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TRANSCRIPT
Three-Year Financial Plan
Fiscal years ending June 30, 2021 through June 30, 2023
February 25, 2020
Community College District No. 532
Grayslake, Illinois
1 9 6 9 - 2 0 1 9
P R O U D PA S TBOLD FUTURE
COLLEGE OF LAKE COUNTY
COLLEGE OF LAKE COUNTY
COMMUNITY COLLEGE DISTRICT NUMBER 532
Three Year Financial Plan
2021 - 2023
Board of Trustees
Dr. William M. Griffin, Chair
Dr. Catherine M. Finger, Vice Chair
Richard A. Anderson, Secretary
Amanda D. Howland, Trustee
Timothy S. Powell, Trustee
Julie B. Shroka, Trustee
Matthew J. Stanton, Trustee
Alexa Waheed, Student Trustee
College Leadership Team
Lori M. Suddick, Ed.D. - President
Derrick Harden – Vice President, Strategy Planning & Support/Chief of Staff
Sonya Williams, Ed.D. - Vice President, Educational/CAO
Alyssa O’Brien, Ed.D. - Vice President, Community and Workforce Partnerships
Karen Hlavin - Vice President, Student Development
Kenneth C. Gotsch - Vice President, Business Services & Finance/CFO & Treasurer
Sue Fay - Executive Director, Human Resources
Greg Kozak - Chief Information Officer
Issued – February 25, 2020
COLLEGE OF LAKE COUNTY
Community College District 532
Three Year Financial Plan
Page
I. Executive Summary 1-4
II. Lake County Population and Economic Outlook 5-20
III. Revenue Assumptions 21-35
IV. Expenditure Assumptions 37-43
V. Operating Funds Summary 45
VI. Other Revenue Sources 47-50
VII. Major Future Expenditures 51
VIII. Financial Variables and Risks 53
IX.
X.
XI.
Summary
Statistical Data - Appendix
Peer College Statistics – Appendix
55
57-82
83-94
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I. Executive Summary
The three-year financial plan for the College of Lake County (CLC) ensures that CLC’s financial
projections are consistent with the overall strategy, vision, and goals of the institution. The plan
will be utilized to identify the priorities, resources, and timeframes for preparing budgets and
projecting revenues used in financial planning. It will be updated annually to ensure that the
College is current with financial trends, enrollment changes, property tax variables, and the needs
of the internal and external community that may financially impact the College.
The financial plan includes three years of financial projections, four years of revenue and expense
history, and the current year budget totals. The financial plan sets forth a framework for the Board
of Trustees and the administration to examine future implications of major financial decisions. The
plan is part of the annual planning cycle that integrates the College’s Academic Quality
Improvement Program (AQIP) with the financial resources necessary to meet strategic planning
objectives.
Strategic planning is a systematic and on-going activity which the College uses to define its
direction and to anticipate major financial issues during a three-year period. Strategic planning
looks at the organization as a whole, oriented towards the future, supports the mission, is externally
directed, spans organizational boundaries, deals with greater levels of uncertainty, and is about
creating public value. The goal of the strategic planning process is to provide CLC with tools and
plans to anticipate and respond to change in its external and its internal environment. The Strategic
Planning process at CLC coincides with the Facilities Master Planning process and the budgeting
process.
The Board of Trustees (Board) has provided the College Leadership Team (CLT) with the guiding
principles for the FY2021 budget which is incorporated into the three-year financial plan. The
guiding principles include:
1. Align the budget to the College’s strategic plan and goals
2. Monitor alignment to budget priorities of student success, enrollment growth, talent
development, and infrastructure for optimizing organizational outcomes,
3. Achieve a balanced budget,
4. Maintain fund balance at or above policy/Aaa target,
5. Keep tuition/fees at middle of peers
6. Monitor budget to accountability measures.
The over-arching objective of planning and budget development was to strategically design
resource allocation to advance the 2024 Strategic Plan. Thus, the FY 2021 planning and budget
priorities are as follows:
1. Finish what we started in FY2020
2. Invest in Strategic Enrollment Growth: Pipeline Expansion Strategy
3. Advance Student Success Outcomes
4. Intentionally Develop and Recognize Talent and Build High-Performing Teams
5. Infrastructure and Resources for Optimized Outcomes
Administrators are allowed to reallocate budgeted expenditures among non-personnel accounts, but
not from vacant positions. All requests and reallocations are reviewed by CLT and only approved
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requests are transferred to new fiscal year budgets. All final approved budget items are attached to
a goal and objective related to the strategic plan.
There are key recurring themes which CLC needs to consider as important budgetary factors which
are integrated into this three-year financial plan. These factors include:
1. Improved state budget assumptions,
2. Low, but rising inflation, new Lake County property growth,
3. Proposed property tax freeze risk,
4. Strategic investments to change enrollment trend,
5. Contractual salary increases,
6. New employee health insurance cost trend control strategies,
7. Funding of 4th and final year of other post-employment retirement benefit costs,
8. Includes impact of the Campus Master Plan
9. Monitor State pension funding shift risk.
A summary of the revenue and expenditure assumptions used in these projections for operating
funds are listed below.
Revenue
Property Taxes
Consumer Price Index (CPI) of 1.9% for tax levy year 2019, 2.3% for 2020, and 1.5% for both
2021 and 2022. Property taxes show an increase for FY2021 and FY2022.
The Equalized Assessed Value (EAV) estimate for tax year 2019 represents an increase of
3.7% from tax year 2018, getting us back to the EAV’s of FY2012 and prior. A stepped
increase of 1.0%, 1.0% and 1.0% for tax years 2020, 2021 and 2022 are included in the
assumptions.
New property is $150.0 million for tax year 2019, which is a result from the value of new
construction in the College District trending upwards. New property is projected at $125.0
million from 2020 through 2022, which includes a TIF dissolved in 2019 allowing CLC to
capture additional EAV of $660 thousand going forward.
State Revenue
The credit hour state grant budgeted projected to equal to what was received in FY2020. This
represents a 3% decline from FY2015 or 97% of the FY2015 ICCB allocations.
Tuition and Fees
1.7% enrollment decrease is assumed in the FY2021 projections, and 1.7% enrollment decrease
is projected for FY2022 and FY2023, from the already reduced base.
The financial projection includes a $3 per credit hour tuition increase for FY2021, with no
change in fees. Currently there is no increase in tuition and fees for both FY2022 and FY2023
projections.
Other Revenue
All other revenue will remain level with exception of investment income. Investments income
projections for FY2021 versus the FY2020 budget has increased to over $1.0 million due to the
current investing environment and strong returns and will remain at the higher level through
FY2022 and FY2023.
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Expenditures
Salaries
An increase in salaries, based on negotiated union contracts, is projected for FY2021, FY2022,
and FY2023.
Benefits
Health insurance cost is projected to increase 3.0% for FY2021 and 8.0% for FY2022 and
FY2023. The College Benefits Committee, with the assistance of CLC’s Insurance Broker, is
always reviewing other avenues to reduce the costs and beat the national average. In FY2021
based on the College’s historical costs the College was able to achieve savings.
Other benefits remain flat for FY2021 through FY2023.
Contractual Services, Materials/Supplies, Travel/Meeting, Fixed Charges, Capital Outlay, and
Other
Contractual Services will have a $200,000 escalation of Oracle/PeopleSoft maintenance
contract in FY2021 with flat increases in FY2022 and FY23.
A 0% increase is projected for FY2021 through FY2023 for the categories of
Materials/Supplies, Travel/Meeting, Materials/Supplies, Travel/Meeting, Fixed Charges,
capital Outlay, and Other.
Utilities
A 0% increase in Utilities is projected for FY2021 through FY2023.
Debt Service
The debt service cost, including revenue from per credit hour capital fees, is budgeted at $5.6
million. The $5.6 million is current debt service and does not consider the potential debt
issuance of $75 -$100 million in FY 2021 which would increase debt service in FY 2021 by
approximately $2.5 million and by $5.0 million in both FY2022 and FY2023.
Contingency
Contingency remains the same at $1,449,507 in FY2021 through FY2023.
In Summary, the Financial Plan, contained herein, reflects an updated shortfall of $2,228,230 based
on the aforementioned assumptions. Forecasted revenue will grow more slowly than expenditures
over the next three fiscal years due to projected enrollment and credit hour declines. The FY2021
budget is balanced with additional changes in FY2022 through FY2023, as revenue enhancements
and expenditure reductions will be needed to stabilize CLC’s finances. Furthermore, the state
revenue decrease may be different than the prior year allocation depending on the outcome of state
budget and Fair Tax discussions in the coming months. The worst case scenario is that the credit
hour grant is eliminated from the state budget.
Due to the assumptions presented above including per credit hour tuition increases needed to
balance the budget in the out years are $30.00 for FY2022 and $38.00 for FY2023 assuming no
tuition increases in the following years are approved. The three-year financial plan is summarized
on the following table. The next section describes the current economic outlook for Lake County.
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FY 2019 Actual FY 2020 Budget FY 2021 Projected FY 2022 Projected FY 2023 Projected
Revenues
Taxes 67,801,223$ 69,843,518$ 71,581,856$ 73,023,754$ 74,016,403$
Back Taxes - 2,700 2,700 2,700 2,700
Personal Property Replacement Tax 1,173,320 983,783 1,250,000 1,250,000 1,250,000
Tax Increment Financing 104,956 107,500 107,500 107,500 107,500
ICCB Cr. Hr. Grants (State Apportionment) 7,146,755 7,188,320 7,827,810 7,827,810 7,827,810
Board of Vocational Ed. 534,490 534,490 537,850 537,850 537,850
Tuition 27,606,773 29,645,478 29,856,789 29,383,976 29,383,976
Lab Fees 584,311 533,475 533,475 533,475 533,475
Comprehensive Fees 4,856,209 5,079,826 4,993,469 4,913,573 4,913,573
Comprehensive Fees Allocations (4,768,198) (4,987,466) (4,902,679) (4,824,236) (4,824,236)
Other Student Fees 441,146 354,558 354,558 354,558 354,558
Tuition Chargeback - - - - -
Interest on Investments 2,008,175 429,500 1,432,500 1,432,500 1,432,500
Other Revenue 181,769 504,762 504,762 504,762 504,762
Transfers In 388,500 659,034 526,534 526,534 526,534
Total Revenues and Transfers In 108,059,428$ 110,879,478$ 114,607,124$ 115,574,756$ 116,567,405$
Expenditures
Salaries 64,411,933$ 69,741,455$ 71,821,275$ 73,678,308$ 75,562,735$
Health Insurance 8,031,736 10,133,158 10,437,153 11,272,125 12,173,895
Other Benefits 2,705,717 2,926,317 2,792,378 2,831,356 2,873,452
Contractual Services 4,534,077 6,125,477 6,325,477 6,325,477 6,325,477
Materials and Supplies 3,305,231 4,242,334 4,242,334 4,242,334 4,242,334
Travel and Meeting 784,048 1,083,300 1,089,300 1,089,300 1,089,300
Fixed Charges 1,873,604 1,958,593 1,958,593 1,958,593 1,958,593
Utilities 2,466,582 2,946,430 2,946,430 2,946,430 2,946,430
Capital Outlay 1,157,828 1,271,800 2,271,800 2,271,800 2,271,800
Other 3,035,031 2,402,563 2,315,730 2,301,723 2,301,723
Contingency - 1,459,507 1,459,507 1,459,507 1,459,507
Transfers Out for Debt Service 4,944,696 4,926,514 7,436,785 9,950,792 9,950,792
Other Transfers Out Other 8,703,941 1,662,030 1,738,592 1,738,592 1,738,592
Total Expenditures and Transfers Out 105,954,422$ 110,879,478$ 116,835,354$ 122,066,337$ 124,894,630$
(Shortfall)/Surplus 2,105,006$ -$ (2,228,230)$ (6,491,581)$ (8,327,225)$
Beginning Fund Balance 39,899,570$ 42,004,576$ 42,004,576$ 39,776,346$ 33,284,765$
Ending Fund Balance 42,004,576$ 42,004,576$ 39,776,346$ 33,284,765$ 24,957,540$
Tuition Increase Included in Projection 3.00$ -$ -$
Additional Tuition Increase Needed to Balance* -$ 30.19$ 38.73$
Expenditure Reduction Needed to Balance** (2,228,230)$ (6,491,581)$ (8,327,225)$
*Estimated based on 218,000 credit hours in FY21, 215,000 credit hours in FY22, and 215,000 credit hours in FY23
COLLEGE OF LAKE COUNTY
THREE-YEAR FINANCIAL PLAN
OPERATING FUNDS
5
II. Lake County Population and Economic Outlook
The financial health of the College of Lake County is dependent on property taxes, tuition and fees,
and state reimbursements. These sources of revenue are affected by trends in population,
unemployment, median household income, inflation and property value.
Three emerging trends are expected to present opportunities and potential challenges to the college.
Housing values in Lake County are increasing as indicated by the median housing price that
is returning to its pre-recession value. Additionally, new home constructions are expected to
rise (Figures 13-17). These two factors will benefit the college through increased real-estate
tax revenue.
The college’s market share of graduating high school seniors increased slightly to 20% in
fall 2019 after remaining steady at 18-19% for the prior 9 years. However, the number of
graduating high school students in Lake County is expected to decline over the next decade
(Figures 1 and 2). This could affect enrollment, tuition revenue, and state reimbursements.
Demographic changes suggest that there may be opportunity for growth to come from non-
traditional age students, rather than recent high school graduates (Figure 6).
The continuing trend of economic growth is expected to create greater demands for
workers, which will attract prospective students away from the community college. Federal
forecasts for low unemployment and rising family incomes are associated with reduced
enrollment (Figures 10 and 11) in the absence of some intervention.
The Congressional Budget Office’s (CBO) Budget and Economic Outlook reports that in 2019 the
national unemployment rate was “near its lowest point in five decades” (CBO, August 2019, p.29)
and that wage growth and job gains were strong and steady. The CBO projects that, over the next
five years (from 2019 to 2023), the U.S. economy will continue to grow albeit at a slower pace.
The continued growth will continue to support the demand for labor, which will in turn drive up
employment and wages and lead to an increase in interest rates. Real GDP is projected to grow at
an average annual rate of 1.8% between 2020 and 2023, which is lower than the 2.3% growth in
2019. CBO estimates suggest the average annual unemployment rate will increase from a low point
of 3.7% in 2019 to an average annual rate of 4.6% over the next five-year period, which is still
above its potential (CBO, August 2019). Wage growth will continue to increase in 2020 before
slowing down in 2021. Inflation (using the consumer price index) is expected to be above the
Federal Reserve’s 2% objective for the next few years before settling in at an average of 2.0% from
2024 to 2029 (CBO, August 2019).
The following is an analysis of current economic and population trends impacting the College of
Lake County along with an outlook for the future and implications for the college.
High school market share
In fall 2019, 20.0% of Lake County’s spring 2019 high school graduates attended CLC. This high
school yield, or market share, represents the highest proportion of local graduates attending the
college for the past 10 years (Figure 1). The number of Lake County high school graduates
entering CLC has increased during this time as well due to continued growth in the population of
area high school seniors.
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Figure 1. Lake County High School Graduates Entering CLC Fall Terms 2009-2019.
Despite growth over the past decade, however, CLC is projecting a nearly 10% decline in the
number of high school seniors in its district between 2020 and 2030. Figure 2 presents this
projected decline over the next ten years. The projected decline in high school graduates is
consistent with national trends and projections. A dramatic decline in college enrollment is
anticipated to occur across the country starting in 2025, due in large part to a decline in the number
of high school graduates stemming from declining birth rates that began during the Great
Recession (Grawe, 2019).
Figure 2. Lake County Public HS Seniors 2009-2019, with Projection Through 2030
Figure 2a presents a projection of CLC’s high school market share, based on actual and projected
high school graduates through 2030. If nothing changes, the college can expect a substantial (12%)
decline in the number of local public high school graduates enrolling at CLC in fall 2019 with
continued declines though 2030 due to smaller graduating classes. Increases in the 2019-2020 high
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school enrollment, 2020 graduation rate, or CLC yield of graduates could all counteract anticipated
declines in enrollment of recent high school graduates for fall 2020 and beyond.
Figure 2a. High School Market Share 2014-2019, with Projection Through 2030
Population
Along with changes in the number of area high school graduates, changes in Lake County’s
population and CLC’s district market share will also affect the college’s enrollment over the next
10 years. Between fiscal years 2010 and 2013, 6% of the district’s population 16 years of age and
older consistently had enrolled at CLC (Figure 3). In FY 2014, the district market share declined to
5.41%, the lowest level in the previous seven years, and continued to decline from FY15 to FY18.
In FY19, the district market share hit a 10-year low of 4.29%.
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Figure 3. Credit Enrollment Market Share of CLC 16+ District Population
Both the college-level market share and the adult education market share have decreased since
FY13. In the past year, the adult education market share declined to 0.55% after holding steady at
0.58% for the past two years. The college-level market share declined from 3.84% to 3.68% in the
past year.
Figure 3a. College Level Enrollment Market Share of CLC 16+ District Population
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Figure 3b. Adult Education Market Share of CLC 16+ District Population
Population projections from Economic Modeling Specialists International (EMSI) suggest little to
no growth in the county population over the next 10 years. After experincing a significant drop in
2019, the overall population is expected to slowly increase to 702,279 by 2029. Lake County
population figures for 2011 to 2019 are presented in Figure 4 along with annual projections
through 2029. Figure 5 presents the annual population growth rates for the county through 2029.
Figure 4. Total Population for Lake County and Projections: 2011-2029
Source: Economic Modeling Specialists International (EMSI)
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Figure 5. Lake County Population Growth Rate with Projections: 2012-2029
Population declines in the county are expected to occur for residents between the ages of 10 and 24
as well as those from 40 to 64 years old while inceases are expected for all other age groups
(Figure 6). Declines among the 10-24 age group would impact enrollment among the college’s
traditional student population in the immediate and near distant future. The largest population
increases are expected among residents in the 30-34 age group as well as those 65 and older
(Figure 6). As the county population ages, the college will need to adjust its services to meet the
needs of more non-traditional students.
Figure 6. Population Projection by Age, 2019-2029
Source: Economic Modeling Specialists International (EMSI)
These population projections suggest that the demographic of CLC students likely will change over
the next several years, with fewer recent high school graduates and more non-traditional age
students. Attracting a larger portion of the district population, and non-traditional aged students in
particular, may help mitigate declining enrollment over the next several years. Figure 6a presents
the educational attainment levels for Lake County residents 25 and older. Nearly 70% of the of the
current adult population in the county have an education level below an Associate’s degree that
might be interested in and benefit from further education.
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Figure 6a. Educational Attainment of Adults (25 and Older) in Lake County, 2019
Source: Economic Modeling Specialist International (EMSI)
Unemployment
Lake County’s unemployment rate tends to move in the same direction as the state and national
unemployment rates. Given the CBO’s forecasts for national unemployment, unemployment for
the county would be expected to be at its lowest in 2019 before returning to a natural rate of
unemployment in 2021. In 2019, Lake County’s unemployment remained steady at 4.3 percent
while unemployment for both the state and nation decreased 0.2 percentage points.
The number of jobs in Lake County is projected to grow by roughly 3% between 2019 and 2029
(from 359,544 to 372,036) with little to no increase in the county population (EMSI, 2019; Figure
4). This could contribute to continued declines in unemployment over the next few years.
Figure 7. Unemployment Rate in US, Illinois and Lake County
Source: U.S. Bureau of Labor Statistics *Through November 2019
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While the forecast for increased economic growth is promising for the college’s property tax
prospects, it may also have a negative effect on the college’s enrollment and subsequent funding
acquired through tuition and state reimbursements. There is a direct relationship between the
county’s unemployment rate and CLC’s fall, college-level enrollment (Figure 8). Specifically,
CLC’s fall population of college level students tends to decline during periods in which the
unemployment rate is low.
Figure 8: Unemployment and Fall College Level Population, 2009-2019
If the unemployment rate in Lake County follows the CBO’s expectations for the national
unemployment rate the college’s fall 2020 enrollment would be expected to decline as was
experienced during the 2005-2006 periods and as we observed over the past several years since the
economy began rebounding (Figure 8).
Household income
Another economic factor that may affect future enrollment at the college is the median household
income of Lake County families. Pennington et al. (2002) conducted a correlation analysis of
enrollments at community colleges and dollars of disposable income. Pennington found that as
earnings decline, enrollment increases; meanwhile, as unemployment increases so does enrollment.
