 doubled in size in 1967 when Community Unit School District 300 joined the college district; and again in 1974 when Community Unit School Districts 303 and 301 joined. The college district boundaries have remained unchanged from 1974 to present. The recession of the early 1980’s resulted in skyrocketing student enrollment, which prompted a search for additional space and alternative delivery systems. In a cooperative venture with the City of Elgin, renovation began on a downtown retail building. Fountain Square Campus opened in 1983. A system of outreach centers was also established in local public schools. Modifications to the existing six buildings at Main Campus were made in order to house new services, including a fitness center, career center, minority affairs, and corporate development. As state funding dwindled and the recession brought local growth to a standstill, dollars became scarce. The College was forced to reduce its expenses even further, and the ECC Foundation was established in 1984 to help fill the gaps. In addition, district citizens supported an increase in taxes for the Education Fund in 1986. In the period of 1987 to 1991, student enrollment increased 42 percent. Population projections for the year 2010 show increases of almost 150,000 people, an increase of 65 percent. Under a new campus master plan approved in the late 1980’s, construction began in 1991 on the Visual & Performing Arts Center, the Business Conference Center, and classroom building and science additions. Late in 1999, the College updated its master plan, referred to as the 2020 Campus Master Plan. Through a window of tax rate opportunity, the College brought its 2020 Campus Master Plan before the taxpayers for support. The taxpayers supported the Master Plan and passed a $41 million building fund referendum. Much of the 2020 Campus Master Plan construction was completed between 2001 and 2006. During fiscal years 2006 and into 2007, the College prepared a new Campus Master Plan. The new plan will steer ECC for the next 10 to 20 years. It provides recommendations on site acquisitions, re-purposing of buildings, capital planning, land planning, signage, and pedestrian and vehicular traffic flow. DEMOGRAPHIC TRENDS According to the 2000 U.S. Census, the total population of District 509 was 397,270 (26 percent concentrated in Elgin), and 70 percent (279,170) were adults over 18 years of age, with 24.3 percent between the ages of 18 and 34. The City of Elgin has the largest population of the district (23.8 percent), followed by Bartlett/Hanover Park (9.2 percent), Streamwood (9.2 percent), and St. Charles (7.0 percent).

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There is an even balance of males and females in the district. The district is 72.4 percent white and 17.8 percent Latino; however, the Latino population in several towns; such as, Carpentersville (48.3 percent), Elgin (31.6 percent), and Bartlett/Hanover Park (19.7 percent) is much higher. Other racial/ethnic minorities in the district were 4.9 percent Asian, 3.4 percent African-American, and 1.4 percent other. Median household income for Elgin in 2000 was slightly under $52,605; with per capita income for Elgin under $22,000. Approximately 6.4 percent of the area households had income levels below the poverty level in 2000. Nearly 71 percent of the population ages 16 and older is in the labor force. Almost 73.8 percent of Elgin’s population have graduated from high school, and 20.5 percent have earned a bachelor’s, graduate, or professional degree (bachelor’s degree or higher).

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ORGANIZATION

THE BOARD OF TRUSTEES The board of trustees is comprised of seven members elected at large from District 509 to six-year terms on a rotating basis. An eighth member is a student elected annually in April by other students.

Together, the trustees serve as a deliberative, legislative, and planning body governing the college in accordance with Illinois law and the US Constitution. They determine the policies which guide ECC, monitor its’ fiscal affairs and oversee the administration of the institution by the president. Final resolution of any issue is decided by a vote of the majority.

Elections are held the first Tuesday following the first Monday in April in odd numbered years. In the event of a board vacancy, remaining members appoint a replacement. Student government appoints a replacement for any vacancy of the student member.

Board officers are elected or appointed in April and serve a one-year term.

THE PRESIDENT The President of the College is accountable to the full Board. The President is responsible for creating the planning processes and objectives which accomplish institutional goals; development and implementation of administrative procedures in accordance with the Board policies; and delegating Board authority to staff. The President is responsible for the outcome of the College as a whole. In order to attain his objectives, the President has several departments or divisions reporting to him directly: the Executive Assistant to the President; the Assistant to the President; the Paralegal EEO/AA Officer; Finance and Administration; Teaching Learning and Student Development; Institutional Advancement and Foundation; Human Resources; Planning and Institutional Effectiveness; and Marketing and Communications. TEACHING, LEARNING AND STUDENT DEVELOPMENT The Vice President of Teaching, Learning and Student Development is responsible for the development and implementation of an academic plan. The Academic Master Plan is designed to guide the instructional deans and student services on a global level and within each division through the development of general goals and objectives that identify the objectives and determines timelines and costs for accomplishing each task. The divisions that report directly to the Vice President of Teaching, Learning and Student Development include: Adult Basic Education; Academic Development and Learning

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http://elgin.edu/bt2index.asp?id=46

Resources; Business and Career Technologies; Communications and Behavioral Sciences; Corporate and Continuing Education; Institutional Compliance and Curriculum Management; Liberal, Visual and Performing Arts; Math, Science, Engineering, and Health Professions; and Student Services. FINANCE AND ADMINISTRATION The Vice President of Finance and Administration is responsible for the oversight of Finance, Auxiliary Services, Business Services, Facilities, Information Technology, Public Safety, and the Childcare Center. Additionally, the Vice President of Finance and Administration serves as the Treasurer of the Board of Trustees. This position is appointed by the Board of Trustees. As Treasurer, the Vice President is authorized by the investment policy of the College to manage the investment program and is required to provide a monthly investment report to the Board of Trustees. The Treasurer provides the Board of Trustees with financial reports on a monthly basis, which includes and income statement and balance sheet for all budgeted funds. Finance Finance encompasses four departments: Accounting, Student Accounts, Financial Aid, and Fiscal Compliance. The Assistant Vice President of Finance has oversight of the Finance Office. The Accounting Department handles the day-to-day accounting functions of the College including budgeting, financial reporting, investment management with idle funds, accounts payable, fixed asset accounting, bank reconciliations, general ledger transaction processing, and all financial reporting for the College. The Student Accounts Department handles the day-to-day cash and receivable activities of the College for student, college, and auxiliary units, including billing, receipt of funds, reconciliation, coordination of collection efforts, recommendation for write-off, and financial aid disbursements. The Financial Aid Department assists students and their parents in finding resources to fund their educational goals. ECC participates in Federal and State aid programs, and works closely with the College’s Foundation and private donors in helping students pay for their educational expenses. The Fiscal Compliance Department is responsible for identifying and assessing risk, developing internal audit programs, and testing internal controls throughout the College. It oversees and directs grant and contract processes, and interprets and implements rules and regulations to ensure compliance and proper use of grant and contract funds. Administration Each of the administrative services departments report directly to the Vice President of Finance and Administration.

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Business Services is comprised of the following functions; purchasing, risk management, record retention and disposal management, shipping and receiving, mailroom, and fixed asset and surplus property management. Auxiliary Services is responsible for the College owned bookstore, food services, and facilities rental. These areas are operated and maintained as businesses within the College while providing direct services and resources to the College. Facilities and grounds manage the operations and maintenance of the buildings and grounds. New capital and remodeling projects are also coordinated by the department. The Information Technology Department has 4 main functions within the College: academic computing, local and web applications, network operations, and technology services. These areas all work together to ensure that the employees, the students, and community members of ECC have the technological resources available for their purpose with the College. Public Safety employs officers and security guards to ensure the safety of the campus. The Childcare Center provides childcare services to ECC students and staff. The center serves not only as a service to those who use it for childcare, but also as a learning tool for students. The Center has observation booths for students to observe the classroom environment and behavior patterns as required by course curriculum. The Center also utilizes student workers to provide them with hands on training and supplemental income.

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FINANCIAL INFORMATION

BASIS OF ACCOUNTING AND BUDGETING The financial statements of Elgin Community College District Number 509 (the College) are prepared in conformity with accounting principles generally accepted in the United States of America, as applied to government units (hereinafter referred to as generally accepted accounting principles (GAAP)). The Governmental Accounting Standards Board (GASB) is the standard-setting body for governmental accounting and financial reporting principles. In addition, the District presents its financial statements in accordance with accounting practices prescribed or permitted by the Illinois Community College Board. The financial statements are prepared using the economic resources measurement focus and the accrual basis of accounting. Under the accrual basis, revenues are recognized when earned and expenses are recorded when an obligation has been incurred. The College budgets on the same basis as its financial reporting with the exception of capital assets. All capital expenditures are budgeted at anticipated cost in the year of purchase instead of allocating the costs over the life of the capital asset through depreciation. The College budgets and records it transactions in the following funds:

The Education Fund, Operations and Maintenance Fund, and the PBC Operations and Maintenance Fund are considered the operating funds of the College.

The Bond and Interest Fund; Audit Fund; Liability, Protection and Settlement Fund; and Public Building Commission (PBC) Rental Fund are used to account for revenue sources that are restricted to specific purposes through the property tax levy.

The Operations and Maintenance – Restricted Fund is used to account for funds reserved for capital improvements within the College. The Building Fund is also used to account for capital improvements; however, includes only the projects that are funded through bond issuances. Budgeted expenditures in these funds may exceed budgeted revenue since projects may take greater than one year to complete and funding may accumulate for several years to reach the cost of a project.

Food Services, Bookstore, Childcare, Visual Performing Arts Center, Student Life and Athletics, and Lifelong Learning are the Auxiliary Units within the College. Each unit represents a sub fund within the Auxiliary Enterprise Fund. The sub

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funds are used to account for college services where a fee is charged and the activity is intended to be self-supporting.

The Restricted Purposes Fund, the Federal Financial Aid Fund, and the Federal Grants Fund are not included in the College’s budget. The revenue sources for these funds are primarily grants which are undeterminable at the time of the budget and vary from year to year. A budget is adopted upon notification from the granting agency for each grant.

The legal level of budgetary control, the level at which expenditures cannot exceed the budgeted amount, is established at the fund level. Transfers are allowed between various accounts within a fund but may not exceed in aggregate 10% of the total budget for that fund. If a transfer is needed in excess of the 10% aggregate for that fund, the Board is required to amend the original budget. The College has a policy to adopt a balanced operating budget and the operating budget presented is balanced. The College maintains an encumbrance accounting system as one technique to accomplish budgetary control. Encumbered amounts lapse at year-end. BUDGET PLANNING The budget planning process starts in August for the next fiscal year. The general parameters for the budget are established based on historical trends and the state of the economy. The objective is to continue operations at current operating levels taking into account any significant changes, then implement new initiatives if resources are still available. Additionally, the various planning documents for the College are reviewed and any financial affects are considered. These plans include the Academic Master Plan, the Strategic Master Campus Plan, the Resource Allocation Management Plan (RAMP), and the Information Technology Plan. All administrators within the College are asked to provide input as to any new needs for their departments that are not contained within the above noted plans, and likewise, any expiring requirements for funding. These needs may include equipment replacement, software upgrades, contractual services for specific events, one time costs for the implementation of a specific project, and additional needs based on growth or other changes. These additional needs are considered when preparing the base projections. In general, the base projections include estimated revenues based on anticipated enrollment, the state of the economy, estimated property tax levies, expected revenues from the state, and other pertinent sources of revenue. The expenditures are based on historical trends, anticipated program expansion, new initiatives, contractual obligations, economic impact, and other anticipated changes and requirements. The base projections are presented to the Board in October as a planning tool for the establishment of tuition and fees for the coming budget year. Tuition and fees are set for adoption in the fall, along with the tax levy for the next levy year.

