College of DuPage’s Deficit

The College of DuPage is dipping into their reserve funds to alleviate their deficit.

The college’s $174.8 million in expenses exceeds its $172.3 million in revenue.

One big reason for the $ 2.5 million shortfall is the state’s own financial troubles.

COD Treasurer Tom Glaser says the state should be funding about a third of the cost for educating students, or about $57 million but are contributing not even $13 million.

“Trying to determine the amount and timing of payment from the state has been a real challenge. The 2014 budget actually assumes that we’re only going to receive 4 payments from the state instead of12 for the next year,” said Tom Glaser, COD’s Treasurer.

Meanwhile salaries increased more than 3.5% while the cost of employee benefits also rose 14%.

The financial hardship may continue, as state legislatures consider shifting the costs of teacher pensions to local school districts, which would mean an additional $22 million expense for the College of DuPage.

But Glaser says the institution has anticipated such and has enough to shoulder the burden, with more than $127 million in cash reserves.

WANT MORE LOCAL NEWS?

Get daily news headlines delivered to your inbox!

cat2array(63) { [0]=> int(3) [1]=> int(8) [2]=> int(14) [3]=> int(20) [4]=> int(30) [5]=> int(13588) [6]=> int(13801) [7]=> int(15) [8]=> int(21) [9]=> int(44) [10]=> int(60) [11]=> int(62) [12]=> int(12127) [13]=> int(13781) [14]=> int(10) [15]=> int(17) [16]=> int(22) [17]=> int(36) [18]=> int(195) [19]=> int(12126) [20]=> int(13759) [21]=> int(11) [22]=> int(23) [23]=> int(63) [24]=> int(196) [25]=> int(7053) [26]=> int(11961) [27]=> int(12128) [28]=> int(13) [29]=> int(19) [30]=> int(24) [31]=> int(28) [32]=> int(6494) [33]=> int(11111) [34]=> int(12129) [35]=> int(18) [36]=> int(1036) [37]=> int(6957) [38]=> int(13595) [39]=> int(54) [40]=> int(2657) [41]=> int(4101) [42]=> int(13317) [43]=> int(32) [44]=> int(2663) [45]=> int(13803) [46]=> int(1714) [47]=> int(13773) [48]=> int(501) [49]=> int(1233) [50]=> int(33) [51]=> int(1232) [52]=> int(6733) [53]=> int(13804) [54]=> int(58) [55]=> int(38) [56]=> int(2) [57]=> int(375) [58]=> int(13777) [59]=> int(13760) [60]=> int(13763) [61]=> int(42) [62]=> int(5) }