Most recent research by Rivers (2010) and McKinney (2017) corroborates the relationship between
economic factors and community college enrollment. Overall, an improvement in the economy is
associated with lower enrollment in community colleges. The college’s overall trend appears to be
consistent with the Pennington et al. (2002), Rivers (2010) and McKinney (2017) findings.
As unemployment declines and compensation increases (CBO, August 2019), household income is
expected to increase. This would result in lower enrollment for CLC as more students choose to
attend 4-year institutions once affordability is no longer a barrier. Figure 9 presents fall college
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level headcount and household income data from 2009 through 2018 (the most current household
income data available). This relationship is also demonstrated in Figure 10, which presents the
number of credit hours claimed alongside median household income. This trend is approximate,
since the data collection periods of the Labor Department’s income surveys are based on the
calendar year, while the headcount corresponds to the college’s fiscal year.
Figure 9. Fall College Level Enrollment and Median Household Income, 2009-2018
Source: Household income comes from the US Census Bureau’s American Community Survey, 2018
Figure 10. Unrestricted Reimbursable Claimed Hours and Median Household Income, 2009-
2018
Source: Household income comes from the US Census Bureau’s American Community Survey, 2018
Economic effects on enrollment
Multiple models are used to estimate credit hour changes over the next three years. The models are
based primarily on historical patterns of credit hours, recent changes over the past three years in
credit hours as well as the unemployment rate and population projections in Lake County. Enrollment
is expected to decline over the next three years, assuming no significant programmatic change is put
in place to attract new students (Figure 11). The model projects an overall decline in college level
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credit hours between 1.6% and 1.8% in FY20 and another decline between 2.0% and 2.6% in fiscal
year 2021.
In total, the number of college-level credit hours is projected to decline between 5.4% and 6.7% over
the next three fiscal years from 225,956 in FY19 to 213,772 (high estimate) or 210,901 (low estimate)
in FY22. These projections are estimates of the total number of credit hours that students will enroll
in rather than projections of reimbursable hours. This estimate should not be used to project state
funding, but may provide insight into student-driven revenue.
Figure 11. College-Level Credit Hours Actual and Projected
Inflation
Another area affecting the U.S. and local economies is consumer spending. Increases in worker
compensation is expected to lead to increased spending, which would in turn increase the annual
inflation rate. The annual U.S. inflation rate, as measured by the Consumer Price Index (CPI-U),
increased rapidly from 2009 to 2011. In 2012, CPI-Urban rates dropped to 2.1% and continued to
decline through 2015, with the exception of a slight increase in 2014, where the rate was the lowest
since 2009. After 2015, the inflation rate bounced up to 2.4% by 2018 before dropping back down
to 1.8% in 2019. The CBO (August 2019) is projecting the CPI to remain above 2.0% for the next
several years.
15
Figure 12. Urban Consumer Price Index, 2009-2019
Source: Bureau of Labor Statistics
Construction, property value, and real estate taxes
The housing market has grown considerably since 2012. By the third quarter of 2019, the median
sales price in Lake County was $249,900; a 3% increase over the 2018 value of $242,500 and a
47% increase over the 2012 value, which was the lowest median sales price in the past ten years
(Figure 13). The recent real estate trend, along with the CBO forecast for growth over the next few
years, are positive signs for the college’s future financial prospects related to property taxes.
Figure 13. Median Sales Price of Residential Property, 2009-2019
Source: Illinois Association of Realtors
**through 3rd quarter 2019 (for comparison, value through 3rd quarter 2018 was $240,000)
16
The number of building permits in Lake County has fluctuated since 2008. The number of
residential building permits issued in 2014 (Figure 14) was up 81% compared 2013 (1,341 in 2014
as compared to 739 in 2013). After experiencing a decline in 2015, the number of permits issued
increased to a high of 1,713 in 2017 before dropping back down to 696 in 2018.
Figure 14. Privately-Owned, Residential Building Permits for Lake County, 2008-2018
Source: U.S. Census Bureau
The value of new construction for the district (Figure 15) increased gradually over the 2012-2018
period with slights declines in 2015 and 2017. After experiencing a $17 million increase in 2018,
the value of new construction in 2019 is estimated to drop back down to $139 million, the 2017
value. Values remain below pre-recession figures.
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Figure 15. Value of New Construction in the CLC District, Tax Years 2009-2019
Source: Lake County Assessor’s Office. * Actual new construction value for 2019 will be available April 2020.
Changes in median housing prices and new construction in Lake County typically are reflected in
the total taxable equalized assessed value (EAV) for the CLC district. The EAV for a tax year is
based on the average housing and new construction values for the prior three years (this
relationship can be seen in Figure 16). Based on trends in housing prices and new construction
from 2012 to 2018, the EAV is expected to continue its steady increase in 2019 (Figure 17;
preliminary, actual figures are not available until April 2020).
Figure 16: Taxable EAV and Median Housing Sales Prices 2010-2019
Source: Lake County Assessor’s Office (EAV), Illinois Association of Realtors (housing price)
* Median Housing Price is through 2nd Qtr 2018; EAV estimate provided January 2020
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Every tax year, the College of Lake County receives its property tax revenues (i.e., maximum
extension of capped funds) based on the Property Tax Extension Limitation Law (PTELL)
formula.1 Half of this maximum extension of capped funds is received as property tax revenue by
the college in the current fiscal year and the other half in the next fiscal year. In the formula,
property tax revenues are partially determined by the taxable EAV from the college district. EAV
is estimated to increase 3.7% for fiscal year 2020 and the CLC Finance Office projected annual
increases of 1% - 2% each year thereafter through 2024 (based on projected growth rates provided
by CLC Finance Department; Figures 16 and 17).
Figure 17. Taxable EAV for CLC District, Tax Years 2010-2019, Projected through 2023
The PTELL formula also takes into account the limiting rate (LR) as calculated using the
December-December change in CPI for the region (inflation rate). The limiting rate tends to be
high when the inflation rate is high but the formula caps the inflation rate at 5% as stipulated by
Illinois statutes. Figure 18 presents the 10 year trend in the regional December CPI.
Figure 18: December Inflation Rate, 2009-2019.
Source: U.S. Bureau of Labor Statistics.
Notes: Rates are not seasonally adjusted.
1 LR x EAV = Maximum Extension of Capped Funds where:
LR = Inflation Rate for December x Highest Capped Property Tax Revenues in Last 3 Years
EAV – New Construction –TIF Increment – Annexation + Disconnections
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Summary
In summary, economic indicators for Lake County continued to show signs of economic growth
through 2019 and growth is expected to continue over the next several years. As the effect of the
2017 tax act dissipates, economic growth is expected to slow down. Recovery in the real estate
market, which will result in higher median housing prices and an increase in new construction, is
promising for the college’s property tax revenues though additional action may need to be taken to
offset declines in revenue from student tuition and fees. An improving economic climate along
with anticipated declines in the traditional college-age population and smaller graduating classes
from local high schools may result in continued declines in enrollment and claimed credit hours for
CLC. To offset these declines, the college may need to increase its current high school yield;
increase its county market share by appealing to non-traditional age students; and/or market to the
large population of current county residents age 25 and older with less than an associate’s level of
education. A detailed discussion of financial implications for the college follows.
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21
III. Revenue Assumptions
The FY2021 revenue projection for operating funds is $114.5 million, which is a 3.4% increase
from $110.5 million in revenue budgeted for FY2020.
CLC’s major operating funds are the Education Fund and the Operations and Maintenance Fund.
The major sources of revenue for these funds consist of local revenue, state funding, and tuition.
The assumptions used for these categories are summarized as follows:
Local Revenue
Property Taxes – Among different types of local government units in Lake County, property taxes
for the College of Lake County represent approximately 3.0% of a county resident’s tax bill. The
following table shows the College’s share of property taxes compared to other categories of local
government in Lake County.
The district’s property tax revenue is restricted by two factors - the Property Tax Extension
Limitation Law (PTELL) and rates on individual funds. The PTELL rate is determined by the
Consumer Price Index (CPI), Equalized Assessed Value (EAV), and new property. PTELL limits
the district’s overall revenue rate by the lower of 5% or CPI, plus any new property in the district.
The rate limit is then multiplied by the EAV.
- 100,000,000 200,000,000 300,000,000 400,000,000 500,000,000 600,000,000 700,000,000 800,000,000 900,000,000
1,000,000,000 1,100,000,000 1,200,000,000 1,300,000,000 1,400,000,000 1,500,000,000 1,600,000,000 1,700,000,000
School Districts County,Municipalities,
Fire, andTownships
Park Districtsand ForestPreserve
College of LakeCounty
Libraries Other SpecialDistricts
Assessment Year 2018 -Total Lake County Property Tax Revenue
22
The maximum individual fund rates allowed are as follows:
Maximum Fund Tax Rates Allowed (per $100 of EAV)
Education Fund $ .7500
Operation & Maintenance Fund $ .1000
Audit Fund $ .0050
Life Safety Fund $ .1000
Liability, Protection and Settlement Fund No Limit
Bond Funds (Voter Approved) No Limit
For the calculation of property taxes, each fiscal year contains one-half of two separate tax years.
For example, FY2021 contains the second half of tax year 2019 and the first half of 2020. Each
year the College receives a majority of taxes for the first half of the fiscal year in September and
October. The majority of the second half of the tax payments is received in May and June.
CLC’s property tax revenue is projected by first calculating the tax amounts for the individual tax
years. This is accomplished by using a calculation template provided by the Lake County Clerk’s
Office. The overall property tax increase factors in the CPI increase, a projected EAV amount for
new property growth, and a projected EAV amount for dissolved TIF increment based on expiring
Tax Increment Financing (TIF) districts (as appropriate). The CPI increase, new growth, and
dissolved TIF increment result in the projected property tax revenue for CLC in the applicable tax
year. Once the individual tax years are projected one-half of each tax year is calculated. The last
half of the prior tax year is added to the first half of the new tax year to make up the fiscal year
projection.
In the past, economic conditions have affected growth in CLC’s property tax revenue. For most of
2003 through 2008 the economy was thriving. The CPI averaged 3.04%, new property in Lake
County rose to over $500 million, and EAV increased from $20.4 billion in 2003 to $29.0 billion in
2008, a 42% increase. The factor that allows the annual increase to exceed the CPI is the amount of
new property in the county, which is not subject to the tax cap in the first year. Robust property
growth resulted in higher increases in property tax revenue for CLC.
23
The graph above shows the percentage increase for the last seven years and projected for the next
three years. The percentage increase in property taxes has declined annually from a 3.7% increase
in FY2012 to a 1.3% increase in FY2015 and FY2016. From FY2017 and FY2018 rebound years
coming in at 2.8% and 2.7%, and an average approach was taken for FY2019 through FY2021 of
2.5%. An Assessed Value and Tax Levy Table on page 68 shows more detailed tax data from 2009
to 2018.
Since tax year 2008, all of the factors that affect property tax revenue have declined. From 2014 to
2018, the CPI averaged 1.5%, new property in Lake County has fallen from $462 million in 2008
to about $105 million in 2015, and EAV decreased from $29 billion in 2008 to $21.2 billion in
2015, a 22% decline. Lake County is starting to see a rebound but is still uncertain if the EAV
growth will continue into the next few years. New property growth is starting to rise which is a
good indicator, yet the proposed property tax freeze legislation for either a two year period or
possibly permanent, continues to be monitored.
The previously approved FY2020 budget indicated an expected 2.8% increase in property tax
revenue, which represents a CPI of 2.1% for the second half of tax year 2018 and 1.9% CPI growth
for the first half of tax year 2019, new property was projected at $156 million and $100 million for
tax years 2017 and 2019. The EAV was projected to remain unchanged for tax year 2018 and
increase 1% for tax year 2019.
The projected property tax revenue increase for FY2021 is 2.8%. This reflects an actual CPI
increase of 2.0% for the second half of tax year 2019 and 2.0% CPI growth for the first half of tax
year 2020. New property, and the dissolving TIF is projected at $150 million and $125 million for
tax years 2018 and 2019. The EAV is projected to increase 1.0% for tax year 2020 and increase
1.0% for tax year 2021.
3.7%
2.5%
3.7%
2.1%
2.0%
1.3%
1.3%
2.8% 2.7%2.5% 2.5% 2.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
Pe
rce
nt
Property Tax Growth Change (%)
24
FY2021 and FY2022 projections include CPI increases of 1.5% for each year. The EAV is
projected to increase incrementally each year (1.0% increase for tax year 2021, 1.0% increase for
tax year 2022 and 2.0% for tax year 2023), with new property expected to be $100 million. The
projections reflect an increase in EAV, but at a much slower rate than the increase in tax year 2019,
which is projected to be 2.5%.
Under current tax law the PTELL limiting rate should decline as EAV rises, assuming the Board of
Trustees approves a tax extension that maximizes the amount to be collected under current law.
Using the formula provided by the Lake County Clerk’s office, when multiplying the PTELL rate
by the EAV, the tax revenue still increases from the prior year. New property is not subject to the
tax cap so a higher new property amount results in higher tax revenue for the College. In Lake
County, new property has dropped at least $462 million in total since 2008, which has a cumulative
effect on the EAV.
The overall rate under PTELL for CLC capped funds for tax year 2019 was $.282 per $100 of
EAV. The individual fund rates were as follows:
CLC PTELL Rates (per $100 of EAV)
Education Fund $.216
Operation & Maintenance Fund $.057
Liability, Protection and Settlement Fund $.002
Bonds Fund (non-capped) $.007
The CLC PTELL rates still are far from reaching the maximum PTELL fund rates allowed. As
shown in the table below, there is still substantial room for rates to increase before the College
would maximize the rate limits. The graph below shows slight decreases in the PTELL rate if EAV
increases incrementally in tax years 2020 and 2021, and new property stays at a projected amount
of $125 million.
25
One of the greatest challenges when projecting tax revenue is to predict the December CPI. The
amount property tax revenue can increase is capped by 5% or the CPI, whichever is lower. As
indicated in the following chart there is no real pattern for the CPI from year to year, therefore it is
difficult to predict. The increase in CPI has declined each year from 2011 to 2015 but in 2016
bounced back. Each percent increase in CPI can mean about $300,000 in additional revenue
(capped funds).
0.3
06
0.2
99
0.2
85
0.2
81
0.2
82
0.2
83
0.2
83
0.2
83
0.10
0.15
0.20
0.25
0.30
0.35
20
14
20
15
20
16
20
17
20
18
20
19
est
20
20
est
20
21
est
PTE
LL T
ax L
imit
(P
er
$1
00
of
EAV
)
PTELL Rate Limit by Tax Year(Capped Funds)
1.5
3.0
1.7 1.5
0.80.7
2.1 2.1
1.9
2.3
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
Pe
rce
nt
10 Year December CPI
26
Corporate Personal Property Replacement Tax (CPPRT) is a smaller part of local revenue.
The CPPRT is a tax assessed on corporate income in Illinois and then distributed to local
governments and municipalities through a formula determined by statute. Due to the economic
downturn, CPPRT declined from a high of $1.3 million in FY2008 to $955,215 in FY2010. Since
then, CPPRT has steadily improved from $1,139,553 in FY2012 to $1,280,857 in FY2017. In
FY2018, $1,035,561 was budgeted, however in the State Appropriations, payments received for
FY2017 and FY2018 were from the Education Assistance Fund (EAF) and the CPPRT since there
were positive balances in these funds. It is unclear if the State will continue this practice of re-
appropriating CPPRT into FY2020 and future years.
CPPRT is an inherently volatile revenue source because business income tax receipts are closely
tied to economic cycles. Business income taxes show the greatest increases and decreases.
These revenues are affected by additional factors other than the business cycle. State tax amnesty
programs and changes to refund rates can result in collections that do not directly reflect economic
cycles. The amount of CPPRT revenue distributed to local governments could also be affected by
diversion of the revenue for other uses. For example, Illinois Public Act 97-0002 requires stipends
and expenses for certain local government officials and the Property Tax Appeals Board to be paid
out of CPPRT collections before they are distributed to local governments. In 2011, the state
passed a one-year diversion of one percent of the CPPRT to fund the regional superintendents of
education. For FY2020, CPPRT was projected to remain unchanged from the FY2019 budget
amount of $983,783, but revenues currently are projected over $1,100,000. Replacement tax
revenue is projected at the higher rates in FY2022 thru FY2023.
The following graph shows the revenue received from CPPRT for the last six years, budgeted
amount for FY2019, and estimates for the next three years:
$600,000
$700,000
$800,000
$900,000
$1,000,000
$1,100,000
$1,200,000
$1,300,000
$1,400,000
FY14
FY15
FY16
FY17
FY18
FY19
FY20
Bu
d
FY21
Pro
j
FY22
Pro
j
FY23
Pro
j
CPPRT Revenue
27
State Sources
The Illinois Community College Board (ICCB) determines the level of State funding needed based
on an analysis of projected needs, priorities, and costs for instructional and public service activities.
The annual budget is appropriated with two types of grants: restricted and unrestricted.
Unrestricted grants to the system consist of the Base Operating Grant, Equalization Grant, Small
College Grant, City Colleges of Chicago Grant, Performance Based Funding Grant, and Career and
Technical Education Formula Grant. Restricted grants to the system include Adult Education and
Literacy grants, and Perkins (Career and Technical Education-federal) grants. The Illinois Veterans
Grants are a partial reimbursement for statutorily required tuition waivers. The College does not
qualify for the Equalization Grant, Small College Grant, or the City Colleges of Chicago Grants.
The Base Operating Grant and Career and Technical Education Formula Grants are part of the
College’s Operating Funds, included in the Education Fund. The Restricted grants and Illinois
Veterans Grants are included in other Funds than the Operating Funds.
The following allocation table summarizes the FY2019 and FY2020 Operating Grants to the
community college districts.
28
Base operating grants are unrestricted funds disbursed to community colleges on the basis of credit
hours generated in six reimbursable instructional categories. This is not a simple allocation but a
complex calculation pulling in many data points. Data used to arrive at the costs, operations and
maintenance, and tuition rates is following:
Instructional Costs: Each district submits end-of-year expenditure data to the ICCB office. The
data is summarized to develop a cost per hour for each of the six instructional categories. These
costs are the foundation in calculating the credit hour rates for the Base Operating Grant. The
expenditures (costs) from the following funds make up the instructional costs which are then
distributed among the six funds: Education Fund, Operations and Maintenance Fund, PBC
Operations and Maintenance Fund, Auxiliary Fund, Audit Fund, and the Liability, Protection, and
Settlement Fund. All of the information submitted in the report ties back to the Uniform Financial
Statements in the annual audit. For the purpose of the formula, the expenditures are allocated
between two types of costs: Direct Instructional Costs and Indirect Costs. The Indirect Costs for
this report incorporate expenditures from all college functions except instruction.
Weighted Unit (Instructional Cost): Since the most recent actual cost data available are from the
two years past, the unit cost data must be adjusted for inflation. The increase from fiscal year 2018
– fiscal year 2020 is based on various outside sources such as the Higher Education Price Index,
Employment Cost Index, and College Tax Survey.
Standard Tuition and Fees: Average tuition and fees are calculated using the tuition and fee
report, waivers reported on the annual Tax Survey, and funded hours from the credit hours
certification.
Local Tax Contribution: The amount of local tax revenue expended on instruction is calculated
using information submitted in the Uniform Financial Statements and the credit hours certification.
FY2020 Rate Adjustment: When the amount appropriated for the Base Operating Grant is
insufficient to fund the system, a rate adjustment is calculated as a deduction from the per credit
hour rates calculated in the formula.
Credit Hours: The formula uses the current certified unrestricted credit hours, or the average of
the last three fiscal years. The current fiscal year is always two years prior to the formula being
calculated.
Funded Credit Hours: Each college receives the better of the three year average or the current
credit hours (two years past).
Determine Cost
Inflate Rates
Calculate
Revenue
Adj. for State
App.
Apply Rates
- Credit Hours - Unit Cost
- Apply Weighting - Direct Expenditures
- Tuition - Taxes
- Prorate Rates for Funding Categories
- Credit Hours actual or 3 year Average
29
The Table below displays the per credit hour reimbursement rate used in calculating the Base
Operating Grant.
Credit Hour Grant Rates by Category for Fiscal Year 2020
Source: ICCB Public Act 101-0007 Fiscal Year 2020 Budget
While State Appropriations can vary from fiscal year to year there are also so many other factors to
consider when estimating the College’s Allocation of State monies. The Credit Hour Rates by
Category table above emphasizes the unpredictable nature of State monies.
0.00
20.00
40.00
60.00
80.00
100.00
2015 2016 2017 2018 2019 2020
Credit Hour Rates by Category
Baccalaureate Business Technical Health Remedial Adult Basic Secondary Education
30
The College’s reimbursable claimed hours have been decreasing over the past 10 fiscal years as
noted in the following chart below.