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In February/early March, budget books are presented to the budget officers for their review and analysis of their related departments. The budget officers are asked to verify that their budgets are accurate and include all approved additional funding or new initiatives, personnel are properly funded, and any other changes from the prior year have been taken into account. They are allowed to adjust the allocation of expenses as necessary, but requests for additional funding are not usually honored at this time. Additional requests were addressed in the base projections for the setting of fees. The budget books are returned to Finance for compilation into the final budget in early April for the presentation to the Board in May and June. Any additional new information affecting the budget is incorporated into the budget at this time. The budget is then placed on public display in July for final adoption in August. The Illinois Compiled States require that a tentative budget be available to the public for inspection for at least 30 days prior to final action. INTERNAL CONTROLS Management of the College is responsible for establishing and maintaining effective internal controls to ensure compliance with requirements of laws, regulations, contracts and grants. Internal controls are designed to limit the College’s exposure to risks, to safeguard the College’s assets from theft or misuse, and to provide adequate documentation for the preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America and those prescribed by the Illinois Community College Board. The internal controls are designed to provide reasonable, but not absolute, assurance that these objectives are met. The concept of reasonable assurance recognizes that the cost of the control should not exceed the expected benefits; and, estimates and judgments by management are required for the valuation of the costs and benefits. CASH MANAGEMENT POLICIES AND PRACTICE For the purpose of overall investment of excess funds, the College is governed by the Illinois Public Community College Act (Chapter 110. Of Illinois Compiled Statutes Act 805) and the Illinois Public Funds Investment Act (Chapter 30. Of Illinois Compiles Statutes Act 235). The fiduciary responsibility for said investments is entrusted to the College Board of Trustees who have delegated this function to the Treasurer and Controller of the College as permitted by the Illinois Community College Act. Cash temporarily idle during the year is invested in the Illinois State Treasurer’s pool (Illinois Funds), US Treasury Securities, Certificates of Deposits, and money market investment accounts. The funds invested in the Illinois Funds are immediately available. The College Board approved an investment policy that details the cash management objectives and guidelines for investing College cash. The College’s investment policy is to preserve the principal of the overall portfolio, provide sufficient liquidity to pay obligations as they come due, attain an average rate of return equal to or greater than the U.S. Treasury Bill rate for a given period, and to maintain the public’s trust and confidence in the College and the Board. In addition, funds on deposits in excess of FDIC limits must be secured by collateral held in safekeeping by a third party.

- I19 -

The College invests excess funds in a conservative, prudent manner in accordance with the investment policy. CAPITAL ASSETS Capital assets include property, plant, equipment and infrastructure assets, such as roads and sidewalks. Capital assets are defined by the District as assets with an initial unit cost of $5,000 or more and an estimated useful life in excess of three years. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at estimated fair market value at the date of donation. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend assets’ lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed. As noted previously, capital expenditures are budgeted at anticipated cost in the year of purchase instead of allocating the costs over the life of the capital asset through depreciation. These costs are included in capital outlay within the budget. For financial statement purposes, capital assets are depreciated using the straight-line method over the following useful lives:

Assets Years Buildings 10-50Machinery and equipment 3-8Furniture and fixtures 5Site improvements 5-10

DEBT MANAGEMENT State statute allows the College to incur regular debt up to 2.875% of the District’s equalized assessed valuation (EAV). Presently, the College has the capacity to issue debt up to $345 million. The College’s current debt that is subject to the debt limit is $48,416,768 or 14% of the allowable limit. The following is a summary of the long-term debt of the District: Leases The District, through the Kane County Public Building Commission (KCPBC), issued three bonds to fund certain public improvements of the District. The bonds, which were issued by KCPBC, are secured by the underlying public improvements that were constructed with the bond proceeds. In addition, the bonds are repaid by the KCPBC through three lease agreements with the District. The lease agreements require the payment of annual rentals by the District to KCPBC on November 1 of each year that the lease is outstanding (until the bonds are retired and the expenses of the KCPBC are paid in full). The annual rentals paid by the District to the KCPBC are to be used to retire the bonds, pay the administrative costs of the KCPBC and to remit operations and

- I20 -

maintenance funds to the District for maintaining and operating the facilities. If at any time, the rent paid by the District is insufficient to meet these obligations, the District would be required to make up any deficiencies. The leases are non-cancelable and are a direct obligation of the District for which ad valorem taxes are levied on all taxable property in the District, in accordance with the leases filed with the respective County Clerks at their inception. Funds collected from this levy can not be used for any other purpose other than the payment of rent to the KCPBC. The leases shall inure to the benefit of and be binding upon the District and the Commission and shall also inure to the benefit of the holders of the bonds. Upon termination of the leases, title to the public improvements will revert to the District. On March 4, 2003, the KCPBC issued $16,525,000 Revenue Refunding Bonds, Series 2003 to advance refund $7,385,000 of the Series 1993A Bonds (BCC Lease) and $8,960,000 of the Series 1993B Bonds (VPAC Lease). The proceeds of the bonds were placed into an irrevocable trust to pay the principal and interest on the refunded bonds. As a result, the prior bond issues are considered to be defeased and have been removed from these financial statements and an accounting loss of ($180,000) has been recognized and is being amortized over the remaining life of the Bonds. At the same time, the leases between the District and the KCPBC were amended. The capital lease portion of the lease agreements is the same as the principal portion of the Series 2003 Revenue Refunding Bonds. Following is the debt service to maturity on the Series 2003 Revenue Refunding Bonds, the lease payments to be made by the District to the KCPBC and the operations and maintenance funds to be remitted from the KCPBC to the District are as follows (the Series 1993A Bonds (BCC Lease) and $8,960,000 of the Series 1993B Bonds (VPAC Lease) were retired during the fiscal year ended June 30, 2004):

Series 2003 Bonds Fiscal Year

Principal Payments

Interest Payments

Total Principal

and Interest

Total Lease

Payments

Operation and

Maintenance

to Elgin Community

College

Major Repairs

and Replacements

Public Building

Commission Expenses

2008 $2,625,000 $330,050 $2,955,050 $4,161,300 $1,012,330 $150,000 $10,0002009 2,720,000 246,475 2,966,475 4,210,800 1,057,530 150,000 10,0002010 2,830,000 138,600 2,968,600 4,254,600 1,103,870 150,000 10,0002011 1,665,000 37,463 1,702,463 3,016,500 1,151,500 150,000 10,000 TOTAL $ 9,840,000 $ 752,588 $10,592,588 $15,643,200 $4,325,230 $600,000 $40,000

- I21 -

General Obligation Bonds The District issues general obligation bonds to finance various capital improvements. General Obligation Bonds are comprised of the following: $2,250,000 General Obligation Bonds, Series 1995A, dated December 19, 1995. The bonds are payable in annual installments of $25,000 - $200,000 from January 1, 2000 - January 1, 2015. Interest is payable semi-annually each January 1 and July 1 at rates from 4.90% - 5.25%. $8,798,748 General Obligation (Capital Appreciation) Bonds, Series 2001B, dated June 28, 2001. The bonds are payable in annual installments of $100,000 - $2,000,000 from December 15, 2005 - December 15, 2020. Interest is not payable annually but rather accretes semi-annually at rates of 4.00% - 5.40% to the principal each June 15 and December 15 and is payable upon maturity. $9,999,807 General Obligation (Capital Appreciation) Bonds, Series 2002, dated June 24, 2002. The bonds are payable in annual installments of $100,000 - $2,300,000 from December 15, 2005 - December 15, 2021. Interest is not payable annually but rather accretes semi-annually at rates of 3.125% - 5.375% to the principal each June 15 and December 15 and is payable upon maturity. $13,000,000 General Obligations Bonds, Series 2003A, dated June 15, 2003. The bonds are payable in annual installments of $300,000 - $3,000,000 from December 15, 2004 - December 15, 2022. Interest is payable semi-annually each June 15 and December 15 at rates of 3.15% - 7.00%. $9,995,000 General Obligation Refunding Bonds, Series 2004, dated September 15, 2004. The bonds are payable in annual installments of $1,060,000 - $3,745,000 from December 15, 2010 - December 15, 2013. Interest is payable semi-annually each June 15 and December 15 at rates of 3.50%-4.00%. Debt service to maturity on these issues is as follows: Fiscal General Obligation Bonds General Obligation Capital Appreciation Bonds Year 2001B 2002 Principal Interest Total Accretion Repayment Accretion Repayment 2008 150,000 1,088,585 1,238,585 601,397 100,000 625,376 100,0002009 610,000 1,065,860 1,675,860 628,692 100,000 653,888 100,0002010 700,000 1,024,385 1,724,385 656,386 100,000 682,722 100,0002011 2,310,000 938,685 3,248,685 685,993 100,000 712,882 100,0002012 4,235,000 762,329 4,997,329 686,184 1,400,000 731,184 700,0002013 4,355,000 553,561 4,908,561 656,877 1,300,000 717,772 1,520,0002014 4,760,000 374,473 5,134,473 624,650 1,385,000 676,772 1,800,0002015 700,000 277,350 977,350 571,192 2,000,000 625,196 1,800,0002016 500,000 249,975 749,975 497,796 2,000,000 565,320 2,000,000

- I22 -

Fiscal General Obligation Bonds General Obligation Capital Appreciation Bonds Year 2001B 2002 Principal Interest Total Accretion Repayment Accretion Repayment 2017 500,000 231,350 731,350 419,608 2,000,000 493,180 2,000,0002018 500,000 211,350 711,350 336,324 2,000,000 417,700 2,000,0002019 500,000 191,350 691,350 247,616 2,000,000 335,496 2,000,0002020 500,000 171,350 671,350 153,160 2,000,000 247,224 2,000,0002021 500,000 151,225 651,225 52,580 2,000,000 152,720 2,000,0002022 400,000 132,800 532,800 - - 52,344 2,000,0002023 3,000,000 62,250 3,062,250 - - - - TOTAL $24,220,000 $7,486,878 $31,706,878 $6,818,455 $18,485,000 $7,689,776 $20,220,000

