The College of DuPage started its new fiscal year this week, dipping into its reserve funds to balance its budget. The COD board of trustees had to close a $1.8 million deficit out of its rainy-day fund.
Even with the budget gap, the College’s projected revenues for 2013 are up 1 and a half percent from 2012, $165,544,877 for the new year compared to $163,042,602 for 2012.
College officials attribute the hole to the continued state funding shortfall, and as a result state contributions only account for 4% of expected revenue in the new budget.
“Given the financial challenges the state has, and still has to work through, we don’t think the state is going to be a good financial partner with us for the next several years,” said Tom Glaser, Senior Vide President for Administration and Treasurer. “We want to continue to operate without any dependency on state revenues.”
This is the second year the College of DuPage has had to dip into its reserves to complete a balanced budget.
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