However the College has been keeping pace with other community colleges across the state as the
allocations of Total Base Operating Grant has been consistent over the years.
Year College of Lake
County
Total Base
Operating Grant
CLC % of Total
Grant
2013 $8,138,024 $191,271,900 4.3%
2014 8,116,441 191,271,900 4.2%
2015 8,284,860 191,271,900 4.3%
2016 2,180,192 50,444,999 4.3%
2017 8,089,268 186,968,300 4.3%
2018 6,839,010 168,271,500 4.1%
2019 7,137,320 171,636,900 4.2%
2020 7,827,810 179,940,200 4.4%
The Financial Plan assumes no reduction in credit hour grant revenue for FY2021, keeping the
FY2021 budget on par with the FY2020 allocation. This amount is still under the FY2015
allocations. Credit hour grant revenue remains flat in FY2022 and FY2023.
With the new Governor J.B. Pritzker and the Democratic-led General Assembly, Illinois
lawmakers in Springfield have been able to address issues at the root of the state’s long-running
problems with fiscal instability.
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Reimbursable Claimed Hours
Baccalaureate Business Technical Health Remedial Adult Basic Secondary Education
31
When community colleges were initially created in the mid-1960s, the State’s vision was to have
the three main sources of revenue equal between students’ tuition, local property tax, and State
allocation. This allocation has fallen off scale with the other two revenue sources having to pick up
the slack.
The following table illustrates the amount of state revenue received for the last five years and what
is projected for the next four years. A State Funding table in the appendices on page 66 shows a ten
year history of state revenue. Neither the State budget for FY2016 nor FY2017 were approved until
after the end of FY2017, the credit hour grant projections are shown as light blue bars. This
illustrates the uncertainty regarding revenue collection for this revenue source. The darker purple
represents the FY2017 appropriation received after the end of FY2017 which was recognized in
FY2018.
33%23%
39% 40% 39%
33%43%
43% 44% 44%
33% 34%18% 16% 17%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1965 Vision FY 2000 FY2010 FY2017 FY2018
Community College Sources of Revenue
Student Local State
$-
$1
$2
$3
$4
$5
$6
$7
$8
$9
$10
FY15 FY16 FY17 FY18 FY19 FY20 Est FY21 Proj.FY22 Proj.FY23 Proj.
Mill
ion
s
State Appropriation (Credit Hour Grant)
Revenue Recognized FY17 Recognized in FY18 Budget, not received
32
Tuition and Fees
The trend in college-level enrollment over the last five years shows declines from FY2015 through
FY2019 as the economy has improved. Total credit hours at CLC decreased by 8,342 or 3.6% from
FY2018 to FY2019. CLC has experienced credit hour declines since FY2011. Dramatic growth
occurred in FY2010, when unemployment was extremely high, which posted a 12.2% increase
from FY2009 (not displayed) and was related to the economic recession. Over the past five years,
the college has seen 10.0% decline in total credit hours. The declines between FY2018 and
FY2020 was not as sharp as annual declines from FY2013 through FY2017. Credit hours for
Spring 2020 are projected down 0.6% from credit hours for Spring 2019. A 1.7% enrollment
decrease has been projected for FY2021 and continuing the decline into both in FY2022 and
FY2023.
Administration is proposing a $3 increase in tuition and fees for FY2021 at the Board Finance
Retreat February 25, 2020. Based on the proposal, tuition and fees will increase from $144 per
credit hour to $147 per credit hour for FY2021, reflecting a 2.1% increase. Out of the proposed
$147 per credit hour in tuition and fees for FY2021, $125 is for tuition and $22 is for
comprehensive fees. CLC’s comprehensive fees include per credit hour fees for technology,
instructional equipment, performing arts (JLC), student activity, CLC student success, capital fee,
and operating support. These fees are accounted for primarily in the operations & maintenance
restricted fund and the restricted purpose fund.
Even with the 2.1% projected increase in FY2021, tuition increases do not resolve projected
shortfalls in FY2022 and FY2023. Revenue enhancements and expenditure reductions will be
needed to balance budgets in those fiscal years. To completely balance the budget for FY2022, an
additional $30 would be necessary. In FY2023, a tuition rate increase of $38 would be needed if
following the zero increase assumption for both FY2022 and FY2023. See the following table
summarizing CLC’s tuition and fees.
190,000
200,000
210,000
220,000
230,000
240,000
250,000
260,000
FY15 FY16 FY17 FY18 FY19 FY20 Est FY21Proj
FY22Proj
FY23Proj
College-level Credit Hours
33
Tuition and Comprehensive Fees - FY2020 and Proposed FY2021
Description Fund
Current
Rates per
Hour
FY2021
Rates per
Hour
Tuition Education 122.00 125.00
Technology Fee O & M Restricted 5.00 5.00
Instructional Equipment O & M Restricted 2.00 2.00
Performing Arts (JLC) O & M Restricted 0.50 0.50
Student Activity Restricted Purpose 3.15 3.15
CLC Student Success Restricted Purpose 5.00 5.00
Capital Fee O & M Restricted 5.95 5.95
Operating Support Education 0.40 0.40
Total 144.00 147.00
The following table shows various scenarios of tuition increases by dollar increments from no
change up to $6.00 as well as projected enrollment from a more proactive increase of 1.0% up to
the worst case scenario of -2.2 %.
If the tuition increase for FY2021 is $1.00 and the enrollment decline is -2.2% for example, then
the shortfall will increase from a shortfall of $2,228,231 to $2.8 million. The College will need to
consider additional expenditure reductions and/or revenue enhancements to balance the FY2021
budget.
The graphs below show how CLC compares to peer community colleges and the state average for
FY2020. The first graph shows a total tuition and fees comparison and that CLC is in line with the
peer group but lower than the state average. In ranking, CLC is actually in the middle, placing 5th
out of the total of 9 peer colleges. The second graph shows just tuition as compared to the state
and peer school averages and reflects that CLC is lower than both the state and Peer College
averages for tuition alone.
Best Case
1.0% $ - $ 1.00 $ 2.00 $3.00 $ 4.00 $ 5.00 $ 6.00
Tuition/Fees 30,920,189 31,162,841 31,405,494 31,649,775 31,892,427 32,135,079 32,377,732
(Shortfall)/Surplus* (2,143,653) (1,901,001) (1,658,348) (1,414,067) (1,171,415) (928,763) (686,110)
Middle
-1.7% $ - $ 1.00 $ 2.00
Financial
Plan $3.00 $ 4.00 $ 5.00 $ 6.00
Tuition/Fees 30,125,530 30,360,695 30,597,861 30,835,611 31,071,777 31,307,943 31,544,108
(Shortfall)/Surplus* (2,938,312) (2,703,147) (2,465,981) (2,228,231) (1,992,065) (1,755,899) (1,519,734)
Worst Case
-2.2% $ - $ 1.00 $ 2.00 $ 3.00 $ 4.00 $ 5.00 $ 6.00
Tuition/Fees 29,978,371 30,213,335 30,448,299 30,684,840 30,919,805 31,154,769 31,389,733
(Shortfall)/Surplus* (3,085,471) (2,850,507) (2,615,543) (2,379,002) (2,144,037) (1,909,073) (1,674,109)
* (Shortfall)/Surplus based on Assumption of Expenditures of $116,835,354
FY2021 Tuition Scenarios, $0.00-$6.00 Increase
34
The total tuition and fees averages are a bit misleading as some of the schools charge one time fees
or flat amount fees which are not added into their per credit hour total. CLC does not charge
additional fees such as late fees, application fees, re-enrollment fees, registration fees or other types
of service fees.
Page 86 shows the FY2020 tuition and fees per credit hour for CLC and its peers. The Net Price
Table on page 92 shows a calculation called net price compared against our peer colleges. The
CLC net price for 2017 – 2018 is one of the lowest among our peer schools. The net price takes
into account total tuition and fees, books, supplies, and a weighted average for room and board and
other expenses, minus total financial aid awarded. The data is based on a full time student taking
24 credit hours per year. This data comes from the IPEDS College Navigator website.
Following is a graph showing actual tuition revenue each year from FY2015 through FY2019,
budgeted amount for FY2020, and projected tuition revenue from FY2021 through FY2023. The
graph shows the projected years with a net $4 increase in FY2021, and no increase in either
$144.00
$142.75
$147.01
$140.00
$141.00
$142.00
$143.00
$144.00
$145.00
$146.00
$147.00
$148.00
College of Lake County Peer Colleges State Average
Tuition & Fees Comparison
$122.00
$125.21
$129.86
$118.00
$120.00
$122.00
$124.00
$126.00
$128.00
$130.00
$132.00
College of Lake County Peer Colleges State Average
Tuition Comparison
35
FY2022 or FY2023. The tuition increase for FY2021 partially resolves the projected shortfall in
the upcoming FY2021. An $11 and $21 tuition increase in FY2022 and FY2023 respectively,
would close the projected shortfall for that fiscal year without expenditure decreases. See page 64
for CLC’s tuition and fee history.
Other Revenue
Other revenue is primarily interest income from the operating funds and the interest income
transferred in from the working cash fund. Since September 2017, the College began to invest in
various investments with different maturities. Investments with longer maturities tend to have
higher investment yields. The following table shows the actual dollars earned on investments from
FY2018 to FY2019 and the projected totals for FY2020 to FY2023.
Given the current investing environment and strong FY2019 returns, our future interest earnings
projections are down from expectations this time last year. The modest reductions are driven by
slightly lower expected economic growth.
In calendar year 2019, interest rates dropped significantly as global economic growth decelerated
and investors’ sentiment turned more cautious. In addition, as a result of slowing economic
$24,000,000
$26,000,000
$28,000,000
$30,000,000
$32,000,000
$34,000,000
FY20
15
FY20
16
FY20
17
FY20
18
FY20
19
FY20
20
Bu
d
FY20
21
Est
FY20
22
Est
FY20
23
Est
TUITION AND FEES REVENUE
Fiscal Year Interest Income Average Interest
FY15 48,104$ 0.30%
FY16 70,087$ 0.35%
FY17 215,898$ 0.35%
FY18 369,348$ 1.50%
FY19 2,008,175$ 2.00%
FY20 Bud 429,500$ 2.50%
FY21 Est 1,432,500$ 1.75%
FY22 Est 1,432,500$ 1.75%
FY23 Est 1,432,500$ 1.75%
Interest on Investments, Operating Funds and
Transfer from Working Cash
36
growth, the Federal Reserve and other central banks began to cut interest rates. The slowdown in
economic growth has caused central banks, including the Fed, to reverse course and become more
accommodative. The slower growth, muted inflation, and continuing risks from trade frictions and
political uncertainties are likely to keep the Fed accommodative and interest rates low going into
FY2021.
Total Revenue
From the assumptions listed previously, CLC is anticipating a slight 3.4% increase in total revenue
for FY2021. The rate of increases in the out years will be lower than in the past. Even with a $3 per
credit hour tuition increase, projected FY2021 revenues do not allow the College to achieve a
balanced budget. Expenditures will need to be reduced to balance the budget in FY2021.
The College faces the following risks to its three major revenue sources:
1) Proposed property tax freeze legislation and increases in property taxes could remain low;
2) State funding could be further reduced; and
3) Reduced enrollment and/or limited or no tuition increases could occur
If all three risks become reality, the College would need to modify financial projections and
significantly reduce expenditures or raise tuition over the next three fiscal years. The graph shows
total revenue for the last five years, the current budgeted amount for FY2020 and projected revenue
for FY2021 through FY2023. The total revenue projection includes a $3 tuition increase for
FY2021. And no tuition increases are included for either FY2022 or FY2023.
$90,000,000
$95,000,000
$100,000,000
$105,000,000
$110,000,000
$115,000,000
$120,000,000F
Y2
01
5
FY
201
6
FY
201
7
FY
201
8
FY
201
9
FY
202
0 B
ud
FY
202
1 E
st
FY
202
2 E
st
FY
202
3 E
st
TOTAL REVENUE
37
IV. Expenditure Assumptions
The FY2021 expenditure projection for operating funds is $116.9 million, which is a 5.9% increase
from $110.9 million in expenditures budgeted for FY2020.
Personnel cost is the largest expenditure of CLC’s operating funds (Education Fund and Operation
and Maintenance Fund). For FY2021, salaries and benefits are projected to represent 72.8% of total
operating expenditures.
The following chart shows the percent of expenditure type to the total expenditures for FY2021.
Salaries
Full-time faculty, adjunct faculty, facility employees, and police officers are covered under
separate union contracts with the College. The salary increases from the current contractual
agreements are being used in the projections. Currently all of the four unions are under contract.
The full-time faculty, represented by the Lake County Federation of Teachers, Local No. 2394
(AFT). Contract is in effect through June 30, 2022. Adjunct Faculty, represented by the Lake
County Federation of Teachers Local No 504 (IFT-AFT/AFL-CIO). Contract is in effect through
June 30, 2023. Facilities employees, represented by the College of Lake County Staff Council Lake
County Federation of Teachers Local 504 (IFT-AFT/AFL-CIO). Contract is in effect through June
30, 2021. CLC Police sworn employees, represented by the Illinois Fraternal Order of Police
Labor Council. Contract is in effect through June 30, 2022.
Salaries, 61.5%
Benefits, 11.3%
Contractual Services, 5.4%
Materials/Supplies, 3.6%
Travel/Meeting, 0.9%
Fixed Charges, 1.7%
Utilities, 2.5%
Capital Outlay, 1.9%
Other, 2.0%
Contingency, 1.2%Debt Service
Transfers, 6.4% Other Transfers, 1.5%
Percent of Expenditure Category to Total Expenditures, FY2021 Projected
38
The projection for FY2021 salaries is based on the union negotiated contractual salary increases
and the projected increases for non-union staff. Pages74 and 76 show a ten year history of CLC
personnel expenditures in the operating funds. There were also shifts in the Flex Benefit from
Benefits to Salary. See detail in benefits section for further description and financial impact.
Benefits
Health insurance has been factored at a 3.0% increase for FY2021, with an 8.0% increase for
FY2022, and an 8.0% increase for FY2023. Generally the rate increase has been in the 9-10%
range, if not higher, fortunately, this year as the College is self-insured for health insurance, the
actual claims cost were lower than in the past and the College will see the benefit. As this may be
an anomaly, the future year projections return to the average rates.
The national average for Medical PPO and HMO insurances are averaging 7% per year increase
whereas Prescription Drugs is trending at a 15% increase. Prescription Drugs makes up 25% of
our health insurance costs and Medical PPO and HMO is the remaining 75%, thus averaging to the
3.0% increase. Changes in the health insurance industry related to the Affordable Care Act or
possible repeal/reform and CLC’s aging workforce and previous claims history play a role in
claims experience which affects health insurance costs. These estimates are based on discussions
with the College’s insurance broker.
In FY2019 the Insurance Benefits Committee, in conjunction with our benefits broker/consultant,
in spite of our actual historical claims rates increase of 17.1% (national average was 18%), was
able to achieve with our current provider, to only increase premiums 9.0% in FY 2019 from FY
2018. This was achieved by implementing Plan structure changes including moving to a fully-
insured HMO plan and a self-insured PPO plan. This allowed the College to carve out the
Pharmacy Benefit Manager (PBM) on the PPO plan providing the College with an additional
savings in the amount of $323,000. The Insurance Benefits Committee, as per Board directive, had
also identified savings of $201,791 in plan changes. These cost savings were spread over the
medical/vision/dental plans. The total benefit cost increase is moderated by healthcare plan design
changes and an increase in the employee portion of premium paid. Currently the College Benefits
committee is consulting with our insurance broker and based on our actual historical rates, is
reaping the benefits of these design changes in the current year, while still looking ahead to future
year impacts.
The College has also been requiring employees to contribute at a higher rate to assist in covering
their health care costs. The increase is incremental and projected to be 5% each year until FY2020,
when tops out at about 20%. The employee contribution only began in FY2017.
The College is self-insured for employee health insurance. Medical insurance is 65.7% of the total
benefits budget. Other benefits remain flat for FY2021 through FY2023. Additional expenditures
in the benefits account are dental, life, and long term disability insurance, flexible spending
allowance, tuition waivers/reimbursements, and retiree health insurance.
39
The College is self-insured for medical insurance and uses Blue Cross/Blue Shield Illinois (BCBS)
as its health insurance provider (since January 1, 2010). CLC is able to take advantage of BCBS’s
ability to purchase medical care at lower rates. BCBS is one of the largest providers in Illinois. The
contract with BCBS is up for renewal as of July 1, 2020. The College annually reviews its medical
insurance contract. The College’s benefit committee is working in conjunction with our insurance
broker to receive the most advantageous coverage going forward. The scope of the request for
proposal includes Medical PPO and HMO (Cost Plus), Dental (Self-Funded PPO and Fully-Insured
DHMO), Vision, Flexible Spending Account, and the Employee Assistance Program (EAP). In
FY2020 with CLC’s lower historical cost trend, CLC is in a good negotiating position and should
be able to negotiate an increase of only 3.0% with BCBS. The College does not anticipate seeing
such a negligible increase and anticipates a higher rate to coincide with the national average. The
College’s benefit committee is also looking at methods to reduce costs while maintaining the
quality of healthcare coverage such as encouraging the use of generic drugs and promoting
wellness activities for employees.
A primary issue of concern for the benefits category is the effect of the federal health care law on
benefit costs for CLC. The federal health care law could have major effects on future benefit
expenses. Not providing affordable health insurance for employees or failing to provide insurance
to employees that are eligible can have serious financial impact. Additionally, the College’s plan
design is considered to be of high quality and could generate a yearly “Cadillac” tax for CLC. In
December 2019, President Donald Trump signed into law a bill repealing the Affordable Care
Act’s 40% excise tax on high-value health care plans, completely eliminating the so-called Cadillac
tax from taking effect. With the new Federal administration taking a stance to repeal additional
parts or all of the current Affordable Care Act, it remains unclear what will happen in the near
future.
76.5%
3.5%
0.4%
9.9%
5.5%
0.7%
0.4%
2.0%0.6%
0.4%Employee Benefits, FY2019
Medical Insurance
Flex Benefit Staff
Flex Benefit Faculty
Retiree Health Insurance
Tuition Waivers Reimbursements
SURS Inst. Share/Admin
Vision Insurance
Dental Insurance
Life Insurance
LTD Insurance
40
New pension legislation passed in December 2013 would have avoided the shifting of pension
costs from the state to the College. However, the law was ruled unconstitutional by the Sangamon
County Circuit Court in November 2014. A new plan will need to be considered given the state’s
unfunded pension liability is over $137.3 billion. Such a plan could include shifting costs to the
College and/or increasing employee contributions for the pension system. With the passing of the
state 2018 appropriation, the state created a Tier III. This change in pension will create a third tier
defined contribution plan and other pension changes contained in the budget implementation bill
(SB42). While Tier III has essentially fizzled out, the new governor has to address this issue with a
monumental change. How that change will affect the College will be determined in the future.
The following graph below shows a five year history plus a three year projection on the increases
in health costs and total benefits. Medical insurance has increased an average of 10.8% each year
since FY2015, and total benefits have decreased an average of about 1.5% each year over the same
time period. CLC Staff members would receive a flex benefit (“discretionary allowance” also
known as “DAL”). The flex benefit amount which was capped at $9,190, was discontinued for
employees hired after July 1, 2007. As attrition occurred, the number of employee receiving the
benefit declined. In the FY2019 budget, this benefit was reclassified to salary, and thus a decline
in total benefits but an increase in salary. Similar to DAL, effective with the Faculty Union
negotiations contract 2018-2022 agreement, it was negotiated to roll the $5,700 (“faculty’s
discretionary allowance”) into base salary and have faculty contribute 20% of their premiums,
consistent with the Board’s recommended medical insurance premium cost share structure. This
cost from flex benefit to salary represented approximately 210 faculty members for a shift of $1.2
million.
$0
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$14,000,000
$16,000,000
FY15
FY16
FY17
FY18
FY19
FY20
Bu
d
FY21
Est
FY22
Est
FY23
Est
Medical Ins/Total Benefit
Medical Ins
Total Benefit
41
Contractual Services, Materials/Supplies, Travel/Meeting, Fixed Charges, Capital Outlay,
and Other
Contractual Services, Materials and Supplies, Travel and Meeting, Fixed Charges, Capital Outlay,
and Other are projected to be 15.6% of the operating budget for FY2021. The projection for
FY2021 remains flat, except for a $200,000 escalation of Oracle/PeopleSoft maintenance contract
in contractual services, to the FY2020 budgeted amount.