Refunded Bonds During the year ended June 30, 2005, the District issued the General Obligation Series 2004 Bonds to advance refund, through a crossover refunding, a portion of the 2001B Capital Appreciation Bonds (CABs) maturing in fiscal years 2012-2021. Amounts placed in escrow will be used to pay $13,055,000 of the maturing principal amounts of the 2001B CABs at an accreted value of $9,849,781 which will be called and paid on June 15, 2011. In addition, the amounts placed in escrow will be used to pay interest on the 2004 Bonds until the crossover date (June 15, 2011), when the 2004 Bonds will be paid by a tax levy. As a result of the refunding, the District will realize a cash flow savings of $2,528,519 and an economic gain of $571,541. Since the crossover refunding does not meet the definition of an advance refunding of debt until the crossover date, both the escrowed assets and the refunded bonds are recorded in these financial statements. The refunded bonds to be paid from escrow are as follows:

Year

**Paid by Escrow

Paid by District

Total Repayment

2008 $ - $ 100,000 $ 100,000 2009 - 100,000 100,000 2010 - 100,000 100,000 2011 - 100,000 100,000 2012 500,000 900,000 1,400,000 2013 865,000 435,000 1,300,000 2014 1,050,000 335,000 1,385,000 2015 1,520,000 480,000 2,000,000 2016 1,520,000 480,000 2,000,000 2017 1,520,000 480,000 2,000,000 2018 1,520,000 480,000 2,000,000 2019 1,520,000 480,000 2,000,000 2020 1,520,000 480,000 2,000,000 2021 1,520,000 480,000 2,000,000 TOTAL $ 13,055,000 $ 5,430,000 $ 18,485,000

- I23 -

- I24 -

** Amounts placed in escrow will be used to pay $13,055,000 of the maturing principal amounts of the 2001B CABs at an accreted value of $9,849,781 which will be called and paid on June 15, 2011. The College is currently considering financing options for the expansion of its Library. RISK MANAGEMENT The College purchases commercial insurance from an independent third party to cover risks related to torts; theft of, damage to, and destruction of assets; error and omissions; injuries to employees; and natural disasters. By policy, the Board of Trustees requires insurance coverage of at least 80% of the replacement value of assets and requires that all personnel with access to material amounts of funds be bonded. The College offers its employees health coverage through a health maintenance organization and also maintains a comprehensive self-insurance plan through a third party administrator. The College has purchased specific and aggregate excess insurance to help limit its exposure from health claims. The College maintains adequate reserves to cover potential losses. FINANCIAL REPORTING State statutes require an annual audit by an independent certified public accountant. The accounting firm of Sikich LLP is the College's auditor. The auditor’s report on the basic financial statements and schedules is included in the financial section of this report. The College was subject to the requirements of the federal Single Audit Act of 1996 and related OMB Circular A-133. Additionally, the College is required by the Illinois Community College Board (ICCB) to publish an annual report in a newspaper of general circulation in the district prior to November 15 of each year. The annual report contains financial information including tax rates and extensions, assessed valuation, bonded debt and financial summaries for property tax supported funds. The ICCB also requires the electronic submission of financial data three times throughout the year for fall semester, spring semester, and for the fiscal year. This information is in a format that all community colleges are required to use that standardizes the accounting structure for the Illinois Community College System. The data is used by ICCB for comparison of colleges, financial planning for state funding and responding to legislative requests. The College also provide unit cost date to the ICCB which reports programmatic and administrative costs. This data is used by the ICCB for program review and for allocating the base operating grant to the various colleges.

BUDGET SECTION

-B1-

ELGIN COMMUNITY COLLEGEBudgeted Operating Revenues by Source

Fiscal Year 2008

STATE GOVERNMENT12.7%

TUITION AND FEES27.0%

OTHER REVENUES3.3%

LOCAL GOVERNMENT57.0%


Schedule of Budgeted Operating Revenues by Source


Operations and Operations and Total PercentEducation Maintenance Maintenance Operating of

Fund Fund Fund - PBC Funds Total

LOCAL GOVERNMENT Property Taxes 26,094,332$ 8,242,239$ -$ 34,336,571$ Chargeback Revenue 50,000 - - 50,000 Other Local Revenue - - 1,012,330 1,012,330

Total Local Government 26,144,332$ 8,242,239$ 1,012,330$ 35,398,901$ 57.0%

STATE GOVERNMENT ICCB 5,281,963$ 74,323$ -$ 5,356,286$ Corp. Replacement Tax 554,866 - - 554,866 SURS Payments 2,000,000 - - 2,000,000

Total State Government 7,836,829$ 74,323$ -$ 7,911,152$ 12.7%

TUITION AND FEES Tuition 14,995,594$ -$ -$ 14,995,594$ Laboratory Fees 1,433,349 - - 1,433,349 Other Student Fees 201,817 - - 201,817 Payment Plan & Late Fees 115,000 - - 115,000

Total Tuition and Fees 16,745,760$ -$ -$ 16,745,760$ 27.0%

OTHER REVENUES Miscellaneous Revenue 235,505$ 46,000$ -$ 281,505$ Interest on Investments 1,200,000 - - 1,200,000 Building Rental - 178,377 - 178,377 Operating Transfers In - 369,013 - 369,013

Total Other Revenues 1,435,505$ 593,390$ -$ 2,028,895$ 3.3%

TOTAL REVENUES 52,162,426$ 8,909,952$ 1,012,330$ 62,084,708$ 100%

Community College District 509

- B2 -

- B3 -

ELGIN COMMUNITY COLLEGEBudgeted Operating Expenditures by Function

Fiscal Year 2008

Operating Transfers Out3.1%

SURS Expenditures3.2%

Waivers/Institutional Scholarship

1.4%

Institutional Support22.0%

Instruction38.2%

Academic Support9.2%

Student Services8.2%

Public Support0.6%

Operation & Maintenance of Plant14.1%

- B4 -

ELGIN COMMUNITY COLLEGEBudgeted Operating Expenditures by Object

Fiscal Year 2008

Fixed Charges0.3%

Other1.0%

Capital Outlay3.8%

Utilities4.0%

Professional Development1.1%

General Materials & Supplies6.6%

Contractual Services5.5%

Employee Benefits11.0%

Waivers/Institutional Scholarships

1.4%


Operating Transfers Out3.1%

Salaries58.9%



Operations and Operations and Total PercentEducation Maintenance Maintenance Operating of

Fund Fund Fund-PBC Funds TotalBY FUNCTION

Instruction 23,709,789$ -$ -$ 23,709,789$ 38.2%Academic Support 5,698,014 - - 5,698,014 9.2%Student Services 5,084,751 - - 5,084,751 8.2%Public Support 364,652 - - 364,652 0.6%Operation & Maintenance of Plant - 7,741,631 1,012,330 8,753,961 14.1%Institutional Support 13,495,553 168,321 - 13,663,874 22.0%Waivers/Institutional Scholarship 859,500 - - 859,500 1.4%SURS Expenditures 2,000,000 - - 2,000,000 3.2%Operating Transfers Out 950,167 1,000,000 - 1,950,167 3.1%TOTAL EXPENDITURES BY FUNCTION 52,162,426$ 8,909,952$ 1,012,330$ 62,084,708$ 100.0%

BY OBJECTSalaries 32,863,276$ 3,277,936$ 413,658$ 36,554,870$ 58.9%Employee Benefits 5,955,760 777,653 106,985 6,840,398 11.0%Contractual Services 2,838,914 507,610 42,705 3,389,229 5.5%General Materials & Supplies 3,563,108 534,949 24,899 4,122,956 6.6%Professional Development 651,053 33,484 - 684,537 1.1%Fixed Charges 211,412 500 - 211,912 0.3%Utilities 4,583 2,162,723 302,319 2,469,625 4.0%Capital Outlay 1,626,672 614,839 121,764 2,363,275 3.8%Other 637,981 258 - 638,239 1.0%Waivers/Institutional Scholarships 859,500 - - 859,500 1.4%SURS Expenditures 2,000,000 - - 2,000,000 3.2%Operating Transfers Out 950,167 1,000,000 - 1,950,167 3.1%TOTAL EXPENDITURES BY OBJECT 52,162,426$ 8,909,952$ 1,012,330$ 62,084,708$ 100.0%

Schedule of Budgeted Operating Expenditures


- B5 -

ELGIN COMMUNITY COLLEGECommunity College District 509

Comparison of Revenues and Expenditures by Source - All Funds

Fiscal Year 2008 Projected Revenues

Property Taxes54.31%

State of Illinois10.02%

Auxiliary Enterprises10.41%

Tution and Student Fees

21.26%

Other Sources4.01%

Fiscal Year 2008 Budgeted Expenditures

Salaries49.86%

Employee Benefits10.32%

Contractual Services5.86%

General Material & Supplies10.17%

Professional Development1.00%

Fixed Charges8.90%


Waivers/Institutional Scholarships

0.75%

Utilities3.06%

Capital Outlay6.48%

Other0.82%

- B6 -


Comparison of Revenues and Expenditures by Fund - All Funds

Fiscal Year 2008 Projected Revenues by Fund

O&M12.09%

Debt Service6.80%

Auxiliary10.40%

Audit0.13%

Liabiity, Protection, and Settlement

4.33%

Education66.05%

Capital Projects0.19%

Fiscal Year 2008 Budgeted Expenditures by Fund

O&M11.06%

Debt Service6.66%

Auxiliary9.89%

Audit0.13%

Capital Projects3.83%

Education64.19%

Liabiity, Protection, and Settlement

4.24%

- B7 -


Adopted Audited Adopted June 30th Proposed Budget June 30th Budget Actual Budget

FY2006 FY2006 FY2007 FY2007 FY2008REVENUES Property Taxes 21,610,434$ ** 23,277,335$ 23,764,531$ 24,478,378$ 26,094,332$ Chargeback Revenue 50,000 44,943 50,000 55,298 50,000 Other State / Local Revenue 359,000 541,823 437,028 602,775 554,866 Illinois Community College Board 4,979,660 5,000,091 5,506,260 5,496,453 5,281,963 SURS Payments 2,211,561 1,670,206 2,615,322 2,515,865 2,000,000 Student Tuition and Fees 13,071,561 13,171,822 14,702,829 * 14,506,177 16,630,760 Payment Plan and Late Fees 151,577 138,731 80,000 139,979 115,000 Interest 369,600 1,304,745 714,000 2,347,763 1,200,000 Nongovernmental Gifts, Grants, and Bequests - - - - - Miscellaneous External Revenue 166,268 284,567 168,080 222,748 217,505 Miscellaneous Internal Revenue 21,600 19,960 50,444 23,050 18,000

