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JALC budget based on best guess about state

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<div class="PlainText"><span class="contextualExtensionHighlight ms-font-color-themePrimary ms-border-color-themePrimary ident_254_536" tabindex="0">Brad McCormick, chief financial officer for the John A. Logan College Board of Trustees, told the board Tuesday that "a lot of long days and late nights" had been spent putting together a tentative budget for the 2018 fiscal year with just a best guess at the state's contributions.</span><br /> "We are estimating receiving 40 percent of the state revenues received in fiscal year 2015," McCormick said during this week's meeting. "That's an average of what we received this year, 45 percent of promised state funds, and last year, 35 percent.<br /> "In my 17 years as chief financial officer, I've never seen anything like the budget process we have to go through because of the lack of a state budget."<br /> McCormick praised his staff for their hard work and dedication, and said that new budgeting software has streamlined the process. He also told the board the budget does not assume a tuition increase or additional external borrowing.<br /> But the bottom line is bleak, he said, and should this budget be adopted as written, and should the state at least contribute the lesser amount budgeted, the college will use the last of its operating reserves and its working cash fund.<br /> "We would have no reserves after the next fiscal year," he said.<br /> McCormick recommending delaying adoption of the 2018 budget "until July, at least," to allow time to absorb as many of the changes in state funding as possible. The budget prepared in tentative form would be effective July 1 through June 30, 2018.<br /> "Any changes would be reported in detail to the board," he said.<br /> <span class="contextualExtensionHighlight ms-font-color-themePrimary ms-border-color-themePrimary ident_1789_1957" tabindex="0">The board voted to adopt a resolution to establish the fiscal year and to prepare a tentative budget and make it available for public inspection from May 24 to June 27.</span> A public hearing on the budget will be held at 7 p.m. June 27.</div>

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