Utilities
Utilities comprise about 2.5% of the total expenditure budget with the majority of the utility
expenditures budgeted for electricity and gas. Expenditures for utilities are projected to remain flat
from FY2021 through FY2023.
The College uses Constellation as its supplier of electricity and natural gas. Entel, L.L.C. is the
energy consultant and administers the purchasing and monthly nominations for the College. CLC
is part of the Intergovernmental Utilities Purchasing Cooperative buying group, which includes a
managed program that incorporates hedges into monthly pricing for natural gas. The College’s
natural gas price through June 2020 is $0.3227 per therm, a drop in price from FY2017’s locked in
rate of $0.3783 per therm. The College has committed to electricity prices through September 2018
at $0.04131 per kWh and $0.03469 per KWh September 2018 through September 2020. And
$0.02843 per KWh September 2020 through September 2022.
Debt Service for the Master Plan
In fall 2013, the College issued $60 Million in bonds to fund the Master Plan. These bonds were
issued in two series: 2013A and 2013B. In December 2017 the College advance refunded the
Series 2013B Bonds and issued Series 2017 Private Placement Bonds, to realize savings of
approximately $100,000 per year, without extending the obligation. Together, the projected annual
debt service cost to the operating budget is approximately $4.9 million per year, or 4.4% of the
operating budget including transfers. The total debt service cost including revenue from per credit
hour capital fees is budgeted at $5.6 million. Debt service payments are due on June 1 and
December 1, and are effective through FY2024 for series 2013A bonds and FY2034 for series 2017
bonds, the same as the original advance refunded series 2013B. The College plans to issue new
debt in FY2021 as the College addresses the local match for the State capital projects that have
been awarded as well as the new Master Plan that is underway. The initial impact of the new debt
assumes $2.5 million additional debt in FY2021 and $5.0 million in FY2022 and FY2023.
Operating Impact of the Master Plan
Financial projections include increases in operating costs to impact the College in FY2021 through
FY2023. New buildings such as the science building and cafe will result in additional square
footage and additional costs in the areas of custodial, maintenance, utilities, supplies, and
contractual. Projections have incorporated the operating impact costs in FY2021, FY2022 and
FY2023.
42
Auxiliary
The Auxiliary Fund experienced a loss of about $125,000 in FY2014 and then a gain of about
$500,000 in FY2015. These gains continued into FY2016 of $632,000 and FY2017 $546,000.
About $480,000 of these gains were transferred to the Education Fund. However, in FY2018 the
gain was only $63,500 and subsequently, no transfer to the Education Fund. In FY2019 the gain
ticked back up to $325,132, but no transfer to the Education Fund. Over the years, healthy profits
from the Bookstore have offset losses in other areas such as Workforce and Professional
Development (WPDI), Athletics, and Food Service. The Auxiliary Fund continues to anticipate
losses again in FY2020, depending on the financial performance of the various auxiliary operations
and the decline in Bookstore profit. Declining bookstore revenue results primarily from increased
competition, declining enrollment, greater use of rentals, lower prices for used textbooks, and an
increase in Open Educational Resources (OER). OER are teaching and learning materials that can
be used at significantly reduced cost.
Additionally, at the end of FY2014 $3 million in Auxiliary fund balance was transferred for Master
Plan projects. In FY2016 the Operations & Maintenance Fund (Restricted) transferred $275,000 to
provide seed monies to establish a new department within the Workforce and Professional
Development Institute (WPDI). Projections for FY2021 through FY2023 do not include transfers
out from the Education Fund to the Auxiliary Fund to offset potential losses or surpluses.
Fund Balance
College Policy 704, Fund Balance, was adopted in April 2006 and amended in October 2011 and
amended again in December 2018. A key feature of the policy update includes an increase to the
fund balance policy target from 13% to 25% in 2011 and now 30% in 2018 of budgeted operating
fund expenditures. The policy states:
“The College of Lake County shall seek to maintain an end-of-fiscal-year unrestricted fund
balance in the operating fund equal to or greater than 30 percent of budgeted operating
fund expenditures. Unrestricted fund balance includes only those resources without a
constraint on spending or for which a constraint on spending is imposed by the college
itself. To the extent that the unrestricted fund balance on the date of the adoption of this
policy is below 30 percent, the President shall implement a plan with board approval to
achieve the desired fund balance level. The plan shall include setting aside a portion of the
operating fund revenues expected in any fiscal year until the desired fund balance level is
achieved. The duration of the plan shall not exceed five years”
Fund Balance, recognizes the need for adequate operating fund balance to ensure financial stability
and minimize the need for any short-term borrowing to meet the College’s daily needs and its
financial obligations. Traditionally, Board Policy 704 required the Administration to maintain an
unrestricted operating fund balance equal to or greater than 25% of annual expenditures. In
practice, the Administration has maintained operating fund balances in excess of 30% to meet
highest “Aaa/AAA” bond rating category standard. The table below illustrates the Moody’s
Investor Services fund balance criteria.
43
(Source: Moody’s Investor Services, Rating Methodology for US Local Government General Obligation Debt, 12/16/2016, page 10.)
Although other agencies are less specific, transparent, or both about what they look for in terms of
minimum fund balance, they approach the methodology in a more qualitative framework. Current
and historical fund balance is clearly a factor in their ratings; however, they don’t define what that
balance looks like in specific rating categories.
At the Board planning retreat held on November 6, 2018, Trustees agreed that the Administration
should strive to maintain the current Aaa bond ratings with Moody’s Investor Services and
instructed the Administration to bring the current Board Policy 704 into line with Administration’s
practice.
The fund balance is important to offset any unexpected adverse revenue or expenditure events. It is
also necessary for cash flow purposes, the College’s bond rating, and investment income.
CLC’s 45.5% fund balance to total operating expenditures ratio for FY2019 is ranked seventh out
of nine peer schools. CLC’s 19.1% working cash fund balance to operating expense ratio is the
second highest percent total among peer community colleges. When combining the working cash
fund totals with the operating fund totals and dividing that total by operating fund expenditures,
CLC is ranked sixth out of nine peer schools at 64.7% of operating expenditures and is below the
average of 91.7%. The table on page 84 shows the totals of the peer schools included in these data.
Cash flow is low during the spring months of late March through late May, as the spring tuition
received in January and February decreases and the second half of property tax revenue is not
received until late May. The cash on hand from fund balance is used to cover the expenditures until
the second half of the property taxes are received. The College also maintains a working cash fund
to assist in cash flow needs. To supplement the low cash balances, prior to the investment policy,
the College was loaning most of the working cash fund balance to the operating funds during the
spring months. Since the fund balance increased, the need to use working cash for cash flow
purposes has not been necessary though a loan from working cash may be needed as the State’s
budget uncertainty continues.
CLC also uses the cash flow from fund balances and the balance from working cash to invest in
order to earn interest income for the College. Over the last three years the interest rates have been
historically low, but are now on the rebound, earning about 1.75%. In 2007 and 2008 when the
interest rates were above five percent the College earned more than $1 million in interest income in
FY2008. With the current lower interest rates, CLC earned $507,820 in FY2019 and transferred
$388,500 to the Operating Funds. Below is a table with the last five years of history, a projection
for the current fiscal year, and three years projected of the percent of fund balance to total
expenditures.
Ten years of Fund Balance history is on page 80.
44
The above table includes the $3 per credit hour tuition increase and projected expenditure increases
for FY2020 as well expenditure projections for FY2022 and FY2022 needed to balance the
operating budget in all three fiscal years.
15.00%
20.00%
25.00%
30.00%
35.00%
40.00%
45.00%
50.00%
20
15
20
16
20
17
20
18
20
19
20
20
Bu
d
20
21
Est
20
22
Est
20
23
Est
Percent Fund Balance to Operating Expenditures
Percent Fund Balance to Operating Expenditures Fund Balance Policy Target
45
V. Operating Funds Summary
Many factors will impact the operating budget over the next few years. Most of these will affect the
major sources of revenue, and some will affect expenditures. Categories and issues identified are:
Property Tax Revenue – Proposed property tax freeze, a reduction in new property, and
lower inflation.
State Revenue - A possible permanent reduction and a shift to performance funding
Tuition Revenue – Continued enrollment decline
Contractual Salary Increases – Salary increases contained in union contracts are higher
than inflation
Benefit Expenses – An aging workforce, possible health care contribution changes from
the State of Illinois, and the effects/repeal of the Patient Protection and Affordable Care Act
(ACA) under the new Federal administration
Utilities Expense - Energy price volatility
Operating Impact of the Master Plan - Increases in operating costs will impact the
College in FY2021 - FY2023
Financial Health of the Auxiliary Fund – Continued monitoring of Auxiliary Fund
finances to ensure this fund breaks even or earns a profit each fiscal year. Auxiliary
operations will need to become less reliant on the Bookstore as profits in this area decline.
The projections show shortfalls for FY2021 through FY2023 with no revenue enhancements or
expenditure reductions and a $3.00 tuition increase per credit hour in FY2021 and no tuition
increase in either FY2022 or FY2023. The increases needed above the approved $3.00 increases in
FY2021 are:
FY2021 $3.00
FY2022 $30.00
FY2023 $38.00
The College will need to closely monitor the issues related to revenue and expenditures and adjust
accordingly each year.
46
47
VI. Other Revenue Sources
Auxiliary Enterprise Fund
The Auxiliary Enterprise Fund accounts for college services where activity is intended to be self-
supporting. Each enterprise/service should be accounted for separately using a group of self-balancing
accounts within the fund. Accounts in this fund for CLC include intercollegiate athletics, bookstore, food
services including vending, child care, performing arts, and workforce and professional development.
Only monies over which the institution has complete control should be included in this fund. Subsidies for
auxiliary services by the Education Fund should be shown as transfers to the appropriate account. The
graph below shows the Auxiliary Fund’s fund balance over the last ten years.
A $3 million transfer from the Auxiliary Fund to the Operations and Maintenance (Restricted) Fund was
approved and executed at the end of FY2014 to fund Master Plan construction. The auxiliary fund balance
declined from $3.4 million at the end of FY2013 to $363,903 at the end of FY2015. In FY2017 the fund
balance is back up to $1,723,060 due to a favorable year and a transfer in in FY2016 of $275,000 to
provide seed monies to establish a new department within Workforce and Professional Development
(WDPI). Page78 in the appendix shows the last ten years by auxiliary operation. The data in the appendix
table reflects that the bookstore has been subsidizing the remaining operations, as all other auxiliary
department balances are deficits or contain subsidy transfers from other funds.
Although the Bookstore is still returning a profit, it is on a downward trend. In FY2018 the profit was
$248,000 a reduction of $157,000 from FY 2017 profit of $405,000, and prior averages of $600,000. The
bookstore continues to carefully watch all expenses including cost of goods and labor costs. Bookstore
sales will continue to see a decline as the College works toward textbook affordability through increasing
use of Open Education Resources, custom textbooks, textbook rentals and aggressive used book pricing.
As a result, the Bookstore continues to scrutinize expenditures and is aggressively searching for additional
revenue and service opportunities. The Bookstore has seen an increase in customer traffic and non-
textbook merchandise sales by leveraging the placement of the new LancerZone campus store to better
serve students, faculty, and staff. A new location planned for the bookstore at the Lakeshore campus is
expected to increase bookstore sales and provide an opportunity to better service students, faculty, staff
and the community. While the Bookstore continues to be profitable and a source of funding for the
-
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19
Auxiliary Fund Balance
48
College, it is projected that profits will continue to decline over the next few years despite the best efforts
to provide expanded merchandise categories and additional services at all campus bookstores. The
Bookstore is estimating that beginning with FY2021 there will be little or no bookstore profit, although,
revenues should continue to cover department expenditures. The Bookstore will continue to support
textbook affordability for the benefit of students and review strategies to increase the sales of non-
textbook merchandise.
Food service was outsourced beginning in FY2017, although the college receives no commissions from
the current food service management vendor, there is no longer a net loss. In FY2016, prior to
outsourcing, the college realized a net loss of $115,000 beyond food service and catering revenue,
vending, and coffee cart commissions. The College’s food service management vendor operates food
service and catering operations efficiently and professionally. There is a good working relationship
between the vendor and college staff.
Additionally, since FY2018 the college is operating under new beverage, food and snack-vending
contracts which yields an additional $50,000 in annual vending commission dollars. The higher
commission rates from the new contracts were not a result of increased prices to students, faculty and
staff. Prices remained consistent with those under previous contracts. The Board continued to support
allocating a portion of vending commissions for the “Giving Back” Textbook Scholarship in FY2019 and
FY2020.
As new building projects reach completion, staff will identify areas for additional vending opportunities to
serve students. This is also in an effort to continue to increase vending revenues
Operation and Maintenance (Restricted) Fund
This fund is used to account for monies restricted for building purposes and site acquisition, including
capital expenditures for the Master Plan. It is suggested that protection, health, and safety levies, building
bond proceeds, capital renewal grants, and accumulation monies restricted from the operations and
maintenance levy for building purposes be accounted for in a series of self-balancing accounts in this
fund. The only grants which should be accounted for in this fund include the deferred maintenance grant
and other facilities improvement grants which may from time to time be appropriated to the ICCB on
behalf of community colleges. The balances in the O&M (restricted) fund are monies set aside for capital
projects. Page 77 shows the last ten years history of the O&M restricted fund revenue, expense, and fund
balance.
Master Plan – A new campus master plan is nearing completion that is based on a detailed analysis of
existing space, growth, and needs. The Board will consider the new Campus Master Plan and Capital
Budget at the August 2020 board meeting. Financing recommendations will include the issuance of $75
million in bonds, planned use of annual operating resources, capital leases and partnership contributions
and Foundation fundraising to support the new campus master plan 2024. These bonds were issued in the
summer of 2020 as alternative revenue bonds utilizing savings realized in the budget and possible
additional capital fee of $3.00. The Administration will recommend a campus master plan that will meet
most of the College’s deferred maintenance needs.
In order to provide better service to students, the community and the workforce, additional facilities need
to be acquired and current facilities need to be upgraded. To accomplish this, the College has engaged the
architectural firm of Holabird & Root to assist the Administration to create a new campus master plan to
meet the objectives of the new Strategic Plan 2024. Debt service for the prior Campus Master Plan is $5.6
million annually with a shorter overall term to repay principal and interest. One portion of the bond
49
principal will be retired in ten years while the other portion will be retired in twenty years. As the College
looks to its next 50 years and aligns its delivery to the current community and workforce needs of today,
new creative partnerships are being explored to achieve our strategic objectives.
Revenue and Transfers –
The College has been transferring $3.6 million for the related debt service on the Master Plan from the
Education Fund. Along with the $3.6 million, the College also transfers from the O & M Fund in the
amount of $1.4 million. Together, these two transfers will be combined for a total of $4,926,186 and
subsidized with an additional $680,925, from the per credit hour capital fee, to pay for debt service on
Master Plan bonds to equal the $5.6 million (Series 2013A and 2017 as discussed following).
The College transfers $647 thousand from the Education Fund to Auxiliary Fund to subsidize health
insurance expenses of the Auxiliary Funds. Also transfers $299 thousand to the Restricted Purpose Fund
for Illinois Veteran Grant expenditures which are unfunded mandates. There are various other transfers
within other funds for grant matches, subsidizing children’s learning center operations, and funding Salute
to Gospel event. As well as transfers back to the Education Fund from the Bookstore surplus operations
and interest earned in the Working Cash Fund.
Bond and Interest Fund
The Bond and Interest Fund is used to account for payment of principal, interest and related charges on
any outstanding bonds funded by the debt service property tax levy. Debt service for each bond issue
must be accounted for separately using a group of self-balancing accounts within the fund. Since the tax
cap law changes in 1994, the College has been limited to the amount of debt that had been issued at that
time plus the annual increase of the CPI unless a referendum is held to increase the debt limit. The 2012
and 2014 refunding bonds (refunded from series 2005 bonds) are all non-referendum issues and were
structured against the College's Debt Service Extension Base (DSEB) from property taxes. The College's
DSEB is currently $1,853,122, and increases annually by the Consumer Price Index (CPI). As of the
December 2017 debt service payment, the 2014 refunding bonds are paid in full. The 2012 bonds will
now be paid back at higher principal rates as the bonds had been structured as not to create a large impact
to the total annual payments once the 2014 bond was paid off.
In January 2012, the College issued $20.4 million in non-referendum Series 2012 bonds for the following
purposes:
Fund 25% of the capital cost for a new science building in Grayslake and student services center in
Waukegan;
Refund existing bonds to take advantage of lower interest rates; and
Complete deferred maintenance projects and provide initial funding for the College’s Master Plan.
The 2002A series bonds were refunded with the issuance of the $20.4 million Series 2012 bonds.
In early September 2014, the College issued $2.8 million G.O. limited refunding bonds, series 2014, to
refund G.O. limited tax funding bonds, series 2005 and realize savings on interest costs. The 2014
refunding bonds have been paid off in FY2018. The College’s DSEB from property taxes are the source of
principal and interest payments over a twenty-year term for the series 2012 bonds and series 2014
refunding bonds.
50
Interest costs on these bonds is lower than in prior years. Bond rates declined to historic lows in FY2013.
Additionally, the College received an upgrade from Moody’s Investment Services of New York
(Moody’s) from Aa1 to Aaa, its highest rating. In December 2017 the College was reaffirmed by
Moody’s as Aaa, with a stable outlook, the highest rating possible. The upgrade means the College can
sell bonds at significantly lower interest rates. The College’s improved financial condition and increased
fund balance contributed significantly to the bond rating upgrade. On page 62 is a table that shows CLC’s
current debt. This table uses the assumption that the CPI will be 1.5% per year going forward. The
remaining margin column for FY2021 through FY2037 shows where the College has room in its DSEB,
meaning that future non-referendum bond issues may be issued by the College, as long as its annual debt
service payments do not exceed what is listed each year in that column.
Restructuring debt is a way to increase the amount of current new debt available by spreading out current
payments into the future or by lowering the interest rates. In December 2017, with pressure of changes in
the Federal Tax Law which was going in effect in January 2018, the College with assistance of their
Financial Advisors and Bond Council, reviewed all outstanding debt to look to see of any opportunities for
debt restructuring made financial sense for the College. The Federal Tax Law in November was
indicating the removal of the tax benefits of Private Placement Bonds as well as advance refunding. In
December 2017, the College advance refunded its General Obligation (Alternate Revenue Source), Series
2013B with a Private Placement General Obligation Refunding Bonds (Alternate Revenue Source), Series
2017. The final maturity date remained at June 1, 2034 but realized savings as interest rates were reduced
to 3.1% saving approximately $100,000 each year. At January, 2020 the net bond obligation was
$52,995,000. This total includes $41.2 million of alternate revenue non tax bonds contained in the O&M
restricted fund.
51
VII. Major Future Expenses
A new campus master plan is nearing completion that is based on a detailed analysis of existing space,
growth, and needs. The Board will consider the new Campus Master Plan and Capital Budget at the
August 2020 board meeting. Financing recommendations will include the issuance of $75 million in
bonds, planned use of annual operating resources, capital leases and partnership contributions and
Foundation fundraising to support the new campus master plan 2024. These bonds will be issued in the
summer of 2020 as alternative revenue bonds utilizing savings realized in the budget and possible
additional capital fee of $3.00. The Administration will recommend a campus master plan that will meet
most of the College’s deferred maintenance needs.
In addition to buildings, funding is also necessary for other major expenses/projects. One of those expense
items is Other Post-Employment Benefits (OPEB). An employer's net OPEB obligation is defined as the
cumulative difference between annual OPEB cost and the employer's contributions to a plan. CLC’s net
annual OPEB obligation for FY2019 was determined by an independent actuarial firm to be $9,683,431.
The net OPEB obligation has increased 3.2% from FY2018 to FY2019, increasing from $9.4 million to
$9.7 million. CLC budgets the cash expense annually. The amount budgeted for FY2021 is $950,000
which is the same as FY2020. Changes in assumptions reflect that the discount rate was changed to
comply with the GASB Statement No. 75 standard.
In response to a growing OPEB liability, the College made revisions to its OPEB policies. The long-term
liability for post-employment has changed from $11.7 million at the end of FY2011 to $9.7 million at the
end of FY2019 (based on the most recent actuarial valuation completed), largely due to changes made to
non-union OPEB benefits in November 2011. Current retirees will maintain benefit levels under the prior
policy. These changes are in addition to OPEB benefit changes for union employees that were effective
for FY2011.
52
53
VIII. Financial Variables and Risks
In addition to the detail provided in the projections, this section will highlight the major variables and
risks that may impact the future finances of CLC. These are as follows:
State Funding
While we have a new governor, it is still unclear how community colleges will reap any benefit after a
half century of under-funding local schools. The state’s ongoing challenge is unfunded pension liabilities.