TOTAL REVENUES 42,991,261$ 45,454,223$ 48,088,494$ 50,388,486$ 52,162,426$

EXPENDITURES BY OBJECT Salaries 27,741,211$ 25,939,867$ 30,429,210$ 27,938,865$ 32,863,276$ Employee Benefits 4,675,371 7,166,880 5,662,621 4,105,723 5,955,760 Contractual Services 1,762,028 1,305,056 2,078,773 1,722,520 2,838,914 General Material & Supplies 2,969,391 2,946,142 3,344,862 3,118,075 3,563,108 Professional Development 466,622 317,437 543,593 472,502 651,053 Fixed Charges 195,572 169,409 197,196 184,150 211,412 Utilities 412 128 428 2,988 4,583 Capital Outlay 1,221,110 2,008,593 1,347,542 1,626,942 1,626,672 Other 391,706 477,403 561,637 331,753 637,981 Waivers/Institutional Scholarships 624,835 550,180 603,100 560,368 859,500 SURS Expenditures 2,211,561 1,670,206 2,615,322 2,369,947 2,000,000

TOTAL EXPENDITURES BY OBJECT 42,259,819$ 42,551,301$ 47,384,284$ 42,433,833$ 51,212,259$

EXPENDITURES BY FUNCTION Instruction 20,287,085$ 20,208,501$ 22,388,939$ 20,469,999$ 23,709,789$ Academic Support 4,331,536 4,063,928 4,909,831 4,809,254 5,698,014 Student Services 4,247,822 3,803,233 4,639,923 4,063,325 5,084,751 Public Services 289,640 243,913 354,620 371,877 364,652 Institutional Support 10,267,340 12,011,340 11,872,549 9,789,063 13,495,553 Waivers/Institutional Scholarships 624,835 550,180 603,100 560,368 859,500 SURS Expenditures 2,211,561 1,670,206 2,615,322 2,369,947 2,000,000

TOTAL EXPENDITURES BY FUNCTION 42,259,819$ 42,551,301$ 47,384,284$ 42,433,833$ 51,212,259$

Excess (deficiency) of revenues over expenditures 731,442$ 2,902,922$ 704,210$ 7,954,653$ 950,167$

OTHER FINANCING SOURCES (USES) Transfers from Other Funds -$ 173,203$ -$ 204,990$ -$ Transfer to Operations and Maintenance - - - - (369,013) Transfer to Career Services (173,774) (159,901) (193,904) (110,501) - Transfer to Student Life (235,799) (212,246) (193,082) (206,440) (249,212) Transfer to Athletics (321,869) (311,126) (317,224) (317,094) (331,942)

TOTAL OTHER FINANCING SOURCES (USES) (731,442)$ (510,070)$ (704,210)$ (429,045)$ (950,167)$

Excess (deficiency) of revenues over expenditures and other sources (uses) -$ 2,392,852$ -$ 7,525,608$ -$

Fund Balances at beginning of year, Restated 16,162,103$ 16,162,103$ 18,554,955$ 18,554,955$ 26,080,563$

Fund Balances 16,162,103$ 18,554,955$ 18,554,955$ 26,080,563$ -$

* Student Tuition Receivable is $715,215.11

EDUCATION FUND

**The Increase in property taxes is a result of the tri-annual adjustment in assessed valuation done by Cook County done for the 2004 tax levy. In addition, there was an adjustment for prior years levies of $826,437 included in the 2004 tax levy.

- B26-


Adopted Audited Adopted June 30th Proposed Budget June 30th Budget Actual BudgetFY2006 FY2006 FY2007 FY2007 FY2008

REVENUES Local Government Services: Property Taxes 6,897,173$ 7,456,631$ 7,561,687$ 7,797,515$ 8,242,239$ State Government Services: ICCB Square Footage 75,359 75,359 80,113 80,113 74,323 Replacement Taxes - - - - - Sales and Service External Fees - - - 15,540 - Sales and Service Internal Fees - - - 600 - Building Rental External Revenue 130,000 156,436 130,000 169,857 162,787 Building Rental Internal Revenue 20,000 14,413 20,000 2,413 15,590 Miscellaneous External Revenue 22,000 21,306 22,000 22,329 22,000 Miscellaneous Internal Revenue 20,000 20,414 20,000 56,091 24,000

TOTAL REVENUES 7,164,532$ 7,744,559$ 7,833,800$ 8,144,458$ 8,540,939$

EXPENDITURES BY OBJECT Salaries 2,622,508$ 2,341,166$ 2,723,751$ 2,562,627$ 3,277,936$ Employee Benefits 475,224 458,396 638,457 536,042 777,653 Contractual Services 351,500 425,926 369,785 486,184 507,610 General Material & Supplies 469,402 502,014 502,597 511,875 534,949 Professional Development 14,871 8,507 24,660 23,361 33,484 Fixed Charges 19,750 15,154 2,000 1,694 500 Utilities 1,718,193 2,021,340 2,246,547 1,789,784 2,162,723 Capital Outlay 842,799 779,846 325,745 430,873 614,839 Other 285 311 258 - 258


EXPENDITURES BY FUNCTION Instruction 18,777$ 15,154$ -$ -$ -$ Operation & Maintenance 6,320,675 6,382,582 6,641,079 6,153,361 7,741,631 Institutional Support 175,080 154,924 192,721 189,079 168,321


Excess (deficiency) of revenues over expenditures 650,000$ 1,191,899$ 1,000,000$ 1,802,018$ 630,987$

OTHER FINANCING SOURCES (USES) Transfers from the Education Fund -$ -$ -$ -$ 369,013$ Transfers to Other Funds (650,000) (190,900) (1,000,000) (1,000,000) (1,000,000)

TOTAL OTHER FINANCING SOURCES (USES) (650,000) (190,900) (1,000,000) (1,000,000) (630,987)

Excess (deficiency) of revenues over expenditures and other sources (uses) -$ 1,000,999$ -$ 802,018$ -$

Fund Balances at beginning of year 4,767,141$ 4,767,141$ 5,768,140$ 5,768,140$ 6,570,158$

Fund Balance 4,767,141$ 5,768,140$ 5,768,140$ 6,570,158$ 6,570,158$

OPERATIONS AND MAINTENANCE FUND

- B26-



REVENUES State Government Services: Illinois Community College Board -$ -$ -$ -$ -$ Interest - 8,644 - 8,565 - Miscellaneous Revenue - 63,619 - 10,258 - TOTAL REVENUES -$ 72,263$ -$ 18,823$ -$

EXPENDITURES BY OBJECT Salaries -$ -$ -$ -$ -$ Employee Benefits - - - - - Contractual Services - - - 12,000 - General Material & Supplies - 960 - - - Capital Outlay 946,200 642,198 764,000 61,669 773,350 Fixed Charges 190,900 188,450 236,000 232,325 226,650

TOTAL EXPENDITURES BY OBJECT 1,137,100$ 831,608$ 1,000,000$ 305,994$ 1,000,000$

EXPENDITURES BY FUNCTION Institutional Support 1,137,100$ 831,608$ 1,000,000$ 305,994$ -$

TOTAL EXPENDITURES BY FUNCTION 1,137,100$ 831,608$ 1,000,000$ 305,994$ -$

Excess (deficiency) of revenues over expenditures (1,137,100)$ (759,345)$ (1,000,000)$ (287,171)$ (1,000,000)$

OTHER FINANCING SOURCES (USES) Transfer from Other Funds 650,000$ 190,900$ 1,000,000$ 1,000,000$ 1,000,000$ Transfers to Other Funds - - - - -

TOTAL OTHER FINANCING SOURCES (USES) 650,000$ 190,900$ 1,000,000$ 1,000,000$ 1,000,000$

Excess (deficiency) of revenues over expenditures and other sources (uses) (487,100)$ (568,445)$ -$ 712,829$ -$

Fund Balances at beginning of year 599,229$ 599,229$ 30,784$ 30,784$ 743,613$

Fund Balances 112,129$ 30,784$ 30,784$ 743,613$ 743,613$

CAPITAL PROJECTS FUND

- B26-



REVENUES Property Taxes 4,292,175$ 5,639,540$ 5,393,552$ 3,069,928$ 873,627$ Bond Proceeds - - - - - Interest Revenue 337,509 337,510 337,509 337,510 337,509

TOTAL REVENUES 4,629,684$ 5,977,050$ 5,731,061$ 3,407,438$ 1,211,136$

EXPENDITURES BY OBJECT Fixed Charges 4,629,684$ 4,633,460$ 5,731,061$ 5,732,361$ 1,211,136$


EXPENDITURES BY FUNCTION Institutional Support 4,629,684$ 4,633,460$ 5,731,061$ 5,732,361$ 1,211,136$


Excess (deficiency) of revenues over expenditures -$ 1,343,590$ -$ (2,324,923)$ -$

OTHER FINANCING SOURCES (USES) Transfers from Other Funds -$ -$ -$ -$ -$

TOTAL OTHER FINANCING SOURCES (USES) -$ -$ -$ -$ -$

Excess (deficiency) of revenues over expenditures and other sources (uses) -$ 1,343,590$ -$ (2,324,923)$ -$


Fund Balances 11,920,395$ 13,263,985$ 13,263,985$ 10,939,062$ 10,939,062$

BOND AND INTEREST FUND

Note: Budget is on cash basis for tax levy purposes. The audited figures are full-accrual.

