The following is taken from the RVC College’s Board of Trustee’s minutes for May: http://www.rockvalleycollege.edu/About/upload/BOT-Packet-062210.pdf
Mr. Sam Overton [Vice President of Administrative Services] reviewed the FY 2011 budget timeline, noting a possible $1 million deficit due to a decline in Equalized Assessed Valuation (EAV). Although the state of Illinois is current in its payments, the College’s portion is declining and receipt of future payments is uncertain. Mr. Overton indicated that Administration is reviewing options to reduce expenditures in both FY2010 and FY2011, and the College will budget for zero EAV growth and manage the current tax rate of $0.45. Discussion followed regarding budget reduction ideas including those suggested by RVC faculty and staff at a recent President’s Council meeting.