While the first year the governor made considerable strides in creating new revenue streams such as
legalizing gambling and marijuana, there are still many needs to be met. Currently the next hurdle seems
to be passing the “Fair Tax” proposal or graduated income tax. It is not anticipated to have a budget until
possibly May 2020.
Enrollment
Besides the tuition rate, total enrollment determines tuition revenue. As community colleges gained more
visibility and the economy struggled, enrollment grew dramatically. The data discussed earlier shows a
peak in enrollment for FY2011 and an enrollment decline from FY2012 through year-to-date FY2020 as
the economy improves. Such a decline will reduce revenues. Financial aid changes and reduced
enrollment will require resources to focus on increasing market share to maintain enrollment levels.
Property Values
The burst of the housing bubble nationally and locally has directly impacted CLC revenues.
Approximately 63.6% of CLC’s operating budget depends on property tax revenue. Property tax revenue
is capped by law and determined by formula. That formula uses property valuation as the basis for
determining the maximum amount allowed under the law. As property values decrease, the property tax
rate the College approves must increase to maintain current tax revenue levels. The College is not in
danger of meeting the maximum rate; however, homeowners whose home value has not decreased will see
a property tax increase. Rates are determined annually. Home values are determined on a rolling three
year average. Reactions to annual rate increases when homeowners are limited to a three year average
valuation may impact future property tax discussions.
Bookstore
The introduction of open educational resources and other digital media presents both opportunities and
challenges to the college bookstore. These technologies have the potential to improve affordability and
access for certain subjects and could allow traditional community college content to reach a broad
audience. However, as resources are accessed online and via new media, bookstore sales are projected to
decline over the next three years. In the near future, the College will no longer be able to rely on profits
from the Bookstore to subsidize other auxiliary operations such as WPDI and Athletics. A trend of
declining enrollment will also negatively impact bookstore revenues.
54
55
IX. Summary
In summary, to achieve fiscal stability expenditure reductions must be factored into the FY2021 budget
due to the state’s previous budget impasse, declining enrollment, and a proposed property tax freeze. Slow
revenue growth will necessitate the need to enhance efficiencies in the near future and raise tuition. A
tuition increase of $3 per credit hour in FY2021 is included in these financial projections. FY2021
projected expenditures and revenues have a shortfall of $2,228,230 assuming the presented scenarios.
Going forward even with an additional tuition increase, $2.2 million in expenditure reductions will be
needed to attain a balanced budget for FY2021. Additionally, significant dollars will be needed for new
buildings as well as the maintenance and repair of old buildings and equipment. In the auxiliary fund,
decisions must be made on programs or departments not crucial to the College’s mission if they are not
self-sustaining economically. There are many challenging decisions ahead and this document will be
updated yearly to provide information to assist in making those decisions.
56
57
X. Statistical Data
58
FY 2019 Actual FY 2020 Budget FY 2021 Projected FY 2022 Projected FY 2023 Projected
Revenues
Taxes 67,801,223$ 69,843,518$ 71,581,856$ 73,023,754$ 74,016,403$
Back Taxes - 2,700 2,700 2,700 2,700
Personal Property Replacement Tax 1,173,320 983,783 1,250,000 1,250,000 1,250,000
Tax Increment Financing 104,956 107,500 107,500 107,500 107,500
ICCB Cr. Hr. Grants (State Apportionment) 7,146,755 7,188,320 7,827,810 7,827,810 7,827,810
Board of Vocational Ed. 534,490 534,490 537,850 537,850 537,850
Tuition 27,606,773 29,645,478 29,856,789 29,383,976 29,383,976
Lab Fees 584,311 533,475 533,475 533,475 533,475
Comprehensive Fees 4,856,209 5,079,826 4,993,469 4,913,573 4,913,573
Comprehensive Fees Allocations (4,768,198) (4,987,466) (4,902,679) (4,824,236) (4,824,236)
Other Student Fees 441,146 354,558 354,558 354,558 354,558
Tuition Chargeback - - - - -
Interest on Investments 2,008,175 429,500 1,432,500 1,432,500 1,432,500
Other Revenue 181,769 504,762 504,762 504,762 504,762
Transfers In 388,500 659,034 526,534 526,534 526,534
Total Revenues and Transfers In 108,059,428$ 110,879,478$ 114,607,124$ 115,574,756$ 116,567,405$
Expenditures
Salaries 64,411,933$ 69,741,455$ 71,821,275$ 73,678,308$ 75,562,735$
Health Insurance 8,031,736 10,133,158 10,437,153 11,272,125 12,173,895
Other Benefits 2,705,717 2,926,317 2,792,378 2,831,356 2,873,452
Contractual Services 4,534,077 6,125,477 6,325,477 6,325,477 6,325,477
Materials and Supplies 3,305,231 4,242,334 4,242,334 4,242,334 4,242,334
Travel and Meeting 784,048 1,083,300 1,089,300 1,089,300 1,089,300
Fixed Charges 1,873,604 1,958,593 1,958,593 1,958,593 1,958,593
Utilities 2,466,582 2,946,430 2,946,430 2,946,430 2,946,430
Capital Outlay 1,157,828 1,271,800 2,271,800 2,271,800 2,271,800
Other 3,035,031 2,402,563 2,315,730 2,301,723 2,301,723
Contingency - 1,459,507 1,459,507 1,459,507 1,459,507
Transfers Out for Debt Service 4,944,696 4,926,514 7,436,785 9,950,792 9,950,792
Other Transfers Out Other 8,703,941 1,662,030 1,738,592 1,738,592 1,738,592
Total Expenditures and Transfers Out 105,954,422$ 110,879,478$ 116,835,354$ 122,066,337$ 124,894,630$
(Shortfall)/Surplus 2,105,006$ -$ (2,228,230)$ (6,491,581)$ (8,327,225)$
Beginning Fund Balance 39,899,570$ 42,004,576$ 42,004,576$ 39,776,346$ 33,284,765$
Ending Fund Balance 42,004,576$ 42,004,576$ 39,776,346$ 33,284,765$ 24,957,540$
Tuition Increase Included in Projection 3.00$ -$ -$
Additional Tuition Increase Needed to Balance* -$ 30.19$ 38.73$
Expenditure Reduction Needed to Balance** (2,228,230)$ (6,491,581)$ (8,327,225)$
*Estimated based on 218,000 credit hours in FY21, 215,000 credit hours in FY22, and 215,000 credit hours in FY23
COLLEGE OF LAKE COUNTY
THREE-YEAR FINANCIAL PLAN
OPERATING FUNDS
59
FY 2018 Actual FY 2019 Budget FY 2020 Projected FY 2021 Projected FY 2022 Projected
Revenues
Taxes 65,940,413$ 67,962,206$ 69,843,518$ 71,572,955$ 73,338,620$
Back Taxes - 2,700 2,700 2,700 2,700
Personal Property Replacement Tax 1,054,387 983,783 983,783 983,783 983,783
Tax Increment Financing 106,383 107,500 107,500 107,500 107,500
ICCB Cr. Hr. Grants (State Apportionment) 11,563,534 6,478,761 7,188,320 7,188,320 7,188,320
Board of Vocational Ed. 1,046,803 406,016 534,490 534,490 534,490
Tuition 28,097,914 29,419,658 29,645,478 29,146,707 28,656,415
Lab Fees 572,349 533,475 533,475 533,475 533,475
Comprehensive Fees 5,152,502 5,167,677 5,079,826 4,993,469 4,908,580
Comprehensive Fees Allocations (5,062,892) (5,073,719) (4,987,466) (4,902,679) (4,819,333)
Other Student Fees 444,643 354,558 354,558 354,558 354,558
Tuition Chargeback - - - - -
Interest on Investments 369,348 206,000 429,500 429,500 429,500
Other Revenue 202,250 205,002 205,002 205,002 205,002
Transfers In 271,752 871,284 571,284 571,284 571,284
Total Revenues and Transfers In 109,759,386$ 107,624,901$ 110,491,969$ 111,721,065$ 112,994,894$
Expenditures
Salaries 60,254,992$ 66,819,191$ 70,124,308$ 72,265,534$ 74,472,159$
Health Insurance 8,490,217 8,701,452 9,880,049 10,961,246 12,145,155
Other Benefits 4,820,879 4,145,418 2,880,018 2,880,018 2,880,018
Contractual Services 4,405,227 5,796,547 5,796,547 5,796,547 5,796,547
Materials and Supplies 3,082,576 4,162,594 4,162,594 4,162,594 4,162,594
Travel and Meeting 584,080 950,213 950,213 950,213 950,213
Fixed Charges 2,213,132 1,986,535 1,986,535 1,986,535 1,986,535
Utilities 2,686,988 3,235,430 3,235,430 3,235,430 3,235,430
Capital Outlay 1,804,304 1,270,435 1,270,435 1,270,435 1,270,435
Operating Impact - Master Plan - - 200,000 200,000 200,000
Other 1,404,921 2,455,584 2,455,584 2,455,584 2,455,584
Contingency - 1,449,507 1,449,507 1,449,507 1,449,507
Transfers Out for Debt Service 5,127,314 4,913,403 4,926,514 4,936,785 4,950,792
Other Transfers Out Other 13,035,000 1,738,592 1,738,592 1,738,592 1,738,592
Total Expenditures and Transfers Out 107,909,630$ 107,624,901$ 111,056,327$ 114,289,020$ 117,693,561$
(Shortfall)/Surplus 1,849,756$ -$ (564,358)$ (2,567,955)$ (4,698,667)$
Beginning Fund Balance 38,049,814$ 39,899,570$ 39,899,570$ 39,335,212$ 36,767,257$
Ending Fund Balance 39,899,570$ 39,899,570$ 39,335,212$ 36,767,257$ 32,068,590$
Tuition Increase Included in Projection 3.00$ -$ -$
Additional Tuition Increase Needed to Balance* 2.40$ 11.12$ 20.79$
Expenditure Reduction Needed to Balance** (564,358)$ (2,567,955)$ (4,698,667)$
*Estimated based on 233,000 credit hours in FY20, 229,000 credit hours in FY21, and 225,000 credit hours in FY22
COLLEGE OF LAKE COUNTY
THREE-YEAR FINANCIAL PLAN
OPERATING FUNDS
60
Revenue
FY 2021 FY 2022 FY 2023
CPI Increase for Taxes, 2nd Half of Fiscal Year 2.3% 1.5% 1.5%
State Credit Hr. Grant (Apportionment) 0% 0% 0%
Enrollment -1.7% -1.6% 0.0%
Tuition Increase per Credit Hour 3.00 - -
Other Sources 0% 0% 0%
Transfers In 0% 0% 0%
Expenditures
Salaries Various * Various * Various *
Health Insurance 3.0% 8.0% 8.0%
Other Benefits 0% 0% 0%
Contr. Services 200,000$ 0% 0%
Materials & Supplies 0% 0% 0%
Travel and Meeting 0% 0% 0%
Fixed Charges 0% 0% 0%
Utilities 0% 0% 0%
Capital Outlay 0% 0% 0%
Operating Impact 0% 0% 0%
Other 0% 0% 0%
Contingency 0% 0% 0%
Transfers Out - Debt Service 2,500,000$ 5,000,000$ 5,000,000$
Transfers Out - Other 0% 0% 0%
* Subject to college negotioated contracts
OPERATING FUNDS
COLLEGE OF LAKE COUNTY
THREE-YEAR FINANCIAL PLAN ASSUMPTIONS
61
FY 2016 Actual FY 2017 Actual FY 2018 Actual FY 2019 Actual FY 2020 Budget
Revenues
Taxes 63,829,152$ 64,711,352$ 65,940,413$ $67,801,223 $69,843,518
Back Taxes - - - - 2,700
Personal Property Replacement Tax 1,159,689 1,280,857 1,054,387 1,173,320 983,783
Tax Increment Financing 182,201 93,244 106,383 104,956 107,500
ICCB Cr. Hr. Grants (State Apportionment) 2,184,557 3,370,454 11,563,534 7,146,755 7,188,320
Board of Vocational Ed. - 516,619 1,046,803 534,490 534,490
Tuition 27,079,155 28,012,670 28,097,914 27,606,773 29,645,478
Lab Fees 566,717 585,741 572,349 584,311 533,475
Comprehensive Fees 5,185,353 5,507,290 5,152,502 4,856,209 5,079,826
Comprehensive Fees Allocations (5,091,074) (5,411,166) (5,062,892) (4,768,198) (4,987,466)
Other Student Fees 7,548 229,441 444,643 441,146 354,558
Tuition Chargeback 18,632 2,192 - - -
Interest on Investments 70,087 215,898 369,348 2,008,175 429,500
Other Revenue 116,150 714,665 202,250 181,769 504,762
Transfers In 94,154 208,645 271,752 388,500 659,034
Total Revenues and Transfers In 95,402,321$ 100,037,901$ 109,759,386$ 108,059,428$ 110,879,478$
Expenditures
Salaries 59,325,856$ 60,127,946$ 60,254,992$ 64,411,933$ 69,741,455$
Health Insurance 7,799,611 7,603,466 8,490,217 8,031,736 10,133,158
Other Benefits 5,324,642 4,992,823 4,820,879 2,705,717 2,926,317
Contractual Services 5,011,931 4,337,670 4,405,227 4,534,077 6,125,477
Materials and Supplies 3,100,281 2,932,259 3,082,576 3,305,231 4,242,334
Travel and Meeting 700,694 515,942 584,080 784,048 1,083,300
Fixed Charges 1,668,014 1,751,340 2,213,132 1,873,604 1,958,593
Utilities 2,676,589 2,523,575 2,686,988 2,466,582 2,946,430
Capital Outlay 974,677 868,490 1,804,304 1,157,828 1,271,800
Other 2,741,651 2,563,987 1,404,921 3,035,031 2,402,563
Contingency - - - - 1,459,507
Transfers Out for Debt Service 4,976,885 4,976,885 5,127,314 4,944,696 4,926,514
Other Transfers Out Other 432,655 177,539 13,035,000 8,703,941 1,662,030
Total Expenditures and Transfers Out 94,733,486$ 93,371,922$ 107,909,630$ 105,954,422$ 110,879,478$
(Shortfall)/Surplus 668,835$ 6,665,979$ 1,849,756$ 2,105,006$ -$
Beginning Fund Balance 30,715,000$ 31,383,835$ 38,049,814$ 39,899,570$ 42,004,576$
Ending Fund Balance 31,383,835$ 38,049,814$ 39,899,570$ 42,004,576$ 42,004,576$
COLLEGE OF LAKE COUNTY
FIVE YEAR HISTORY
OPERATING FUNDS
62
EXISTING DEBT TABLE – DEBT SERVICE EXTENSION BASE
Levy
Year
Fiscal
Year
$4,500,000
General
Obligation
Limited
Bonds,
Series 2005
$19,850,000
GO Limited
Funding
Bonds, Series
2012
$2,835,000
GO Limited
Refunding
Bonds,
Series 2014
Less: B&I
Funds
Contributed Total
Non
Referendum
Debt Service
Extension
Base Created
W/1994 Levy
(1)
Remaining
Margin
Total General
Obligation
Bonds Debt
Service
Approximate
1.0% County
Loss/Cost
Debt Service EAV
Growth
Rate
B&I Tax
Rate
DSEB
Growth
Rate
2014 2016 - 697,600 977,400 - 1,675,000 1,718,653 43,653 1,675,000 1,691,750 21,481,556,144 -1.38% 0.0079 1.50%
2015 2017 - 721,900 973,650 - 1,695,550 1,732,402 36,852 1,695,550 1,712,506 22,241,243,932 3.54% 0.0077 0.80%
2016 2018 - 755,500 969,600 - 1,725,100 1,744,529 19,429 1,725,100 1,742,351 23,646,640,884 6.32% 0.0074 0.70%
2017 2019 - 1,793,150 - - 1,793,150 1,781,164 (11,986) 1,781,164 1,798,976 24,711,256,642 4.50% 0.0073 2.10%
2018 2020 - 1,819,700 - - 1,819,700 1,818,569 (1,131) 1,818,569 1,836,755 25,273,938,682 2.28% 0.0073 2.10%
2019 2021 - 1,847,475 - - 1,847,475 1,853,122 5,647 1,847,475 1,865,950 26,220,076,387 3.74% 0.0071 1.90%
2020 2022 - 1,870,975 - - 1,870,975 1,880,918 9,943 1,870,975 1,889,685 27,201,633,049 3.74% 0.0069 1.50%
2021 2023 - 1,902,225 - - 1,902,225 1,909,132 6,907 1,902,225 1,921,247 28,219,934,589 3.74% 0.0068 1.50%2022 2024 - 1,931,075 - - 1,931,075 1,937,769 6,694 1,931,075 1,950,386 29,276,356,561 3.74% 0.0067 1.50%
2023 2025 - 1,957,525 - - 1,957,525 1,966,836 9,311 1,957,525 1,977,100 30,372,326,016 3.74% 0.0065 1.50%
2024 2026 - 1,986,500 - - 1,986,500 1,996,338 9,838 1,986,500 2,006,365 31,509,323,426 3.74% 0.0064 1.50%
2025 2027 - 1,618,925 - - 1,618,925 2,026,283 407,358 1,618,925 1,635,114 32,688,884,686 3.74% 0.0050 1.50%
2026 2028 - - - - - 2,056,678 2,056,678 - - 33,912,603,186 3.74% 0.0000 1.50%
2027 2029 - - - - - 2,087,528 2,087,528 - - 35,182,131,967 3.74% 0.0000 1.50%
2028 2030 - - - - - 2,118,841 2,118,841 - - 36,499,185,949 3.74% 0.0000 1.50%
2029 2031 - - - - - 2,150,623 2,150,623 - - 37,865,544,255 3.74% 0.0000 1.50%
2030 2032 - - - - - 2,182,883 2,182,883 - - 39,283,052,606 3.74% 0.0000 1.50%
2031 2033 - - - - - 2,215,626 2,215,626 - - 40,753,625,820 3.74% 0.0000 1.50%
2032 2034 - - - - - 2,248,860 2,248,860 - - 42,279,250,396 3.74% 0.0000 1.50%
2033 2035 - - - - - 2,282,593 2,282,593 - - 43,861,987,200 3.74% 0.0000 1.50%
2034 2036 - - - - - 2,316,832 2,316,832 - - 45,503,974,246 3.74% 0.0000 1.50%
2035 2037 - - - - - 2,351,585 2,351,585 - - 47,207,429,584 3.74% 0.0000 1.50%
-$ 13,114,700$ -$ -$ 13,114,700$ 13,114,700$ 13,245,847$
________
(1) Pursuant to Public Act 96-0501, the District's DSEB will increase by the lesser of CPI or 5% each year starting with levy year 2009.
The applicable CPI increase has been applied to levy years 2009-2019, and assumed to be 1.5% per year thereafter.
If the CPI growth is less than estimated on average, the District will have to pay debt service in excess of the DSEB from funds on hand.
Non-Referendum Debt Service
Total DS From
Current FY:
If the District issues non-referendum bonds with debt service structured assuming a growing DSEB, it will need to pass resolutions, perhaps annually, to capture the additional
DSEB levy available from CPI growth.
63
COLLEGE OF LAKE COUNTYCOMMUNITY COLLEGE DISTRICT NO. 532
STUDENT ENROLLMENT AND DEMOGRAPHIC STATISTICS
Fall 2018
Fall
Head
Count
%
Change FTE % Change Male Female Full Time Part Time
Continuing
Student New Transfer
Re-
Admit Ave. Age
2018 14,193 -2.72% 8,019 -1.76% 45% 55% 29% 71% 51% 26% 3% 20% 28
2017 14,590 -1.21% 8,163 -0.55% 45% 55% 29% 71% 50% 22% 3% 25% 28
2016 14,768 -1.31% 8,208 -1.88% 45% 55% 29% 71% 50% 27% 4% 20% 28
2015 14,964 -2.89% 8,365 -0.68% 46% 54% 29% 71% 53% 24% 4% 19% 28
2014 15,410 -12.86% 8,422 -11.00% 45% 55% 28% 72% 51% 23% 4% 20% 28
2013 17,685 0.61% 9,463 -0.92% 45% 55% 27% 73% 51% 27% 5% 16% 29
2012 17,577 1.08% 9,551 0.56% 45% 55% 28% 72% 52% 25% 6% 17% 29
2011 17,389 -3.88% 9,498 -4.78% 44% 56% 30% 70% 52% 25% 6% 17% 29
2010 18,091 -0.01% 9,975 0.53% 44% 56% 31% 69% 51% 26% 5% 17% 29
2009 18,092 10.59% 9,922 11.30% 44% 56% 32% 68% 49% 27% 6% 18% 29
10 Year Average -1.26% -0.92%
5 Year Average -4.20% -3.17%
Source: ICCB Data and Characteristices
Fall Enrollment Gender Attendance Enrollment Status
64
COLLEGE OF LAKE COUNTYCOMMUNITY COLLEGE DISTRICT NO. 532
TUITION AND FEE HISTORY
Fiscal Tuition Comprehensive Technology Instruction Capital ICCB Average
Year Per Cr. Hr. Fee Fee Fee Fee Total % Incr. Tuition & Fees % Incr.