- B26-



OPERATING REVENUES Sales 955,500$ 811,550$ 1,026,996$ 732,857$ 1,043,850$

TOTAL OPERATING REVENUES 955,500$ 811,550$ 1,026,996$ 732,857$ 1,043,850$

OPERATING EXPENSES Salaries 461,622$ 424,102$ 432,627$ 517,034$ 503,868$ Employee Benefits 52,371 44,988 58,735 61,838 63,676 Contractual Services 257,500 211,755 253,495 260,739 257,392 General Material & Supplies 142,746 114,869 169,975 122,885 164,178 Professional Development 21,086 35,469 22,701 24,423 27,065 Fixed Charges 12,372 7,290 9,855 1,886 10,200 Utilities - - - - - Capital Outlay - - 3,000 3,546 3,105 Other - - - - - Depreciation - 12,126 - 14,766 -

TOTAL OPERATING EXPENSES 947,697$ 850,599$ 950,388$ 1,007,117$ 1,029,484$

OTHER FINANCING SOURCES (USES) Transfers from Other Funds -$ -$ -$ -$ -$ Transfers to Other Funds - - - - -


Net Income (Loss) 7,803$ (39,049)$ 76,608$ (274,260)$ 14,366$

Retained Earnings at beginning of year (46,209)$ (46,209)$ (85,258)$ (85,258)$ (359,518)$

Retained Earnings (38,406)$ (85,258)$ (8,650)$ (359,518)$ (345,152)$

CONTINUING EDUCATION AUXILIARY SERVICES FUND

- B26-



OPERATING REVENUES Sales 371,665$ 167,170$ 347,444$ 582,751$ 500,000$

TOTAL OPERATING REVENUES 371,665$ 167,170$ 347,444$ 582,751$ 500,000$

OPERATING EXPENSES

Salaries 213,086$ 169,720$ 252,436$ 223,406$ 298,319$ Employee Benefits 14,263 18,909 36,088 45,042 48,523 Contractual Services 92,713 72,381 85,836 184,703 99,190 General Material & Supplies 46,231 19,571 47,119 76,617 67,924 Professional Development 3,309 1,749 3,437 6,560 4,669 Fixed Charges 2,063 - 2,136 469 2,211 Utilities - - - - - Capital Outlay - - - - - Other - - - - - Depreciation - 919 - 663 -

TOTAL OPERATING EXPENSES 371,665$ 283,249$ 427,052$ 537,460$ 520,836$



Net Income (Loss) -$ (116,079)$ (79,608)$ 45,291$ (20,836)$

Retained Earnings at beginning of year (168,045)$ (168,045)$ (284,124)$ (284,124)$ (238,833)$

Retained Earnings (168,045)$ (284,124)$ (363,732)$ (238,833)$ (259,669)$

AUXILIARY SERVICES FUNDCORPORATE EDUCATION

- B26-



OPERATING REVENUES Sales 4,160,000$ 3,853,646$ 3,901,243$ 3,806,662$ 4,023,183$ Miscellaneous Revenue 15,000 26,459 - 78,271 -

TOTAL OPERATING REVENUES 4,175,000$ 3,880,105$ 3,901,243$ 3,884,933$ 4,023,183$

OPERATING EXPENSES Salaries 351,800$ 328,505$ 364,197$ 335,651$ 355,194$ Employee Benefits 68,841 56,501 61,261 53,836 76,146 Contractual Services 14,434 11,997 14,997 19,964 15,372 General Material & Supplies 3,158,650 2,878,211 2,909,943 2,841,099 3,028,904 Professional Development 9,655 2,400 10,200 1,766 9,000 Equipment 4,500 6,068 19,975 13,540 6,000 Depreciation 20,860 18,009 20,860 2,428 20,860 Other 24,356 - 24,356 1 24,356

TOTAL OPERATING EXPENSES 3,653,096$ 3,301,691$ 3,425,789$ 3,268,285$ 3,535,832$

OTHER FINANCING SOURCES (USES) Interest -$ 1,495$ -$ -$ -$ Transfers from Other Funds - - - - - Transfers to Other Funds (374,400) (349,344) (354,847) - (362,086)

TOTAL OTHER FINANCING SOURCES (USES) (374,400)$ (347,849)$ (354,847)$ -$ (362,086)$

Net Income (Loss) 147,504$ 230,565$ 120,607$ 616,648$ 125,265$

Retained Earnings at beginning of year 650,898$ 650,898$ 881,463$ 881,463$ 1,498,111$

Retained Earnings 798,402$ 881,463$ 1,002,070$ 1,498,111$ 1,623,376$

BOOKSTORE AUXILIARY SERVICES FUND

- B26-



OPERATING REVENUES Sales 288,000$ 283,463$ 345,119$ 311,852$ 352,960$ Internal Miscellaneous - 5,400 6,500 4,800 4,800


OPERATING EXPENSES Salaries 283,920$ 281,317$ 326,927$ 294,961$ 334,475$ Employee Benefits 63,163 67,835 81,005 71,217 91,047 Contractual Services 126 126 131 1,344 1,547 General Material & Supplies 18,558 24,791 28,793 32,818 28,390 Professional Development 805 183 837 625 866 Capital Outlay - - - - - Depreciation - 129 - 129 - Other - - - - -


OTHER FINANCING SOURCES (USES) Transfers from Other Funds 78,572$ 85,518$ 86,074$ -$ 98,565$ Transfers to Other Funds - - - - -

TOTAL OTHER FINANCING SOURCES 78,572$ 85,518$ 86,074$ -$ 98,565$

Net Income (Loss) -$ -$ -$ (84,442)$ -$

Retained Earnings at beginning of year 812$ 812$ 812$ 812$ (83,630)$

Retained Earnings 812$ 812$ 812$ (83,630)$ (83,630)$

AUXILIARY SERVICES FUNDCHILD CARE

- B26-



OPERATING REVENUES External Sales 850,000$ 831,614$ 831,159$ 790,814$ 831,159$ Internal Sales 200,000 204,166 221,434 209,577 221,434

TOTAL OPERATING REVENUES 1,050,000$ 1,035,780$ 1,052,593$ 1,000,391$ 1,052,593$

OPERATING EXPENSES Salaries 489,360$ 420,550$ 435,708$ 434,185$ 470,102$ Employee Benefits 85,311 67,114 90,565 69,564 74,056 Contractual Services 12,500 22,719 25,000 21,457 20,400 General Material & Supplies 436,250 478,164 442,800 506,760 467,832 Professional Development 1,500 395 2,000 2,269 5,000 Fixed Charges 1,000 223 1,039 80 2,000 Utilities - - - - - Capital Outlay 6,500 6,066 6,500 2,559 6,500 Depreciation - 21,091 - 21,969 - Other 1,000 (2,998) 1,000 251 -

TOTAL OPERATING EXPENSES 1,033,421$ 1,013,324$ 1,004,612$ 1,059,094$ 1,045,890$


TOTAL OTHER FINANCING SOURCES -$ -$ -$ -$ -$

Net Income (Loss) 16,579$ 22,456$ 47,981$ (58,703)$ 6,703$

Retained Earnings at beginning of year (10,923)$ (10,923)$ 11,533$ 11,533$ (47,170)$

Retained Earnings 5,656$ 11,533$ 59,514$ (47,170)$ (40,467)$

AUXILIARY SERVICES FUNDFOOD SERVICE

- B26-



OPERATING REVENUES External Operations 346,638$ 317,068$ 347,196$ 315,748$ 580,938$ Internal Operations 144,593 139,575 143,287 143,587 145,000


OPERATING EXPENSES Salaries 352,113$ 343,486$ 379,320$ 364,797$ 445,027$ Employee Benefits 31,505 19,441 22,054 21,530 44,162 Contractual Services 142,742 120,177 143,762 139,567 196,163 General Material & Supplies 77,627 59,760 81,609 88,370 121,288 Professional Development 12,355 1,489 15,338 5,440 19,375 Fixed Charges 2,309 - 1,900 532 6,353 Utilities - - - - - Capital Outlay 1,925 1,027 2,000 - 49,070 Other - - - - - Depreciation 8,500 3,396 8,500 1,944 8,500


OTHER FINANCING SOURCES (USES) Transfers from Other Funds 137,845$ 92,133$ 164,000$ -$ 164,000$ Transfers to Other Funds - - - - -

TOTAL OTHER FINANCING SOURCES (USES) 137,845$ 92,133$ 164,000$ -$ 164,000$

Net Income (Loss) -$ -$ -$ (162,845)$ -$

Retained Earnings at beginning of year 3,742$ 3,742$ 3,742$ 3,742$ (159,103)$

Retained Earnings 3,742$ 3,742$ 3,742$ (159,103)$ (159,103)$

AUXILIARY SERVICES FUNDVISUAL AND PERFORMING ARTS CENTER

- B26-



OPERATING REVENUES External Sales 20,000$ 10,757$ 20,000$ 8,881$ 20,000$ Internal Sales 474,841 507,396 493,636 507,759 493,636


OPERATING EXPENSES Salaries 190,375$ 174,009$ 201,830$ 196,064$ 199,987$ Employee Benefits 42,488 44,704 47,052 47,053 48,629 Contractual Services 10,202 7,081 10,413 8,078 15,953 General Material & Supplies 120,313 93,641 90,241 77,721 88,160 Professional Development 1,862 394 1,935 217 2,003 Fixed Charges 144,000 156,956 149,616 158,556 149,616 Capital Outlay - 14,875 4,460 4,767 8,091 Other - - - - - Depreciation - 10,122 - 11,864 -


Net Income (Loss) (14,399)$ 16,371$ 8,089$ 12,320$ 1,197$

Retained Earnings at beginning of year 204,531$ 204,531$ 220,902$ 220,902$ 233,222$

Retained Earnings 190,132$ 220,902$ 228,991$ 233,222$ 234,419$

AUXILIARY SERVICES FUNDPRODUCTION SERVICES

- B26-



OPERATING REVENUES

Miscellaneous External Revenue 19,000$ 30,980$ 19,000$ 25,505$ -$ Miscellaneous Internal Revenue - 1,362 - 114 -

TOTAL OPERATING REVENUES 19,000$ 32,342$ 19,000$ 25,619$ -$

OPERATING EXPENSES Salaries 153,826$ 145,663$ 170,228$ 104,544$ -$ Employee Benefits 17,430 16,040 20,338 12,500 - Contractual Services 2,648 4,250 2,751 - - General Material & Supplies 13,453 12,846 12,712 11,942 - Professional Development 4,386 4,032 4,557 1,558 - Fixed Charges 1,031 8,287 1,071 5,576 - Capital Outlay - 1,125 1,247 - - Other - - - - -

TOTAL OPERATING EXPENSES 192,774$ 192,243$ 212,904$ 136,120$ -$

OTHER FINANCING SOURCES (USES) Transfers from Other Funds 173,774$ 159,901$ 193,904$ 110,501$ -$ Residual Equity Transfer to the Education Fund - - - - (90,708)

TOTAL OTHER FINANCING SOURCES (USES) 173,774$ 159,901$ 193,904$ 110,501$ (90,708)$

Net Income (Loss) -$ -$ -$ -$ (90,708)$


Retained Earnings 90,708$ 90,708$ 90,708$ 90,708$ -$

Note: Effective July 1, 2007, career services will be transferred to the Education Fund. Any remaining fund balance will be transferred into the Education Fund Balance. Continuing operation of career services will be funded by the Education Fund.

AUXILIARY SERVICES FUNDCAREER SERVICES

- B26-



OPERATING REVENUES External Sales 4,700$ 2,439$ 4,200$ 9,401$ 3,200$ Internal Sales 6,000 5,059 5,000 5,807 6,000 Other - 2,820 - - -


OPERATING EXPENSES Salaries 170,564$ 159,696$ 133,466$ 165,112$ 177,638$ Employee Benefits 39,572 24,873 30,660 25,589 20,401 Contractual Services 548 - 247 122 656 General Material & Supplies 28,255 18,999 28,156 19,915 47,836 Professional Development 5,179 10,254 6,448 5,053 8,129 Fixed Charges 2,381 3,892 2,006 1,827 2,076 Depreciation - 3,629 - 3,557 - Capital Outlay - 1,221 1,299 473 1,676 Other - - - - -


OTHER FINANCING SOURCES (USES) Transfers from Other Funds 235,799$ 212,246$ 193,082$ 206,440$ 249,212$ Transfers to Other Funds - - - - - TOTAL OTHER FINANCING SOURCES (USES) 235,799$ 212,246$ 193,082$ 206,440$ 249,212$

Net Income (Loss) -$ -$ -$ -$ -$



AUXILIARY SERVICES FUNDSTUDENT LIFE

- B26-



OPERATING REVENUESMiscellaneous Revenues -$ -$ -$ (337)$ -$

TOTAL OPERATING REVENUES -$ -$ -$ (337)$ -$

OPERATING EXPENSES Salaries 169,524$ 148,249$ 132,428$ 131,827$ 136,920$ Employee Benefits 10,424 11,236 11,259 11,258 12,410 Contractual Services 46,416 58,521 75,981 73,132 81,641 General Material & Supplies 56,006 55,032 58,783 52,028 60,840 Professional Development 29,433 31,085 30,981 41,523 32,066 Fixed Charges 10,066 6,811 7,792 6,989 8,065 Capital Outlay - - - - - Other - 80 - - - TOTAL OPERATING EXPENSES 321,869$ 311,014$ 317,224$ 316,757$ 331,942$

OTHER FINANCING SOURCES (USES) Transfers from Other Funds 321,869$ 311,014$ 317,224$ 317,094$ 331,942$ Transfers to Other Funds - - - - -

TOTAL OTHER FINANCING SOURCES (USES) 321,869$ 311,014$ 317,224$ 317,094$ 331,942$

Net Income (Loss) -$ -$ -$ -$ -$



AUXILIARY SERVICES FUNDINTERCOLLEGIATE ATHLETICS

- B26-



REVENUES Local Government Services: Property Taxes 98,359$ 97,257$ 96,392$ 106,825$ 105,067$ Miscellaneous Revenue - - - - -

TOTAL REVENUES 98,359$ 97,257$ 96,392$ 106,825$ 105,067$

EXPENDITURES BY OBJECT Contractual Services 96,235$ 50,448$ 94,185$ 80,030$ 102,783$ General Material & Supplies 2,124 - 2,207 480 2,284

TOTAL EXPENDITURES BY OBJECT 98,359$ 50,448$ 96,392$ 80,510$ 105,067$

EXPENDITURES BY FUNCTION Institutional Support 98,359$ 50,448$ 96,392$ 80,510$ 105,067$

TOTAL EXPENDITURES BY FUNCTION 98,359$ 50,448$ 96,392$ 80,510$ 105,067$

Excess (deficiency) of revenues over expenditures and other sources (uses) -$ 46,809$ -$ 26,315$ -$

Fund Balances at beginning of year 103,923$ 103,923$ 150,732$ 150,732$ 177,047$

Fund Balances 103,923$ 150,732$ 150,732$ 177,047$ 177,047$

AUDIT FUND

- B26-



REVENUES Local Government Services: Property Taxes 2,994,000$ 3,143,956$ 3,228,470$ 3,168,589$ 3,418,240$ Miscellaneous Revenue - - - - -

TOTAL REVENUES 2,994,000$ 3,143,956$ 3,228,470$ 3,168,589$ 3,418,240$

EXPENDITURES BY OBJECTINSTITUTIONAL SUPPORT

Salaries -$ -$ -$ -$ -$ Medicare/Social Security 530,533 483,743 530,533 507,934 610,113 Contractual Services 336,111 304,424 628,815 293,341 477,022 General Material & Supplies - - - 268 - Professional Development - - - - - Fixed Charges 1,317,588 1,036,253 1,113,670 955,218 1,191,968 Capital Outlay - - - - - Other Settlements 6,000 930 6,000 75 6,000

TOTAL INSTITUTIONAL SUPPORT 2,190,232$ 1,825,350$ 2,279,018$ 1,756,836$ 2,285,103$

CAMPUS SAFETY AND SECURITY

Salaries 456,774$ 463,591$ 589,280$ 368,093$ 756,367$ Employee Benefits - - - - - Contractual Services 307,757 277,869 319,666 313,784 330,371 General Material & Supplies 36,667 19,377 37,242 30,883 43,270 Professional Development 2,320 523 3,004 915 2,929 Fixed Charges - - - - - Capital Outlay 250 - 260 - 200

TOTAL CAMPUS SAFETY AND SECURITY 803,768$ 761,360$ 949,452$ 713,675$ 1,133,137$


EXPENDITURES BY FUNCTION Campus Safety 803,768$ 761,360$ 949,452$ 713,675$ 1,133,137$ Institutional Support 2,190,232 1,825,350 2,279,018 1,756,836 2,285,103




Fund Balances 1,351,175$ 1,908,421$ 1,908,421$ 2,606,499$ 2,606,499$

LIABILITY, PROTECTION ANDSETTLEMENT FUND

- B26-



REVENUES Local Government Services: Property Taxes 4,535,600$ 4,768,295$ 4,605,900$ 4,528,763$ 4,161,300$

TOTAL REVENUES 4,535,600$ 4,768,295$ 4,605,900$ 4,528,763$ 4,161,300$

EXPENDITURES BY OBJECT Fixed Charges 4,535,600$ 4,535,600$ 4,605,900$ 4,605,900$ 4,161,300$


EXPENDITURES BY FUNCTION Operation & Maintenance 4,535,600$ 4,535,600$ 4,605,900$ 4,605,900$ 4,161,300$


Excess (deficiency) of revenues over expenditures and other sources (uses) -$ 232,695$ -$ (77,137)$ -$


Fund Balances 2,409,816$ 2,642,511$ 2,642,511$ 2,565,374$ 2,565,374$

Note: Budget is on cash basis for tax levy purposes. The audited figures are full-accrual.

PUBLIC BUILDING COMMISSIONRENTAL FUND

- B26-



REVENUES Other Local Revenue 1,262,490$ 1,404,347$ 1,322,200$ 1,370,440$ 1,012,330$ Miscellaneous Revenue - - - - -

TOTAL REVENUES 1,262,490$ 1,404,347$ 1,322,200$ 1,370,440$ 1,012,330$

EXPENDITURES BY OBJECT Salaries 587,414$ 532,304$ 556,863$ 556,462$ 413,658$ Employee Benefits 127,466 125,329 134,099 136,514 100,082 Contractual Services 82,924 70,057 84,911 98,706 42,705 General Material & Supplies 28,428 41,365 29,689 24,973 24,899 Professional Development - - - - - Utilities 361,248 282,631 506,476 333,495 302,319 Capital Outlay 75,010 181,389 10,162 7,469 128,667


EXPENDITURES BY FUNCTION Operations & Maintenance 1,262,490$ 1,233,075$ 1,322,200$ 1,157,619$ 1,012,330$




Fund Balances 1,242,462$ 1,413,734$ 1,413,734$ 1,626,555$ 1,626,555$

OPERATION AND MAINTENANCE FUNDPUBLIC BUILDING COMMISSION

- B26-



REVENUE Interest Revenue 150,000$ 284,996$ 150,000$ 313,776$ 150,000$

TOTAL REVENUE 150,000$ 284,996$ 150,000$ 313,776$ 150,000$

EXPENDITURES BY OBJECT Contractual 3,000$ 9,942$ 3,000$ 120,084$ -$ Capital Outlay 2,240,000 1,124,109 2,590,000 1,627,853 4,000,000 Equipment - - - - - Other 453,222


EXPENDITURES BY FUNCTION Instructional Support -$ -$ -$ -$ -$ Institutional Support 2,243,000 1,134,051 2,593,000 2,201,159 4,000,000


Excess (deficiency) of revenues over expenditures (2,093,000)$ (849,055)$ (2,443,000)$ (1,887,383)$ (3,850,000)$

OTHER FINANCING SOURCES (USES) Bond Proceeds -$ -$ -$ -$ -$ Transfers from Other Funds - - - - - Transfers to Other Funds - - - - -


Excess (deficiency) of revenues over expenditures and other sources (uses) (2,093,000)$ (849,055)$ (2,443,000)$ (1,887,383)$ (3,850,000)$


Fund Balances 5,030,700$ 6,274,645$ 3,831,645$ 4,387,262$ 537,262$

Note: The projected capital outlay for FY2008 is for the Spartan Road Project.

SITE AND CONSTRUCTION

- B26-

STATISTICAL INFORMATION

FY2007FY2001 FY2002 FY2003 - FY2004 - FY2005 FY2006 (June 30)Actual Actual Actual Actual Actual Actual Unaudited

REVENUES Property Taxes 19,403,577$ 19,302,003$ 21,924,473$ 24,734,727$ 27,628,542$ 30,733,966$ 32,275,893$ Chargeback Revenue 28,452 19,194 28,843 52,837 37,298 44,943 55,298 Other Local Revenue 1,124,830 1,050,610 1,103,350 1,157,710 1,213,641 1,413,347 1,379,440

Total Local Government 20,556,859$ 20,371,807$ 23,056,666$ 25,945,274$ 28,879,481$ 32,192,256$ 33,710,631$

STATE GOVERNMENT ICCB 4,623,595$ 4,896,736$ 5,251,455$ 5,044,619$ 4,947,476$ 5,075,450$ 5,576,566$ State Board of Education 207,444 193,518 199,972 - - - -

Corp. Replacement Tax 411,470 331,913 314,574 353,731 414,355 532,823 593,775 SURS Payments 2,050,422 2,168,451 2,311,551 15,104,401 2,615,322 1,670,206 2,515,865 Other State Sources 45,972 - - - - - -

Total State Government 7,338,903$ 7,590,618$ 8,077,552$ 20,502,751$ 7,977,153$ 7,278,479$ 8,686,206$

TUITION AND FEES Tuition and student fees 6,886,605$ 7,893,025$ 9,267,827$ 11,333,223$ 12,977,376$ 13,171,822$ 14,506,177$ Payment Plan & Late Fees - 71,139 132,225 145,747 136,191 138,731 139,979

Total Tuition and Fees 6,886,605$ 7,964,164$ 9,400,052$ 11,478,970$ 13,113,567$ 13,310,553$ 14,646,156$

OTHER REVENUES Miscellaneous Revenue 111,240$ 322,090$ 434,221$ 411,038$ 421,682$ 346,247$ 340,358$ Interest on Investments 778,083 388,994 163,697 124,682 426,232 1,304,745 2,347,763 Building Rental - - 109,912 174,336 127,922 170,849 172,270 Sales and Service Fees 50,088 47,886 113,402 - - - - Operating Transfers In 102,192 430,000 59,748 39,499 76,515 162,894 162,894

Total Other Revenues 1,041,603$ 1,188,970$ 880,980$ 749,555$ 1,052,351$ 1,984,735$ 3,023,285$

TOTAL REVENUES 35,823,970$ 37,115,559$ 41,415,250$ 58,676,550$ 51,022,552$ 54,766,023$ 60,066,278$

Total Budgeted Revenue 35,400,092$ 36,839,162$ 39,510,573$ 41,885,692$ 48,330,317$ 51,418,283$ 57,244,494$ Amount Over (Under) Budget 423,878$ 276,397$ 1,904,677$ 16,790,858$ 2,692,235$ 3,347,740$ 2,821,784$ Percent Over (Under) Budget 1% 1% 5% 40% 6% 7% 5% NOTES

Community College District 509ELGIN COMMUNITY COLLEGE

Operating funds include the Education Fund, Operations and Maintenance Fund, and Public Building Commission Operations and Maitenance Fund.