2019-20 122.00 12.00 5.00 2.00 3.00 144.00 2.13% 144.36 ** N/A
2018-19 119.00 12.00 5.00 2.00 3.00 141.00 2.92% 144.36 2.48%
2017-18 115.00 12.00 5.00 2.00 3.00 137.00 1.48% 140.86 4.92%
2016-17 112.00 12.00 5.00 3.00 3.00 135.00 4.65% 134.26 2.33%
2015-16 107.00 12.00 4.00 3.00 3.00 129.00 6.61% 131.20 10.47%
2014-15 99.00 12.00 4.00 3.00 3.00 121.00 8.04% 118.77 5.43%
2013-14 93.00 9.00 4.00 3.00 3.00 112.00 0.00% 112.65 5.28%
2012-13 93.00 9.00 4.00 3.00 3.00 112.00 2.75% 107.00 2.88%
2011-12 93.00 9.00 4.00 3.00 109.00 2.83% 104.00 5.84%
2010-11 90.00 9.00 4.00 3.00 106.00 11.58% 98.26 10.57%
2009-10 81.00 7.00 4.00 3.00 95.00 0.00% 88.87 5.75%
2008-09 81.00 7.00 4.00 3.00 95.00 5.56% 84.04 6.89%
2007-08 76.00 7.00 4.00 3.00 90.00 12.50% 78.62 6.19%
2006-07 71.00 7.00 2.00 80.00 14.29% 74.04 5.89%
2005-06 62.95 5.80 1.25 70.00 9.38% 69.92 10.86%
2004-05 57.45 5.30 1.25 64.00 10.34% 63.07 6.09%
2003-04 52.00 4.75 1.25 58.00 3.57% 59.45 8.80%
2002-03 51.00 4.00 1.00 56.00 1.82% 54.64 6.47%
2001-02 50.00 4.00 1.00 55.00 1.85% 51.32 3.61%
2000-01 49.00 4.00 1.00 54.00 1.89% 49.53 4.69%
1999-00 48.00 4.00 1.00 53.00 1.92% 47.31 4.00%
1998-99 47.00 4.00 1.00 52.00 1.96% 45.49 3.74%
1997-98 47.00 4.00 51.00 0.00% 43.85 4.31%
1996-97 47.00 4.00 51.00 6.25% 42.04 4.29%
1995-96 44.00 4.00 48.00 9.09% 40.31 3.17%
1994-95 41.00 3.00 44.00 11.82% 39.07 4.21%
1993-94 38.10 1.25 39.35 8.55% 37.49
1992-93 35.10 1.15 36.25 9.52%
1991-92 32.10 1.00 33.10 0.00%
1990-91 32.10 1.00 33.10 3.12%
1989-90 31.10 1.00 32.10 10.31%
1988-89 28.10 1.00 29.10 7.78%
1987-88 26.10 0.90 27.00 12.03%
1986-87 24.10 24.10 -7.41%
1985-86 26.03 26.03 16.99%
1984-85 22.25 22.25 28.99%
1983-84 17.25 17.25 13.11%
1982-83 15.25 15.25 0.00%
1981-82 15.25 15.25 7.02%
1980-81 14.25 14.25 0.00%
1979-80 14.25 14.25 7.55%
1978-79 13.25 13.25 10.42%
1977-78 12.00 * 12.00 9.09%
1976-77 11.00 11.00 0.00%
1975-76 11.00 11.00 10.00%
1974-75 10.00 10.00 0.00%
1973-74 10.00 10.00 0.00%
1972-73 10.00 10.00 11.11%
1971-72 9.00 9.00 12.50%
1970-71 8.00 8.00 14.29%
1969-70 7.00 7.00
* Historical Data is currently not available.
Source: ICCB Data and Characteristices
** ICCB Table IV-08 - Data is currenlty not available
65
COLLEGE OF LAKE COUNTYCOMMUNITY COLLEGE DISTRICT NO. 532
STATE REIMBURSEMENT RATES
Fiscal Credit Hours % Credit Hours % Ave. Reimb % % Ave. Reimb %
Year Earned Inc.(Dec) Paid Inc.(Dec) Rate Inc.(Dec) Dollars Inc.(Dec) Rate Inc.(Dec)
2017-18 243,604 3.57% 241,185 0.00% 30.05% 5.82% 7,246,970 5.82% 36.12 -0.79%
2016-17 235,208 -3.38% 241,185 -0.99% 28.40% 105.23% 6,848,445 103.19% 36.41 7.16%
2015-16 243,445 -16.09% 243,604 -8.02% 13.84% 68.07% 3,370,454 54.59% 33.98 -0.08%
2014-15 290,124 10.76% 264,841 -5.37% 8.23% -71.55% 2,180,192 -73.08% 34.01 -1.21%
2013-14 261,930 -8.96% 279,866 -3.54% 28.94% 3.40% 8,098,451 -0.26% 34.42 -1.90%
2012-13 287,693 -0.79% 290,124 -0.62% 27.99% 0.41% 8,119,373 -0.21% 35.09 0.97%
2011-12 289,976 -3.64% 291,930 -0.26% 27.87% 0.44% 8,136,562 0.17% 34.75 -11.41%
2010-11 300,936 -0.39% 292,702 -0.14% 27.75% 13.17% 8,122,639 13.01% 39.23 -0.03%
2009-10 302,127 13.09% 293,112 13.76% 24.52% -7.42% 7,187,498 5.31% 39.24 18.77%
2008-09 267,159 6.24% 257,665 7.32% 26.49% -0.27% 6,824,904 7.03% 33.04 0.52%
Source: ICCB Data and Characteristices
Actual Amounts Received ICCB Average Rate
66
COLLEGE OF LAKE COUNTYCOMMUNITY COLLEGE DISTRICT NO. 532
STATE FUNDING
Budget
FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020
Education Fund
ICCB Credit Hour Grants 8,213,960 5,475,973 10,876,010 8,124,954 8,098,451 2,184,557 3,370,454 11,563,534 7,146,755 7,188,320
Vocational Education 231,283 742,677 505,296 509,241 527,018 - 516,619 1,046,803 534,490 534,490
Other Illinois Government Src - - - - - - - - - -
Total 8,445,243 6,218,650 11,381,306 8,634,196 8,625,469 2,184,557 3,887,073 12,610,337 7,681,245 7,722,810
Restricted Purposes
ICCB Grants
College and Career Readiness 71,000 71,000 - - - - - - - -
Other ICCB Grants 25,000 26,359 12,134 10,000 82,155 71,962 7,500
Preschool for All - - - - - - - - 58,784 88,175
ICCB Special Populations Grant 476,729 - - - - - - - - -
ICCB Workforce Preparation Grt
Business & Industry 95,722 105,047 - - - - - - - -
Other ICCB Workforce Prep - - - - - - - - - -
Illinois State Board of Educ.
El Civics 50,963 40,801 78,291 55,393 60,614 60,149 53,815 59,265 50,897 83,600
Other Illinois State Board of Educ. 20,250 26,350 49,191 19,750 - 20,699 - 17,233 51,904 -
Adult Education
Advancing Opportunities FY01 5,656 (5,656) - - - - - - - -
Federal Basic 369,782 290,742 319,219 313,431 289,866 365,856 70,653 383,735 220,215 414,184
Tech Prep 50,000 - - - - - - - - -
Other Illinois Government Src
Family Violence - 13,559 16,450 20,940 13,661 - - - - -
IDOT Engineer Tech Training - 48,677 37,496 73,373 2,957 - - - - -
Illinois State Scholarship 1,083,121 640,775 1,087,152 1,015,072 826,908 596,700 62,203 2,296,717 1,344,318 840,000
Illinois State Veterans 340,642 885,952 77,872 - - - - 63,730 - -
IGEN 77,501 98,811 57,522 93,795 236,473 150,097 42,448 5,362
ISEIF - - - - - - 170,152 86,298 68,340
ISAC Police/Firemen Grant 5,880
Small Business Dev - 40,775 37,335 - - - - - - -
Other Ill Gov Src 170,618 233,470 251,940 51,018 298,697 47,049 - - 6,000 -
Total 2,836,984 2,516,661 2,024,603 1,652,772 1,729,176 1,322,705 471,233 2,925,721 1,800,457 1,425,959
Total All Funds 11,282,227 8,735,311 13,405,909 10,286,968 10,354,645 3,507,262 4,358,306 15,536,057 9,481,702 9,148,769
67
COLLEGE OF LAKE COUNTY
COMMUNITY COLLEGE DISTRICT NO. 532
PROPERTY TAX RATES AND REVENUE
1968 - 2018
Levy
Year
EAV (Real Estate +
Railroad) Tax Rate
1968 893,519,127 0.190
1969 952,849,258 0.186
1970 1,001,408,495 0.242
1971 1,074,790,461 0.243
1972 1,190,861,455 0.217
1973 1,253,146,870 0.221
1974 1,258,423,081 0.239
1975 1,313,169,878 0.243
1976 1,695,355,427 0.228
1977 2,439,693,618 0.219
1978 2,748,076,849 0.200
1979 2,862,139,936 0.210
1980 3,252,628,892 0.209
1981 3,443,004,419 0.209
1982 3,562,278,231 0.216
1983 3,514,719,482 0.220
1984 3,610,382,409 0.225
1985 3,761,614,702 0.219
1986 4,018,614,370 0.242
1987 4,545,015,572 0.251
1988 5,225,406,343 0.279
1989 6,141,216,374 0.250
1990 7,039,611,562 0.242
1990LF* 1,076,195,334 0.084
1991 7,901,804,566 0.239
1991LF* 1,199,197,840 0.169
1992 9,779,407,828 0.220
1993 10,604,669,214 0.219
1994 11,266,972,723 0.220
1995 11,964,767,452 0.220
1996 12,689,142,706 0.220
1997 13,403,974,301 0.222
1998 14,134,273,074 0.221
1999 15,036,427,866 0.213
2000 15,946,433,225 0.235
2001 17,249,799,281 0.211
2002 18,732,687,467 0.208
2003 20,394,958,566 0.201
2004 21,805,330,329 0.200
2005 23,911,029,337 0.197
2006 25,966,286,120 0.195
2007 27,923,448,370 0.192
2008 28,967,804,148 0.196
2009 28,662,732,212 0.200
2010 27,255,082,676 0.218
2011 25,369,189,665 0.240
2012 23,218,869,144 0.272 63,155,324
2013 21,781,279,660 0.296 64,472,588
2014 21,481,556,144 0.306 65,748,169
2015 22,241,243,932 0.299 66,587,615
2016 23,646,640,884 0.285 67,483,966
2017 24,711,256,642 0.281 69,349,671
2018 25,273,938,682 0.282 71,235,607
60,886,055
47,104,728
50,634,258
53,613,021
56,776,896
57,325,464
59,416,080
43,610,661
23,224,226
24,787,340
26,322,488
27,916,114
29,756,823
31,236,743
32,027,591
37,474,118
36,397,076
38,963,990
40,993,867
21,514,697
7,732,383
8,123,360
8,237,936
9,725,047
11,407,989
14,578,884
15,353,041
17,035,860
904,004
18,885,313
2,026,644
Revenue
1,697,686
1,772,300
2,423,409
7,694,521
2,611,741
2,584,169
2,769,455
3,007,631
3,191,003
3,865,410
5,342,929
5,496,154
6,010,494
6,797,994
7,195,879
68
COLLEGE OF LAKE COUNTYCOMMUNITY COLLEGE DISTRICT NO. 532
ASSESSED VALUE AND TAX LEVY
OF TAXABLE PROPERTY (Unaudited)
Last Ten Levy Years
Year Current Percent
of Tax Assessed % % Year Taxes of Levy
Levy Rates Valuation Inc.(Dec) $ Inc.(Dec) Collected Collected
2018 0.2819 $ 25,273,938,682 2.28% $ 71,235,607 2.72% $ 70,080,243 98.38%
2017 0.2806 24,711,256,642 4.50% 69,349,671 2.76% 68,158,089 98.28%
2016 0.2854 23,646,640,884 6.32% 67,483,966 1.35% 66,879,900 99.10%
2015 0.2994 22,241,243,932 3.54% 66,587,615 1.28% 65,964,905 99.06%
2014 0.3061 21,481,556,144 -1.38% 65,748,169 1.98% 64,873,598 98.67%
2013 0.2960 21,781,279,660 -6.19% 64,472,588 2.09% 63,517,561 98.52%
2012 0.2720 23,218,869,144 -8.48% 63,155,324 3.73% 61,936,464 98.07%
2011 0.2400 25,369,189,665 -6.92% 60,886,055 2.47% 60,014,649 98.57%
2010 0.2180 27,255,085,676 -4.91% 59,416,087 3.65% 58,254,456 98.04%
2009 0.2000 28,662,732,212 -1.05% 57,325,464 0.97% 56,768,481 99.03%
Ten Year Average Increase -1.23% 2.30% 98.57%
Five Year Average Increase 3.05% 2.02% 98.70%
Source: Lake County Clerk's Office
Tax Levy
69
COLLEGE OF LAKE COUNTY
COMMUNITY COLLEGE DISTRICT NO. 532
10 Year CPI
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual HALF1 HALF2
2009 0.0 0.2 -0.4 -0.7 -1.3 -1.4 -2.1 -1.5 -1.3 -0.2 1.8 2.7 -0.4 -0.6 -0.1
2010 2.6 2.1 2.3 2.2 2.0 1.1 1.2 1.1 1.1 1.2 1.1 1.5 1.6 2.1 1.2
2011 1.6 2.1 2.7 3.2 3.6 3.6 3.6 3.8 3.9 3.5 3.4 3.0 3.2 2.8 3.5
2012 2.9 2.9 2.7 2.3 1.7 1.7 1.4 1.7 2.0 2.2 1.8 1.7 2.1 2.4 1.8
2013 1.6 2.0 1.5 1.1 1.4 1.8 2.0 1.5 1.2 1.0 1.2 1.5 1.5 1.6 1.4
2014 1.6 1.1 1.5 2.0 2.1 2.1 2.0 1.7 1.7 1.7 1.3 0.8 1.6 1.7 1.5
2015 -0.1 0.0 -0.1 -0.2 0.0 0.1 0.2 0.0 0.2 0.2 0.5 0.7 0.1 -0.1 0.3
2016 1.4 1.0 0.9 1.1 1.0 1.0 0.8 1.1 1.5 1.6 1.7 2.1 1.3 1.1 1.5
2017 2.5 2.7 2.4 2.2 1.9 1.6 1.7 1.9 2.2 2.0 2.2 2.1 2.1 2.2 2.0
2018 2.1 2.2 2.4 2.5 2.8 2.9 2.9 2.7 2.3 2.5 2.2 1.9 2.5 2.5 2.4
2019 1.6 1.5 1.9 2.0 1.8 1.6 1.8 1.7 1.7 1.8 2.1 2.3 1.8 1.7 1.9
Source: Bureau of Labor Statistics
70
COLLEGE OF LAKE COUNTYCOMMUNITY COLLEGE DISTRICT NO. 532
TAX LEVY AND RATES
Tax Levy Year 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009
Assessed Valuation:
Lake County 25,273,938,682 24,711,256,642 23,646,640,884 22,241,243,932 21,481,556,144 21,781,279,660 23,218,869,144 25,369,189,665 27,255,085,676 28,662,732,212
25,273,938,682 24,711,256,642 23,646,640,884 22,241,243,932 21,481,556,144 21,781,279,660 23,218,869,144 25,369,189,665 27,255,085,676 28,662,732,212
% Increase EAV 2.28% 4.50% 6.32% 3.54% -1.38% -6.19% -8.48% -6.92% -4.91% -1.05%
Tax Rates
Education 0.2154 0.2144 0.2181 0.2288 0.2339 0.2260 0.2070 0.1800 0.1480 0.1300
O & M 0.0573 0.0570 0.0580 0.0609 0.0622 0.0600 0.0550 0.0510 0.0620 0.0600
Bond & Int 0.0073 0.0073 0.0074 0.0077 0.0079 0.0080 0.0080 0.0070 0.0060 0.0050
Audit 0 0 0 0 0 0 0 0 0 0
L P & S 0.0019 0.0019 0.0019 0.0020 0.0020 0.0020 0.0020 0.0020 0.0020 0.0020
Life Safty 0 0 0 0 0 0 0 0 0 0
Total 0.2819 0.2806 0.2854 0.2994 0.3060 0.2960 0.2720 0.2400 0.2180 0.1970
Tax Extensions
Education 54,441,074.88 52,991,560.08 51,568,819.69 50,893,081.60 50,256,906.90 49,225,692.03 48,063,059.13 45,664,541.40 40,337,526.80 37,828,987
O & M 14,483,230.56 14,097,524.80 13,718,771.55 13,538,912.42 13,369,501.24 13,068,767.80 12,770,378.03 12,938,286.73 16,898,153.12 17,459,532
Bond & Int 1,836,909.86 1,798,979.48 1,747,358.18 1,712,575.78 1,692,080.86 1,742,502.37 1,857,509.53 1,775,843.28 1,635,305.14 1,454,961
Audit - - - - - - - - - -
L P & S 474,391.83 461,606.27 449,016.67 443,045.58 429,680.26 435,626 464,377 507,384 545,102 581,984
Life Safty - - - - - - - - - -
Total 71,235,607 69,349,671 67,483,966 66,587,615 65,748,169 64,472,588 63,155,324 60,886,055 59,416,087 57,325,464
% Increase in extension 2.72% 2.76% 1.35% 1.28% 1.98% 2.09% 3.73% 2.47% 3.65% 12.83%
71
COLLEGE OF LAKE COUNTYCOMMUNITY COLLEGE DISTRICT NO. 532
TOTAL PROPERTY VALUE AND NEW CONSTRUCTION
Year
of Total Assessed Increase % New %
Levy Value (EAV) (Decrease) Change Construction of EAV CPI %
2018 25,273,938,682$ 562,682,040 2.28% 156,366,413$ 0.62% 1.9
2017 24,711,256,642 1,064,615,758 4.50% 138,733,819 0.56% 2.1
2016 23,646,640,884 1,405,396,952 6.32% 146,606,974 0.62% 2.1
2015 22,241,243,932 759,687,788 3.54% 105,014,989 0.47% 0.7
2014 21,481,556,144 (299,723,516) -1.38% 112,796,045 0.53% 0.8
2013 21,781,279,660 (1,437,589,484) -6.19% 102,572,151 0.47% 1.5
2012 23,218,869,144 (2,150,320,521) -8.48% 101,460,575 0.44% 1.7
2011 25,369,189,665 (1,885,896,011) -6.92% 129,766,252 0.51% 3.0
2010 27,255,085,676 (1,407,646,536) -4.91% 173,000,000 0.63% 1.5
2009 28,662,732,212 (305,071,936) -1.05% 260,000,000 0.91% 2.7
Sources: Lake County Clerk's Office
72
COLLEGE OF LAKE COUNTYCOMMUNITY COLLEGE DISTRICT NO. 532
Direct and Overlapping Property Tax Rates (Unaudited)
Last Ten Years
(Rate per $100 of assessed value)
2019 2018 2017 2016 2015 2014 2013 2012 2011 2010
College direct rates
Bonds 0.007$ 0.007$ 0.007$ 0.007$ 0.008$ 0.008$ 0.008$ 0.007$ 0.006$ 0.005$
Educational 0.216 0.214 0.218 0.229 0.234 0.226 0.207 0.180 0.148 0.132
Medicare - - - - - - - - - -
Operation & Maintenance 0.057 0.057 0.058 0.061 0.062 0.060 0.055 0.051 0.062 0.061
Operation & Maintenance (Restricted) - - - - - - - - - -
Health & Safety - - - - - - - - - -
Tort Judgement & Liability Insurance 0.002 0.002 0.002 0.002 0.002 0.002 0.002 0.002 0.002 0.002
Audit - - - - - - - - - -
Total Direct Rate 0.282 0.281 0.285 0.299 0.306 0.296 0.272 0.240 0.218 0.200
Lake County Forest Preserves Rate 0.182 0.187 0.193 0.208 0.210 0.218 0.212 0.201 0.198 0.200
Elementary School Rates 1.391 - 7.728 1.355 - 8.702 1.367 - 9.150 1.429 - 9.826 1.453-9.799 1.424-8.762 1.322-7.302 1.186 - 5.818 1.095 - 4.879 0.998 - 4.423
Unit School Rates 4.395 - 8.790 4.372 - 9.080 4.437 - 9.598 4.468 - 10.430 4.697-10.380 4.607-9.418 4.292-10.136 3.661 - 8.175 3.438 - 6.921 3.272 - 5.986
High School Rates 1.336 - 4.420 1.314 - 4.876 1.329 - 5.060 1.409 - 5.396 1.448-5.539 1.420-5.228 1.322-4.556 1.191 - 3.824 1.101 - 3.497 1.069 - 3.195
Township Rates 0.035 - 0.808 0.034 - 0.421 0.034 - 0.465 0.037 - 0.508 0.039-0.533 0.024-0.490 0.025-0.434 0.033 - 0.397 0.033 - 0.372 0.031 - 0.364
Sanitary District Rates 0.050 - 0.222 0.050 - 0.232 0.000 - 0.856 0.000 - 0.250 0.000-0.250 0.000-0.250 0.000-0.250 0.000 - 0.241 0.000 - 0.216 0.000 - 0.194
Park District rates 0.411 - 1.090 0.416 - 1.119 0.029 - 1.186 0.031 -1.322 0.000-1.298 0.000-1.260 0.000-1.101 0.000 - 0.894 0.000 - 0.767 0.000 - 0.703
Library District Rates 0.218 - 0.623 0.217 - 0642 0.220 - 0.680 0.225 - 0.709 0.231-0.719 0.228-0.656 0.213-0.581 0.185 - 0.475 0.170 - 0.450 0.161 - 0.452
Fire District Rates 0.144 - 1.111 0.093 - 1.475 0.116 - 1.207 0.123 - 1.296 0.128-1.294 0.126-1.093 0.071-0.988 0.129 - 0.875 0.111 - 0.754 0.105 - 0.707
City & Village Rates 0.015 - 5.617 0.015 - 5.735 0.016 - 6.170 0.170 - 6.515 0.000-5.535 0.000-4.963 0.000-3.854 0.000 - 3.511 0.000 - 2.954 0.000 - 2.616
Special Services Rates 0.057 - 10.526 0.012 - 2.487 0.102 - 7.384 0.104 - 8.276 0.032-8.080 0.015-8.235 0.033-7.933 0.013 - 7.314 0.013 - 15.414 0.029 - 8.654
Overlapping rates are presented for years where information is readily available.
Overlapping rates are those of local and county governments that apply to property owners within the College's District. Not all overlapping rates apply to all property owners.
Annual property tax extensions may only be increased by a percentage based on the consumer price index and new construction within the District. Increases above that amount require passage of a referendum
by a majority vote of District residents.
Source: Lake County Clerk
Year Taxes are Payable
73
COLLEGE OF LAKE COUNTYCOMMUNITY COLLEGE DISTRICT NO. 532
EDUCATION FUND REVENUES BY SOURCE (Audited)
Last Ten Fiscal Years
Property Replacement Tuition State and ICCB
Year Total Taxes Taxes and Fees Federal Grants Other
2019 93,327,444$ 53,636,923$ 1,173,320$ 28,720,240$ -$ 7,681,245$ 2,115,716$
2018 95,501,646 52,168,389 1,054,387 29,204,516 - 12,610,337 464,017
2017 86,135,766 51,189,548 1,280,857 28,923,976 - 3,887,073 854,312
2016 81,798,490 49,401,207 1,159,689 27,747,669 - 3,362,878 127,047
2015 86,590,239 49,625,034 1,266,744 26,774,773 - 8,625,469 298,219
2014 85,636,679 48,475,448 1,177,861 27,156,160 - 8,634,195 193,015
2013 85,463,318 46,953,050 1,164,331 28,026,322 - 8,668,631 650,984
2012 78,697,380 43,030,497 1,139,553 28,195,939 - 6,218,650 112,741
2011 76,869,014 39,081,542 1,238,741 27,911,740 - 8,445,243 191,748
2010 73,409,852 37,800,808 955,215 24,859,777 262,225 9,338,686 193,141
Sources: CAFR Statement #1
Data from each FY
74
COLLEGE OF LAKE COUNTYCOMMUNITY COLLEGE DISTRICT NO. 532
EDUCATION FUND EXPENDITURES BY OBJECT (Audited)
Last Ten Fiscal Years
Employee Capital General Fixed Other
Year Total Salaries * Benefits Outlay Materials Charges Utilities Expenses
2019 84,342,366$ 63,950,839$ 9,279,803$ 778,090$ 3,145,441$ 1,100,279$ 3,703$ 6,084,211$
2018 93,494,419 59,843,345 11,881,871 632,054 2,723,991 1,074,636 2,332 17,336,190
2017 81,137,687 59,753,380 11,107,997 421,514 2,705,707 1,032,301 - 6,116,788
2016 82,908,478 59,380,942 11,601,183 562,455 2,932,050 1,119,945 - 7,311,903
2015 87,025,560 56,665,564 10,480,907 442,207 3,463,244 1,109,744 - 14,863,894
2014 85,976,774 58,419,757 9,169,097 1,100,305 3,717,823 1,160,767 - 12,409,025
2013 87,772,219 58,305,807 9,122,980 867,069 3,869,084 1,144,894 - 14,462,385
2012 78,528,551 56,584,429 9,240,515 734,459 3,517,679 1,161,632 - 7,289,837
2011 69,286,038 53,255,107 8,611,020 110,809 2,999,921 1,103,783 - 3,205,398
2010 67,648,826 51,790,474 8,686,882 83,530 3,194,747 1,078,123 - 2,815,070
Sources: CAFR Schedule #3
Data from each FY
* Note: Salaries also include Contract Services
75
COLLEGE OF LAKE COUNTYCOMMUNITY COLLEGE DISTRICT NO. 532
OPERATION AND MAINTENANCE FUND REVENUES BY SOURCE (Audited)
Last Ten Fiscal Years
Property Replacement Tuition State and ICCB
Year Total Taxes Taxes and Fees Federal Grants Other
2019 14,343,485$ 14,269,256$ -$ -$ -$ -$ 74,229$
2018 13,985,987 13,878,406 - - - - 107,581
2017 13,693,491 13,617,240 - - - - 76,251
2016 13,509,647 13,450,456 - - - - 59,191
2015 13,264,717 13,188,268 - - - - 76,449
2014 12,954,972 12,874,659 - - - - 80,313
2013 12,955,734 12,879,620 - - - - 76,114
2012 14,972,437 14,930,563 - - - - 41,874
2011 17,247,959 17,189,072 - - - - 58,887
2010 17,100,440 17,021,780 - - - - 78,660
Sources: CAFR Schedule #1
Data from each FY
76
COLLEGE OF LAKE COUNTYCOMMUNITY COLLEGE DISTRICT NO. 532
OPERATION AND MAINTENANCE FUND EXPENDITURES BY OBJECT (Audited)
Last Ten Fiscal Years
Employee Capital General Fixed Other
Year Total Salaries * Benefits Outlay Materials Charges Utilities Expenses
2019 21,223,557$ 4,905,921$ 1,546,900$ 379,740$ 159,790$ 773,325$ 2,462,878$ 10,995,003$
2018 14,415,212 4,718,699 1,527,401 1,172,250 358,585 1,138,496 2,684,656 2,815,125
2017 12,234,234 4,654,310 1,546,216 446,976 226,552 719,039 2,523,575 2,117,566
2016 11,825,008 4,895,245 1,584,670 412,222 168,231 548,069 2,676,589 1,539,982
2015 12,994,362 5,072,888 1,868,521 472,199 261,827 596,394 2,615,107 2,107,426
2014 12,877,425 4,889,105 1,936,652 609,194 249,980 726,203 2,979,924 1,486,367
2013 12,389,032 4,805,711 1,850,846 700,676 247,442 583,112 2,718,808 1,482,437
2012 14,804,224 4,429,583 1,771,119 586,815 1,022,740 543,236 2,820,842 3,629,889
2011 15,198,641 5,729,751 1,542,775 483,433 971,752 514,563 3,173,901 2,782,466
2010 18,174,749 6,064,968 2,154,934 718,053 785,810 514,160 3,316,685 4,620,139
Sources: CAFR Schedule #3
Data from each FY
* Note: Salaries also include Contract Services
77
COLLEGE OF LAKE COUNTYCOMMUNITY COLLEGE DISTRICT NO. 532
OPERATION AND MAINTENANCE FUND (Restricted)
Last Ten Fiscal Years
FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19
Beginning Fund Balance 1,595,721$ 6,437,965$ 7,186,184$ 31,563,660$ 43,051,206$ 106,733,590$ 105,818,047$ 64,776,834$ 36,727,649$ 37,942,734$
Revenues:
Local tax revenue - - - - - - - - - -
All other local revenue - - - - - - - - - -
ICCB grants - - - - - - - - - -
All other state revenue 155,000 - - - - - - - - -
Federal revenue - - - - - - - - - -
Student tuition and fees 2,827,613 2,855,722 2,810,543 3,476,377 3,365,773 3,275,454 3,052,286 3,332,479 3,125,103 2,864,994
All other revenue 477,254 507,146 499,672 536,886 660,615 506,757 513,512 484,212 520,905 1,049,853
Total revenues 3,459,867 3,362,868 3,310,215 4,013,263 4,026,388 3,782,211 3,565,798 3,816,691 3,646,008 3,914,847
Expenditures:
Salaries - - - - - - - 36,700 - 10,569
Contractual Services 68,521 350,538 169,880 297,862 1,818,505 4,386,744 2,077,282 1,492,203 1,036,738 1,719,711
Materials & Supplies 115,852 101,894 400,186 315,895 411,759 327,949 329,025 407,856 409,088 1,066,434
Fixed Costs 1,223,956 905,771 1,028,317 386,032 2,030,095 6,022,427 6,017,904 6,017,093 5,948,904 5,607,293
Capital Outlay 1,809,294 2,772,983 2,738,173 2,521,330 8,522,140 6,851,499 40,926,691 28,885,074 12,899,137 9,181,456
Other Expenditures - 21,463 100,322 104,598 1,033,121 165,310 15,650 41,374 64,370 137,965
Total expenditures 3,217,623 4,152,649 4,436,878 3,625,717 13,815,620 17,753,929 49,366,552 36,880,299 20,358,237 17,723,429
Other financing sources (uses):
Debt proceeds - - 19,092,639 - 60,885,737
Net transfers 4,600,000 1,538,000 6,411,500 11,100,000 12,890,509 13,056,175 4,759,540 5,014,424 17,927,314 13,338,637
Total other financing
sources (uses) 4,600,000 1,538,000 25,504,139 11,100,000 73,776,246 13,056,175 4,759,540 5,014,424 17,927,314 13,338,637
Ending Fund Balance 6,437,965$ 7,186,184$ 31,563,660$ 43,051,206$ 106,733,590$ 105,818,047$ 64,776,834$ 36,727,649$ 37,942,734$ 37,472,790$
Sources: CAFR Statement #1
78
COLLEGE OF LAKE COUNTYCOMMUNITY COLLEGE DISTRICT NO. 532
Auxiliary Funds - Fund Balance Analysis by Fiscal Year
Last Ten Fiscal Years
FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19
Beginning Fund Balance 835,321$ 1,707,703$ 2,885,753$ 3,420,237$ 3,448,808$ 325,683$ 363,903$ 1,270,970$ 1,723,059$ 1,726,770$
Revenues:
Athletics 95,238 90,873 110,006 102,647 173,228 499,243 526,940 537,527 538,389 538,555
Bookstore 7,040,467 6,954,088 7,207,367 6,595,968 6,220,536 5,453,058 4,643,252 4,325,304 4,171,785 3,962,610
Food Service 917,060 1,003,966 1,021,620 1,016,714 1,133,633 989,738 891,564 122,740 159,127 169,834
Game Room 1,057 1,705 3,359 527 - - - - - -
Child Care 480,196 491,326 543,125 633,525 655,295 716,430 642,187 671,121 653,459 684,644
Performing Arts 401,419 428,127 420,632 403,756 405,333 380,496 350,179 373,921 293,665 287,433
Workforce & Prof Dev 3,308,570 3,336,159 3,373,139 3,240,555 2,897,116 3,076,448 3,267,202 3,130,196 2,797,442 2,861,767
Total revenues 12,244,007 12,306,244 12,679,248 11,993,691 11,485,140 11,115,413 10,321,324 9,160,808 8,613,869 8,504,842
Expenditures:
Athletics 445,407 462,044 477,785 463,108 534,800 678,980 719,786 730,467 992,174 826,781
Bookstore 6,035,478 5,849,339 6,482,658 6,338,793 5,618,028 4,826,302 4,020,452 3,920,613 3,923,814 3,686,744
Food Service 958,877 971,738 1,024,896 1,041,596 1,130,007 981,930 948,195 115,609 130,499 129,179
Game Room 6,395 1,965 893 2,332 4,874 - - - - -
Child Care 547,239 562,824 637,784 653,489 663,851 688,583 688,668 704,708 686,494 699,874
Performing Arts 277,247 251,749 260,037 279,660 283,728 230,497 266,652 193,174 180,207 210,687
Workforce & Prof Dev 3,100,982 3,023,651 3,260,711 3,186,142 3,372,977 3,191,713 3,045,503 2,949,833 2,637,145 2,626,445
Total expenditures 11,371,624 11,123,310 12,144,764 11,965,120 11,608,265 10,598,004 9,689,257 8,614,404 8,550,332 8,179,710
Other financing sources (uses):
Debt proceeds
Net transfers - - - - (3,000,000) (479,189) 275,000 (94,314) (59,826) -
Total other financing sources (uses) - - - - (3,000,000) (479,189) 275,000 (94,314) (59,826) -
Ending Fund Balance 1,707,703$ 2,885,753$ 3,420,237$ 3,448,808$ 325,683$ 363,903$ 1,270,970$ 1,723,059$ 1,726,770$ 2,051,902$
Net Change Auxiliary Funds 872,382 1,182,934 534,484 28,571 (123,125) 517,409 632,067 546,404 63,537 325,132
79
COLLEGE OF LAKE COUNTYCOMMUNITY COLLEGE DISTRICT NO. 532
RATIO OF NET GENERAL BONDED DEBT
TO NET BONDED DEBT PER CAPITA
Last Ten Fiscal Years
Less: Amounts Percentage of
Total Available Taxable Assessed Net Bonded
Fiscal Outstanding in Debt Net General Value of Debt per
Year Debt Service Fund Bonded Debt Population Property Capita
2019 54,994,072$ 1,766,833$ 53,227,239$ 705,456 0.282 75.45$
2018 60,661,874 1,742,886 58,918,988 703,520 0.281 83.75
2017 65,411,415 1,699,029 63,712,386 703,047 0.285 90.62
2016 70,990,715 1,663,861 69,326,854 703,910 0.299 98.49
2015 76,468,846 1,639,556 74,829,290 705,186 0.306 106.11
2014 81,719,400 1,477,210 80,242,190 703,019 0.296 114.14
2013 22,005,000 1,357,333 20,647,667 702,120 0.272 29.41
2012 23,235,000 1,163,008 22,071,992 706,222 0.240 31.25
2011 9,435,000 3,821,509 5,613,491 703,462 0.218 7.98
2010 11,323,862 3,683,898 7,639,964 704,034 0.200 10.85
Source: College records - Departement of Institutional Research
Lake County Clerk's Office
80
COLLEGE OF LAKE COUNTYCOMMUNITY COLLEGE DISTRICT NO. 532
FUND BALANCES - BUDGETARY BASIS
Last Ten Fiscal Years
Operation Liability,
Fiscal Operation & Maintenance Bond and Auxiliary Restricted Working Protection, & Insurance
Year Education & Maintenance Restricted Interest Enterprises Purposes Cash Agency Audit Settlement Reserve
2019 36,201,380$ 5,803,196$ 37,472,789$ 1,766,833$ 2,051,902$ 1,829,199$ 17,669,320$ 878,502$ 34,407$ 5,397$ 1,185,813$
2018 27,216,302 12,683,268 37,942,734 1,742,886 1,726,770 1,756,537 17,550,000 855,085 30,402 101,562 1,153,147
2017 24,937,323 13,112,493 36,727,649 1,699,029 1,723,059 1,177,646 17,558,121 829,161 30,262 107,671 1,142,916
2016 19,730,599 11,653,236 64,776,833 1,663,861 1,270,969 1,150,848 17,558,121 761,838 26,328 129,692 1,136,391
2015 20,746,403 9,968,596 105,818,047 1,639,557 363,903 549,546 17,567,091 788,518 25,033 16,708 1,131,561
2014 20,660,343 9,698,241 106,733,590 1,477,212 325,683 46,840 17,555,240 827,555 22,758 (187,715) 1,210,667
2013 20,561,901 9,620,694 43,051,206 1,357,334 3,448,808 588,238 17,645,359 797,774 89,643 (42,903) 1,208,279
2012 20,082,032 9,053,992 31,563,660 1,163,008 3,420,237 528,567 17,674,889 729,040 66,291 (197,854) 1,205,105
2011 19,882,441 8,885,779 7,186,184 3,821,509 2,885,753 945,344 17,663,493 523,533 41,244 (165,678) 1,200,000
2010 12,251,594 6,836,461 6,437,965 3,683,898 1,702,818 (278,931) 17,663,493 322,788 12,559 (56,884) -
Sources: CAFR Schedule 1
Data from each FY
81
COLLEGE OF LAKE COUNTYCOMMUNITY COLLEGE DISTRICT NO. 532
MISCELLANEOUS STATISTICS
Year Founded 1969
Accreditation
Higher Learning Commission (HLC)
HLC-Academic Quality Improvement Program 2015 Systems Portfolio
District Data
Population in District 2014 (note 1): 705,456
Percentage change from 2013 Census -0.4%
Employment in District (note 2):
Labor force, civilian (June 2019) 388,554
Unemployment rate (June 2019) 3.5%
Anticoh Grayslake Lake Bluff Mundelein Third Lake
Bannockburn Green Oakes Lake Forest North Barrington Tower Lakes
Barrington Gurnee Lake Villa North Chicago Vernon Hills
Barrington Hills Hainesville Lake Zurich Old Mill Creek Volo
Beach Park Hawthorn Woods Lakemoor Park City Wadsworth
Buffalo Grove Highland Park Libertyville Port Barrington Wauconda
Deer Park Highwood Lincolnshire Riverwoods Waukegan
Deerfield Indian Creek Lindenhurst Round Lake Wheeling
Fox Lake Island Lake Long Grove Round Lake Beach Winthrop Harbor
Fox River Grove Kildeer Mettawa Round Lake Heights Zion
Lake Barrington Round Lake Park
Degree and Certificates Awarded (note 4) FY 2019 FY 2018
AA, AS, and AES 1,030 1,084
AAS 380 380
AFA/AP 5 0
Certificates 1,605 1,721
Enrollment (note 5) FY 2019 FY 2018
Total Headcount 14,194 14,590
Percent Change -2.71% -1.21%
Total Student Semester Hours 120,288 122,477
Total FTE Semester Hours 8,019 8,165
Percent Change -1.79% -0.54%
Total Seats Taken 35,389 36,071
Percent Change -1.89% -0.30%
Employee Data (note 6) FY 2019 FY 2018
Faculty 872 872
Administrators 56 56
Professional Staff 241 241
Support, Clerical and Plant Staff 249 249
Notes:
1. From Lake County Quick Facts, US Census Bureau 2019 estimate.
2. From Local Area Unemployment Statistics (Lake County, IL), IDES, Not Seasonally Adjusted.
3. From Lake County Planning, Building and Development website.
4. From College of Lake County Institutional Effectiveness, Research and Planning, Fact Files.
5. From College of Lake County Office of Institutional Effectiveness, Research and Planning, Graduate Extract Files.
In FY13, auto-awarding was started; the number of graduates for FY13 will be much higher than prior years as a result.
6. From Illinois Community College Board CI (Faculty, Staff and Salary) Datafile.
CLC has been accredited by the Higher Learning Commission since 1974.
In 2017, the HLC carefully reviewed CLC’s operations and reaffirmed its
accreditation through Fiscal Year 2024-25.