In FY2004, an additional payment of $12,500,000 was made and applied against the SURS unfunded liability by the State of Illinois.

For the Fiscal Years Ended June 30, 2001 - 2007

History of Actual Operating Revenues by Source

-S1-



FY2007FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 (June 30)Actual Actual Actual Actual Actual Actual Unaudited

BY FUNCTIONInstruction 14,577,577$ 15,091,092$ 15,644,817$ 16,117,368$ 18,338,278$ 20,223,655$ 20,469,999$ Academic Support 2,835,020 3,099,931 2,963,917 3,137,603 3,393,096 4,063,928 4,809,254 Student Services 2,800,231 2,877,668 3,394,678 3,686,771 4,020,462 3,803,233 4,063,325 Public Support 63,058 109,412 153,198 117,089 153,890 243,913 371,877 Operation & Maintenance of Plant 4,580,198 4,521,184 4,894,721 5,738,320 6,364,384 7,615,657 7,310,980 Institutional Support 6,616,456 7,164,492 7,592,549 8,259,189 8,579,158 12,166,264 9,978,142 Waivers/Institutional Scholarship - - - 516,545 577,710 550,180 560,368 SURS Expenditures 2,050,422 2,168,451 2,311,550 15,104,401 2,492,981 1,670,206 2,369,947 Operating Transfers Out 972,969 1,779,544 1,304,502 1,277,054 1,318,643 874,173 1,634,035 TOTAL EXPENDITURES BY FUNCTION 34,495,931$ 36,811,774$ 38,259,932$ 53,954,340$ 45,238,602$ 51,211,209$ 51,567,927$

BY OBJECTSalaries 21,322,668$ 22,536,751$ 23,195,574$ 24,700,790$ 27,258,723$ 28,813,337$ 31,057,954$ Employee Benefits 3,387,725 3,530,641 3,851,180 3,992,961 3,664,652 7,750,605 4,778,279 Contractual Services 1,297,230 1,074,941 1,254,775 2,034,732 2,029,227 1,801,039 2,307,410 General Materials & Supplies 2,428,195 2,324,739 2,765,630 2,807,726 2,784,715 3,489,521 3,654,923 Professional Development 301,380 183,599 237,627 275,549 273,895 325,944 495,863 Fixed Charges 1,251,090 251,628 241,280 203,428 213,951 184,563 185,844 Utilities 581,939 1,394,283 1,189,049 1,667,267 1,770,390 2,304,099 2,126,267 Capital Outlay 898,883 1,385,929 1,382,542 1,046,902 2,458,306 2,969,828 2,065,284 Other 3,430 181,268 526,222 326,985 395,409 477,714 331,753 Waivers/Institutional Scholarships - - - 516,545 577,710 550,180 560,368 SURS Expenditures 2,050,422 2,168,451 2,311,551 15,104,401 2,492,981 1,670,206 2,369,947 Operating Transfers Out 972,969 1,779,544 1,304,502 1,277,054 1,318,643 874,173 1,634,035 TOTAL EXPENDITURES BY OBJECT 34,495,931$ 36,811,774$ 38,259,932$ 53,954,340$ 45,238,602$ 51,211,209$ 51,567,927$

Total Budget Expenditures 35,689,217$ 37,860,614$ 39,994,174$ 41,885,692$ 47,632,173$ 51,418,283$ 57,244,494$ Amount Over (Under) Budget (1,193,286)$ (1,048,840)$ (1,734,242)$ 12,068,648$ (2,393,571)$ (207,074)$ (5,676,567)$ Percent Over (Under) Budget -3% -3% -4% 29% -5% 0% -10%

NOTES

In FY2004, an additional payment of $12,500,000 was made and applied against the SURS unfunded liability and is recorded as an expenditure to fund

History of Actual Operating Expenditures


Operating funds include the Education Fund, Operations and Maintenance Fund, and Public Building Commission Operations and Maitenance Fund.

-S2-

FY98 FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07Actual Actual Actual Actual Actual Actual* Actual* Actual Actual Budget

Education Fund (1)Reserved-Health Insurance 273,500 273,500 273,500 273,500 273,500 273,500 273,500 273,500 273,500 273,500 Reserved-Retirement Benefits 1,333,760 1,647,952 1,610,975 641,886 - - 3,475,747 3,475,747 3,475,747 Reserved-Information Technology - - - - - - 4,045,478 2,548,534 2,674,439 2,674,439 Reserved-Identified Equipment Purchases - - - - - - - 1,306,571 - - Reserved-Capital Improvements - - - - - - 11,721,386 Unreserved 4,971,340 4,911,205 4,523,100 4,969,740 5,534,388 8,751,745 8,751,745 10,248,689 12,131,269 409,883

Subtotal 5,244,840 6,518,465 6,444,552 6,854,215 6,449,774 9,025,245 13,070,723 17,853,041 18,554,955 18,554,955

Operation & Maintenance Fund (2)Unreserved 673,112 1,006,747 1,269,088 1,678,519 2,148,696 3,183,448 3,950,335 4,767,141 5,768,140 5,768,140

Total General Funds Reserved-Health Insurance 273,500 273,500 273,500 273,500 273,500 273,500 273,500 273,500 273,500 273,500 Reserved-Retirement Benefits - 1,333,760 1,647,952 1,610,975 641,886 - - 3,475,747 3,475,747 3,475,747 Reserved-Information Technology - - - - - - 4,045,478 2,548,534 2,674,439 2,674,439 Reserved-Identified Equipment Purchases - - - - - - - 1,306,571 - - Reserved-Capital Improvements - - - - - - 11,721,386 Unreserved 5,644,452 5,917,952 5,792,188 6,648,259 7,683,084 11,935,193 12,702,080 15,015,830 17,899,409 6,178,023

Total** 5,917,952 7,525,212 7,713,640 8,532,734 8,598,470 12,208,693 17,021,058 22,620,182 24,323,095 24,323,095

Total Annual Operating Expenses 25,461,569 28,638,501 31,146,334 33,177,044 33,967,225 36,813,063 39,775,637 43,568,788 49,787,235 54,922,294

Board Required Reserve Levels2 Months' Operating Expenses 4,243,595 4,773,084 5,191,056 5,529,507 5,661,204 6,135,511 6,629,273

3 Months' Operating Expenses 9,943,909 10,892,197 12,446,809 13,730,574

Current Board Policy EP3:3

* Prior period audit adjustment resulted in addition of $752,384 in FY2003 and $210,164 in FY2004 to reserve.

**Does not include $4.011 million dollars working cash fund.

Beginning in FY2005, excess funds will be credited to working capital until a reserve of 3 months operating expenses is reached. Prior to 2005 only 2 months of reserved was required.

History of Operating Fund Reserves



- S3 -


Property Tax Assessed Valuations, Rates, Extensions and Collections

Last Ten Tax Levy Years

Tax Levy Year 1996 1997 1998 1999 2000

ASSESSED VALUATIONKane County Portion 3,204,287,002$ 3,420,126,063$ 3,624,150,363$ 3,829,571,243$ 4,117,087,482$ Cook County Portion 1,009,804,001 1,023,508,936 1,114,743,563 1,171,985,716 1,149,004,822 Dupage County Portion 679,745,621 714,011,785 748,388,967 799,350,789 865,299,151 DeKalb County Portion 209,162 226,105 238,478 251,406 256,129 McHenry County Portion 491,878,417 544,350,348 584,127,061 604,462,988 636,399,340

TOTAL ASSESSED VALUATION 5,385,924,203$ 5,702,223,237$ 5,980,413,805$ 6,405,622,142$ 6,768,046,924$

Rate* Amount Rate* Amount Rate* Amount Rate* Amount Rate* Amount

TAX EXTENSIONSEducation fund 0.2287 12,316,877$ 0.2277 12,594,397$ 0.2217 13,110,971$ 0.2199 14,083,727$ 0.2216 14,996,513$ Operations and maintenance fund 0.0730 3,933,190 0.0727 4,021,841 0.0708 4,186,364 0.0702 4,496,487 0.0709 4,800,974 Operations and maintenance restricted fund 0.0161 864,763 - - - - - - - - Liability, protection and settlement fund 0.0315 1,698,488 0.0332 1,836,733 0.0325 1,921,119 0.0315 2,020,503 0.0319 2,157,363 Audit fund 0.0006 31,424 0.0008 44,869 0.0006 38,822 0.0006 39,086 0.0007 49,459 Public building commission rental funds 0.0701 3,776,401 0.0797 4,535,181 0.0788 4,710,997 0.0703 4,502,077 0.0667 4,516,154 Bond and interest fund - - - - - - - - - -

TOTAL TAX EXTENSIONS 0.4200 22,621,143$ 0.4141 23,033,021$ 0.4044 23,968,273$ 0.3925 25,141,880$ 0.3918 26,520,463$

TOTAL PROPERTY TAX COLLECTIONS 22,489,536$ 24,175,274$ 23,059,652$ 25,254,690$ 26,483,103$

PERCENT COLLECTED 99.42% 104.96% 96.21% 100.45% 99.86%

- S5-

ELGIN COMMUNITY COLLEGEDISTRICT NUMBER 509

ELGIN, ILLINOIS

PROPERTY TAX ASSESSED VALUATIONS, RATES, EXTENSIONS AND COLLECTIONS (Continued)

Last Ten Tax Levy Years

Tax Levy Year 2001 2002 2003

ASSESSED VALUATIONKane County Portion 4,558,614,992$ 5,059,739,111$ 5,685,982,024$ 6,196,659,214$ 6,785,705,654$ Cook County Portion 1,385,033,193 1,512,231,336 1,512,231,336 1,522,993,608 2,022,865,465DuPage County Portion 946,526,038 1,048,210,673 1,149,143,273 1,234,378,622 1,322,245,437DeKalb County Portion 245,310 239,745 236,226 237,131 235,513McHenry County Portion 680,786,151 746,431,448 820,511,441 903,760,743 986,588,274

TOTAL ASSESSED VALUATION 7,571,205,684$ 8,366,852,313$ 9,168,104,300$ 9,858,029,318$ 11,117,640,343$

Rate* Amount Rate* Amount Rate* Amount Rate* Amount** Rate* Amount

TAX EXTENSIONSEducation fund 0.2170 16,431,918$ 0.2108 17,640,031$ 0.2170 19,318,229$ 0.2217 22,516,291$ 0.2127 23,643,273$ Operations and maintenance fund 0.0673 5,095,231 0.0657 5,499,983 0.0693 6,207,267 0.0708 7,187,280 0.0680 7,559,462Operations and maintenance restricted fund - - - - - - - - - - Liability, protection and settlement fund 0.0258 1,954,498 0.0245 2,046,808 0.0239 2,601,128 0.0302 3,062,841 0.0282 3,139,312Audit fund 0.0007 53,190 0.0010 82,590 0.0010 92,015 0.0010 95,439 0.0009 101,943Public building commission rental funds 0.0593 4,482,279 0.0519 4,335,457 0.0717 3,159,420 0.0453 4,602,847 0.0422 4,693,707Bond and interest fund 0.0025 191,565 0.0054 453,319 0.0047 3,485,540 0.0495 5,022,439 0.0543 6,038,486

TOTAL TAX EXTENSIONS 0.3726 28,208,681$ 0.3593 30,058,188$ 0.3876 34,863,599$ 0.4185 42,487,137$ 0.4063 45,176,183$

TOTAL PROPERTY TAX COLLECTIONS 28,347,405$ 30,288,524$ 35,542,453$ 42,520,532$ 43,370,775$

PERCENT COLLECTED 100.49% 100.77% 101.95% 100.08% 96.00%

* Property tax rates are per $100 of assessed valuation.** The tax rate and extension for the 2004 tax levy have been adjusted to include prior years adjustments of $826,437.

Data SourceCollege Records and Various Counties

2004 2005

- S5-


Historical Tax Levy Information

Elgin Community College Tax Rate

0.4063

0.4185

0.3876

0.3593

0.3726

0.3918

0.3925

0.4044

0.42

0.4141

0.3200.3300.3400.3500.3600.3700.3800.3900.4000.4100.4200.430

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Tax Levy Year

Cen

ts p

er $

100

of A

sses

sed

Valu

atio

n

Consumer Price Index

1.60% 1.90%

3.30%

2.50%

3.30%

1.70%

2.70%

3.38%

1.60%

2.40%

0

0.005

0.01

0.015

0.02

0.025

0.03

0.035

0.04

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

Tax Levy Year

0

2,000,000,000

4,000,000,000

6,000,000,000

8,000,000,000

10,000,000,000

12,000,000,000

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

Growth in EAV & New Construction

EAV New Construction

$-

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

$3,500,000

Dol

lars

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

Tax Levy Year

Difference between Voters authorized Levyand PTELL allowable Levy

Dollars lost in the Education, O & M, and Audit Funds only

- S6 -

Fiscal Year Tuition/Credit Hour % Increase

FY 99 $43.00 2.38% general $41.10 student activities for 90% of annual credit hours $0.90 technology replacement $1.00FY 2000 $45.00 4.65% general $42.00 student activities $1.00 technology replacement $2.00FY 2001 $48.00 6.67% general $44.00 student activities $1.00 technology replacement $3.00FY 2002 $52.00 8.33% general $46.00 student activities $1.00 technology replacement $5.00FY 2003 $56.00 7.69% general $48.00 student activities $1.00 technology replacement $5.00 instructional equipment $2.00FY 2004 $62.00 10.71% general $54.00 student activities $1.00 technology replacement $5.00 instructional equipment $2.00FY 2005 $70.00 12.90% general $62.00 student activities $1.00 technology replacement $5.00 instructional equipment $2.00FY 2006 $75.00 7.14% general $67.00 student activities $1.00 technology replacement $5.00 instructional equipment $2.00FY 2007 $84.00 12.00% general $76.00 student activities $1.00 technology replacement $5.00 instructional equipment $2.00FY 2008 $91.00 8.33% general $83.00 student activities $1.00 technology replacement $5.00 instructional equipment $2.00


Tuition Rate History

- S7 -


Enrollment Statistics - Student Headcount

Last Ten Fiscal Years

Fiscal Year Semester Student Headcount

2007 Fall 2006 10,072

2006 Fall 2005 10,449

2005 Fall 2004 10,851

2004 Fall 2003 10,574

2003 Fall 2002 10,150

2002 Fall 2001 9,636

2001 Fall 2000 10,173

2000 Fall 1999 9,513

1999 Fall 1998 9,549

1998 Fall 1997 9,181

1997 Fall 1996 9,104

*Note - Above statistics reflect total students enrolled in credit classesthe fall term of the years listed.

Data Source

College Records

- S8-

TotalAdult Basic Claimed

Fiscal Business Technical Health Remedial Secondary CreditYear Baccalaureate Occupational Occupational Occupational Development Education Hours

2006 94,275 12,353 18,513 10,466 11,604 19,362 166,573

2005 101,003 14,440 19,733 9,140 11,195 23,107 178,618

2004 97,772 13,719 19,690 7,818 11,579 19,589 170,167

2003 89,093 13,845 18,391 7,101 10,539 17,959 156,928

2002 83,239 12,496 19,309 6,771 9,689 21,336 152,840

2001 79,782 12,074 19,901 6,849 9,852 25,587 154,045

2000 79,194 12,069 19,080 6,287 9,153 20,752 146,535

1999 79,196 11,198 19,129 6,666 9,141 20,744 146,073

1998 77,281 11,361 18,755 7,090 8,189 19,947 142,622

1997 76,088 11,134 18,787 7,336 7,528 19,477 140,349

Data Source - College Records

Last Ten Fiscal Years

Enrollment Statistics - Credit Hours by Instructional/Funding Category


Reimbursable Credit Hours

10,000

30,000

50,000

70,000

90,000

110,000

130,000

150,000

170,000

190,000

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007*

Fiscal Year

Cre

dit H

ours

Total Reimbursable Non-Tuition

- S9 -

Fiscal Year

Per Capita Cost

Tuition Per Credit

Hour

State Average Credit Hour

Rate

% Change in the State

Average Rate

Tuition as a percent of Per Capita Cost

State as a percent of Per Capita Cost

2001 327.46$ $ 48.00 40.51$ 14.66% 12.37%2002 315.39$ $ 52.00 42.53$ 4.99% 16.49% 13.48%2003 338.93$ $ 56.00 39.65$ -6.77% 16.52% 11.70%2004 331.59$ $ 62.00 33.02$ -16.72% 18.70% 9.96%2005 349.61$ $ 70.00 33.63$ 1.85% 20.02% 9.62%2006 437.22$ $ 75.00 31.20$ -7.23% 17.15% 7.14%

2007* 459.08$ $ 84.00 31.97$ 2.47% 18.30% 6.96%2008* 482.04$ $ 91.00 30.78$ -3.72% 18.88% 6.39%

* Per Capita Cost and State Average Credit Hour Rate are estimates.

Tuition and State Average Credit Hour Rate compared to the College's Per Capita CostsElgin Community College

Fiscal Years 2001-2008

Tuition & State Average Credit Hour Rate as a Percent of Per Capita Costs

6.39%12.37%

7.14%9.62%9.96%11.70%

13.48%

6.96%

18.88%

14.66%16.49% 16.52%

18.70% 20.02% 17.15%

18.30%

0

0.05

0.1

0.15

0.2

0.25

0.3

2001 2002 2003 2004 2005 2006 2007* 2008*Fiscal Year

Perc

ent o

f Per

Cap

ita C

ost

State Average Credit Hour Rate Tuition Rate

Average Tuition and Credit Hour Reimbursement Rates

$30.78

$31.97

$31.20$33.63$39.65

$42.53$40.51 $33.02

$91.00

$62.00

$84.00$75.00

$70.00

$56.00$52.00$48.00

$20.00

$30.00

$40.00

$50.00

$60.00

$70.00

$80.00

$90.00

$100.00

2001 2002 2003 2004 2005 2006 2007* 2008*Fiscal Year

Dol

lars

Per

Cre

dit H

our

State Average Credit Hour Rate Tuition Per Credit Hour

- S10 -

ADDITIONAL INFORMATION

COMMUNITY COLLEGE DISTRICT NO. 509

COUNTIES OF

KANE, COOK, DUPAGE, MCHENRY and DEKALB

ADOPTION OF 2007-2008 BUDGET

For Fiscal Year Beginning July 1, 2007 and Ending June 30, 2008. WHEREAS, the Board of Community College District No. 509, Counties of Kane, Cook,

DuPage, McHenry and DeKalb, State of Illinois, caused to be prepared in tentative form a

budget, and a Secretary of the Board has made the same conveniently available to public

inspection for at least thirty (30) days prior to final action thereon:

AND WHEREAS, a public hearing was held on such budget on the 14th day of August,

2007, a notice of said hearing was given at least thirty (30) days prior thereto as required by law

and all other legal requirements have been complied with;

AND THEREFORE, BE IT RESOLVED, by the Board and said Community College

District as follows:

Section 1: That the fiscal year of this Community College is fixed and declared to be

July 1, 2007 and ending June 30, 2008.

Section 2: That the following budget containing an estimate of amounts available to fund

the expenditures in each fund as follows: Education; Operations and Maintenance; Capital

Projects; Bond and Interest, Audit; Liability, Protection and Settlement; Public Building

Commission Rental; Public Building Commission Operations and Maintenance; Site and

Construction; and Auxiliary Enterprises each separately, and is hereby adopted as the budget of

this Community College District for the said fiscal year:

- A1-

Education $51,212,259 Operations and Maintenance 7,909,952 Capital Projects 1,000,000 Bond and Interest 1,211,136 Auxiliary Enterprises 8,581,000 Audit 105,067 Liability, Protection and Settlement 3,418,240 Public Building Commission Rental 4,161,300 Public Building Commission Operation and Maintenance 1,012,330 Site and Construction 4,000,000 TOTAL $82,611,284 Chairman, Board of Trustees

Secretary, Board of Trustees

August 14, 2007

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STATE OF ILLINOIS ) ) COUNTY OF KANE ) I, the undersigned, Secretary of the Board of Trustees of Community College District No. 509, Counties of Kane, Cook, DuPage, McHenry, and DeKalb and State of Illinois, do hereby certify that the attached resolution is a true, complete, and correct copy of the resolution authorizing the approval of the FY2008 budget, which was approved by the Board, by a vote of _________________, of said Community College District No. 509 and approved by the Chairman on the 14th day of August, 2007 the same appears in the records and files in my office. Given under my hand this 14th day of August, 2007. John Brzegowy Secretary, Board of Trustees Community College District No. 509

Counties of Kane, Cook, DuPage, McHenry, And DeKalb and State of Illinois

Notary Public

- A3-

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