82
COLLEGE OF LAKE COUNTYCOMMUNITY COLLEGE DISTRICT NO. 532
TIF DISTRICT STATISTICS - 2018 Tax Year
Lost
Base Taxing Ending Initial EAV Aggregate Increment Revenue
Year District TIF Year Base Year EAV EAV From TIF Rate County
2009 Antioch Corporate Center 2 2032 188,374 5,936,270 5,747,896 1,620,067 0.2819 Lake
2006 Beach Park 1 2029 6,580,914 7,895,677 1,314,763 370,571 0.2819 Lake
2010 Beach Park 2 2033 1,055,943 1,057,882 1,939 547 0.2819 Lake
2010 Beach Park 3 2033 5,379,430 5,553,260 173,830 48,995 0.2819 Lake
2010 Beach Park 4 2033 21,302,639 21,303,026 387 109 0.2819 Lake
2004 Fox Lake 1 2027 1,032,161 1,821,290 789,129 222,419 0.2819 Lake
2013 Green Oaks 1 2037 34,590,131 46,547,893 11,957,762 3,370,343 0.2819 Lake
2001 Highwood 1 2024 15,968,208 24,404,936 8,436,728 2,377,926 0.2819 Lake
2006 Highland Park 3 2028 6,437,551 9,346,211 2,908,660 819,817 0.2819 Lake
2017 Highland Park 4 2040 153,366 2,085,211 1,931,845 544,498 0.2819 Lake
2013 Lakemoor 1 2038 1,604,648 2,035,533 430,885 121,447 0.2819 Lake
2013 Lakemoor 2 2038 23,300 35,510 12,210 3,441 0.2819 Lake
2016 Lake Villa 1 2039 9,115,884 10,462,673 1,346,789 379,598 0.2819 Lake
2002 Lake Zurich 1 2024 3,032,709 20,012,449 16,979,740 4,785,808 0.2819 Lake
2013 Lake Zurich 2 2038 8,435,358 10,321,569 1,886,211 531,636 0.2819 Lake
2018 Lake Zurich 3 2041 16,445,442 16,588,227 142,785 40,245 0.2819 Lake
2015 Lake Forest 2 2038 90,630 4,293,065 4,202,435 1,184,473 0.2819 Lake
1986 Libertyville 1 2021 11,765,715 67,418,124 55,652,409 15,685,854 0.2819 Lake
2008 Long Grove 1 2030 9,843,843 14,175,921 4,332,078 1,221,014 0.2819 Lake
2004 Mundelein 2 2026 3,523,169 10,842,395 7,319,226 2,062,953 0.2819 Lake
2015 Mundelein 3 2028 7,131,421 7,447,325 315,904 89,039 0.2819 Lake
2003 North Chicago 1 2025 12,712,116 18,317,029 5,604,913 1,579,767 0.2819 Lake
2010 North Chicago 2 2030 1,940 1,940 0 0 0.2819 Lake
2015 North Chicago 3 2028 3,721,275 4,223,859 502,584 141,655 0.2819 Lake
2012 Round Lake Beach 4 2035 29,051,953 31,262,259 2,210,306 622,984 0.2819 Lake
2013 Riverwoods 1 2036 535,726 1,288,483 752,757 212,168 0.2819 Lake
2002 Vernon Hills 1 2025 2,044,972 21,395,385 19,350,413 5,453,991 0.2819 Lake
2017 Vernon Hills 2 2040 290,981 12,345,395 12,054,414 3,397,585 0.2819 Lake
2012 Wauconda 1 2036 17,107,042 19,155,574 2,048,532 577,387 0.2819 Lake
2012 Waukegan 7 2036 3,381,865 4,102,400 720,535 203,086 0.2819 Lake
2012 Waukegan 8 2036 15,765,669 19,136,956 3,371,287 950,211 0.2819 Lake
2012 Waukegan 9 2036 3,843,463 4,254,163 410,700 115,757 0.2819 Lake
2013 Waukegan 10 2037 13,115,257 27,663,314 14,548,057 4,100,428 0.2819 Lake
2008 Winthrop Harbor 1 2030 660,638 699,667 39,029 11,000 0.2819 Lake
1999 Zion 3 2016 3,658,766 8,599,259 4,940,493 1,392,498 0.2819 Lake
2014 Zion 4 2028 2,387,336 2,875,287 487,951 137,531 0.2819 Lake
2017 Zion 5 2040 8,401,264 10,086,823 1,685,559 475,082 0.2819 Lake
2018 Zion 6 2040 6,473,120 7,338,750 865,630 243,981 0.2819 Lake
Total 286,854,219 482,330,990 195,476,771 55,095,910
Source: Illinois Department of Revenue
83
XI. Peer College Statistics
84
COLLEGE OF LAKE COUNTYCOMMUNITY COLLEGE DISTRICT NO. 532
FY 2019
School
FY2019
Operating Funds
Balance
FY2019
Operating Funds
Expenditures
% of
Exps
FY2019
Working Cash
Fund
% of
Exps
Oper.Fund Bal
Plus WC Bal
% of
Exps
College of Lake County $42,004,576 $92,305,786 45.51% $17,669,320 19.14% $59,673,896 64.65%
College of Dupage $246,549,227 $156,220,028 157.82% $8,746,694 5.60% $255,295,921 163.42%
Elgin $83,809,366 $67,273,029 124.58% $4,542,414 6.75% $88,351,780 131.33%
Harper $55,527,042 $106,808,947 51.99% $16,391,296 15.35% $71,918,338 67.33%
Joliet Junior College $25,193,987 $82,780,792 30.43% $6,586,395 7.96% $31,780,382 38.39%
Moraine Valley $50,811,513 $86,020,791 59.07% $13,592,999 15.80% $64,404,512 74.87%
Oakton $73,541,007 $68,474,191 107.40% $14,500,000 21.18% $88,041,007 128.58%
Triton $9,854,951 $57,966,876 17.00% $10,482,791 18.08% $20,337,742 35.09%
Waubonsee $28,438,297 $58,863,592 48.31% $4,298,617 7.30% $32,736,914 55.61%
Averages $68,414,441 $86,301,559 79.27% $10,756,725 12.46% $79,171,166 91.74%
Projected CLC 2019 $38,049,815 $98,250,644 38.73% $17,558,121 17.87% $55,607,936 56.60%
Fund Balance Survey
85
COLLEGE OF LAKE COUNTYCOMMUNITY COLLEGE DISTRICT NO. 532
COMPARISON OF TAX RATES BY COLLEGE
2017 Tax Rates
Equalized
Assessed
Valuation (EAV) Tax Extension 2017 Population
Tax Dollars per
District
Resident
Lake County 0.2806 24,711,256,642 67,066,351 678,756 102.16
DuPage 0.2431 43,277,237,219 84,392,414 1,055,951 99.63
Elgin 0.5057 11,777,329,171 46,697,110 474,327 125.56
Harper 0.4091 19,158,829,072 60,024,611 512,831 152.84
Joliet 0.2995 19,956,025,602 51,366,810 639,014 93.53
Moraine Valley 0.3644 10,443,699,860 29,336,353 406,375 93.65
Oakton 0.2163 22,826,220,852 49,327,463 470,799 104.87
Triton 0.2980 9,012,128,450 23,891,153 323,795 82.94
Waubonsee 0.6372 9,217,240,197 48,289,121 404,670 145.14
Peer Average 0.3615 18,931,107,452 51,154,598 551,835 111.15
Source: ICCB Data and Characteristices
Note: CLC is amoung the lower tax rates among the peer colleges. The peer average is
$.3615 compared to CLC's $.2806 per $100 of equalized assessed valuation.
This equates to an average of $102.16 in annual property taxes per Lake County
resident.
All peer colleges have a tax rate restriction under PTELL
86
COLLEGE OF LAKE COUNTYCOMMUNITY COLLEGE DISTRICT NO. 532
COMPARISON OF TUITION RATES BY COLLEGE
Rank College Tuition
Fiscal
2020
Fees* Total Tuition
Fiscal
2019
Fees* Total
1 Harper 133.50 19.00 152.50 129.75 19.00 148.75
2 Joliet 113.00 35.00 148.00 113.00 33.00 146.00
3 Moraine Valley 128.00 20.00 148.00 125.00 20.00 145.00
4 Triton 128.00 16.00 144.00 123.00 16.00 139.00
5 Lake County 122.00 22.00 144.00 119.00 22.00 141.00
6 Oakton 136.25 5.00 141.25 136.25 5.00 141.25
7 Waubonsee 130.00 8.00 138.00 128.00 8.00 136.00
8 DuPage 104.15 32.85 137.00 103.15 32.85 136.00
9 Elgin 132.00 0.00 132.00 132.00 0.00 132.00
Peer Average 125.21 17.54 142.75 123.24 17.32 140.56
State Average 129.86 17.15 147.01 124.64 16.12 140.76
*Standard fees paid by all students
Source: ICCB 2019 Certified Tuition and Fee Rate Report
Note: Community Colleges are limited by state law to a tuition rate that does not
exceed one-third of their per capita costs.
87
COMPARISON OF OPERATING REVENUE SOURCES BY COLLEGE
Fiscal Year 2018
Total
Property
Taxes
Tuition and
Fees ICCB Grants Replacement Tax
Other State
and Federal Other
Lake County 104,142,679 66,046,795 29,204,516 7,265,383 1,054,387 0 571,598
100.00% 63.42% 28.04% 6.98% 1.01% 0.00% 0.55%
DuPage 172,907,167 81,523,543 71,809,761 13,997,790 1,382,239 1,950 4,191,884
100.00% 47.15% 41.53% 8.10% 0.80% 0.00% 2.42%
Elgin 78,215,634 45,496,976 25,017,005 5,240,200 0 0 2,461,453
100.00% 58.17% 31.98% 6.70% 0.00% 0.00% 3.15%
Harper 114,316,502 57,447,086 46,839,619 7,538,647 853,383 27,441 1,610,326
100.00% 50.25% 40.97% 6.59% 0.75% 0.02% 1.41%
Joliet 92,386,886 50,930,576 30,741,972 7,464,782 1,997,609 44,171 1,207,776
100.00% 55.13% 33.28% 8.08% 2.16% 0.05% 1.31%
Moraine Valley 90,851,702 27,584,510 47,199,822 12,533,698 1,143,472 0 2,390,200
100.00% 30.36% 51.95% 13.80% 1.26% 0.00% 2.63%
Oakton 80,874,335 48,307,638 26,085,639 4,578,062 0 0 1,902,996
100.00% 59.73% 32.25% 5.66% 0.00% 0.00% 2.35%
Triton 58,446,021 22,382,426 26,070,473 7,493,848 1,786,779 1,050 711,445
100.00% 38.30% 44.61% 12.82% 3.06% 0.00% 1.22%
Waubonsee 71,507,937 40,719,956 22,610,250 5,466,600 0 187,800 2,523,331
100.00% 56.94% 31.62% 7.64% 0.00% 0.26% 3.53%
Peer Average 51.00% 37.70% 8.29% 0.95% 0.03% 2.03%
State Average 39.86% 38.34% 14.38% 2.72% 1.82% 2.89%
Source: ICCB Financial Data - 2018 Data and Characteristics
Table IV-11
88
COLLEGE OF LAKE COUNTYCOMMUNITY COLLEGE DISTRICT NO. 532
Fiscal Year 2018
Total
Tuition and
Fees
Property
Taxes ICCB Grants Replacement Tax
Other State
and Federal Other
Lake County 100.00% 28.04% 63.42% 6.98% 1.01% 0.00% 0.55%
DuPage 100.00% 41.53% 47.15% 8.10% 0.80% 0.00% 2.42%
Elgin 100.00% 31.98% 58.17% 6.70% 0.00% 0.00% 3.15%
Harper 100.00% 40.97% 50.25% 6.59% 0.75% 0.02% 1.41%
Joliet 100.00% 33.28% 55.13% 8.08% 2.16% 0.05% 1.31%
Moraine Valley 100.00% 51.95% 30.36% 13.80% 1.26% 0.00% 2.63%
Oakton 100.00% 32.25% 59.73% 5.66% 0.00% 0.00% 2.35%
Triton 100.00% 44.61% 38.30% 12.82% 3.06% 0.00% 1.22%
Waubonsee 100.00% 31.62% 56.94% 7.64% 0.00% 0.26% 3.53%
Peer Average 37.70% 51.00% 8.29% 0.95% 0.03% 2.03%
State Average 38.34% 39.86% 14.38% 2.72% 1.82% 2.89%
Source: ICCB Financial Data - 2018 Data and Characteristics
Table IV-11
COMPARISON OF TUITION AND FEES AS PERCENTAGE OF OPERATING REVENUE BY COLLEGE
89
COLLEGE OF LAKE COUNTYCOMMUNITY COLLEGE DISTRICT NO. 532
COMPARISON OF OPERATING EXPENDITURES BY COLLEGE
Fiscal Year 2018
Total Salaries
Employee
Benefits
Operating
Expenses Utilities
Capital
Expenditures Other
Lake County 89,747,317 60,156,817 13,409,272 10,285,014 2,686,988 1,804,304 1,404,922
100.00% 67.03% 14.94% 11.46% 2.99% 2.01% 1.57%
DuPage 155,442,311 103,566,325 15,530,204 20,088,607 4,290,937 2,448,638 9,517,600
100.00% 66.63% 9.99% 12.92% 2.76% 1.58% 6.12%
Elgin 65,815,491 44,725,990 8,617,733 8,155,793 2,356,372 1,359,430 600,173
100.00% 67.96% 13.09% 12.39% 3.58% 2.07% 0.91%
Harper 103,413,639 66,618,030 13,584,484 12,496,541 3,305,639 1,155,491 6,253,454
100.00% 64.42% 13.14% 12.08% 3.20% 1.12% 6.05%
Joliet 80,784,157 54,179,583 12,900,802 5,785,384 2,566,978 337,002 5,014,408
100.00% 67.07% 15.97% 7.16% 3.18% 0.42% 6.21%
Moraine Valley 83,829,819 52,112,298 10,472,755 11,312,309 2,035,118 1,183,621 6,713,718
100.00% 62.16% 12.49% 13.49% 2.43% 1.41% 8.01%
Oakton 66,644,776 49,215,433 8,146,549 7,954,240 1,171,599 99,387 57,568
100.00% 73.85% 12.22% 11.94% 1.76% 0.15% 0.09%
Triton 54,811,829 34,370,742 5,571,621 7,868,567 1,657,038 2,039,213 3,304,648
100.00% 62.71% 10.16% 14.36% 3.02% 3.72% 6.03%
Waubonsee 60,613,831 37,311,925 6,601,252 12,093,066 1,919,884 931,051 1,756,653
100.00% 61.56% 10.89% 19.95% 3.17% 1.54% 2.90%
Peer Average 65.99% 12.46% 12.62% 2.89% 1.49% 4.55%
State Average 64.36% 13.24% 11.83% 3.07% 0.93% 6.57%
Source: ICCB Financial Data - 2018 Data and Characteristics
Table IV-13
90
COLLEGE OF LAKE COUNTYCOMMUNITY COLLEGE DISTRICT NO. 532
COMPARISON OF STAFF AND SALARY
Fall 2018
2018
Student FTE
Faculty Administrative Professional Classified Total Faculty Administrative Professional
Lake County 443 55 242 215 955 9,049 9.5 to 1 96,382 113,534 60,031
DuPage 819 37 427 349 1,632 17,010 10.4 to 1 101,206 154,364 72,093
Elgin 304 48 203 161 716 6,663 9.3 to 1 99,079 122,704 69,882
Harper 383 37 287 247 954 9,372 9.8 to 1 87,323 140,814 70,372
Joliet 410 35 305 237 987 9,462 9.6 to 1 96,734 110,845 59,992
Moraine Valley 406 30 176 236 848 9,575 11.3 to 1 72,728 126,123 68,163
Oakton 322 31 182 158 693 6,027 8.7 to 1 90,621 131,048 68,565
Triton 377 30 169 200 776 6,723 8.7 to 1 73,366 123,589 65,952
Waubonsee 236 38 258 191 723 6,233 8.6 to 1 87,711 127,592 61,336
Peer Total/Average 411 38 250 222 920 8,902 9.7 to 1 89,461 127,846 66,265
State Total/Average 206 27 114 105 452 2,108 4.7 to 1 78,089 100,228 58,396
Source: ICCB Data and Characteristics
Staff Ratio
Student to
Average SalaryFull-Time Equivalent
91
COLLEGE OF LAKE COUNTYCOMMUNITY COLLEGE DISTRICT NO. 532
COMPARISON OF TUITION/FEES, TAX, AND STATE REVENUES BY COLLEGES
Fiscal Year 2018
Tuition/Fees, Tax,
and
Equalized 2019 Tax Dollars Fiscal 2018 Fiscal 2018 Total State State
2017 Assessed Tuition and Fee Tuition and Fees Tax Per District Annual FTE Tax Dollars Other Operations State Grants Grants
Tax Rate Valuation (EAV) Revenue per Credit Hour Extension Resident Fiscal 2017 Per FTE Grant Grant Grants Per FTE Per FTE
Lake County 0.2806 24,711,256,642 31,578,094 141.00 67,066,351 97.61 9,049 7,411 108,025 7,128,187 7,236,212 800 11,701
DuPage 0.3431 43,277,237,219 77,872,013 136.00 84,392,414 80.24 17,010 4,961 99,780 13,310,815 13,410,595 788 10,328
Elgin 0.5125 11,777,329,171 25,413,730 132.00 46,697,110 101.70 6,660 7,012 156,907 5,097,407 5,254,314 789 11,616
Harper 0.4225 19,158,829,072 49,741,397 148.75 60,024,611 117.98 9,372 6,405 77,505 7,467,448 7,544,953 805 12,517
Joliet 0.2995 19,956,025,602 37,270,608 146.00 51,366,810 82.17 9,462 5,429 117,200 6,992,554 7,109,754 751 10,119
Moraine Valley 0.3644 10,443,699,860 48,483,284 145.00 29,336,353 73.88 9,575 3,064 5,692,198 7,583,100 13,275,298 1,386 9,514
Oakton 0.2312 22,826,220,852 26,085,639 141.25 49,327,463 105.78 6,027 8,184 46,775 4,918,928 4,965,703 824 13,336
Triton 0.3054 9,012,128,450 28,048,704 139.00 23,891,153 75.03 6,723 3,554 132,105 4,276,860 4,408,965 656 8,381
Waubonsee 0.6438 9,217,240,197 22,610,250 136.00 48,289,121 130.24 6,233 7,747 177,905 5,215,114 5,393,019 865 12,240
Peer Total/Average 0.3781 18,931,107,452 38,567,080 140.56 51,154,598 94.26 8,901 5,974 734,267 6,887,824 7,622,090 856 10,936
Source: ICCB Data and Characteristics
92
COLLEGE OF LAKE COUNTYCOMMUNITY COLLEGE DISTRICT NO. 532
NET STUDENT PRICE, 2016 - 2017
Average Net Price2/
2017 - 2018
College of Lake County $3,870
Joliet $4,428
Moraine Valley $4,668
Waubonsee $4,706
Elgin $4,823
Triton $4,960
DuPage $5,724
Oakton $6,883
Harper $6,938
Source: US Department of Education
IES National Center for Education Statistics: College Navigator
1/ Full-time beginning undergraduate students who received grant or scholarship aid
from federal, state, or local governments, or the institution.
2/ Average net price is generated by subracting the average amount of federal, state/local
government, or institutional grant or scholarship aid from the total cost of attendance.
Total cost of attendance is the sum of published tuition and required fees (lower of in-
district or in-state), books and supplies, and the weighted average for room and board
and other expenses.
93
COLLEGE OF LAKE COUNTYCOMMUNITY COLLEGE DISTRICT NO. 532
MISCELLANEOUS STATISTICS
FY 2018 FY 2017 FY 2016
Per Capita Costs Per Capita Costs Per Capita Costs
Lake County 570.00 525.00 507.00
DuPage 496.17 470.81 439.08
Elgin 544.26 526.05 463.83
Harper 606.79 557.19 542.65
Joliet 550.64 557.19 460.98
Moraine Valley 520.42 472.55 431.82
Oakton 517.09 465.03 465.03
Triton 525.61 476.52 505.22
Waubonsee 468.32 428.91 428.91
Peer Total/Average 533.26 497.69 471.61
State Total/Average 511.75 481.12 491.49
Source: ICCB Data and Characteristics
94
Illinois Community College Board
A SUMMARY PROFILE OF THE ILLINOIS PUBLIC COMMUNITY COLLEGES
District Size 2017 Tax Rates Extended Student Enrollment
2017 Tax Educ. All Annual FY 19 Annual
Dist. District # of 2017 Population Square Base EAV & O&M Other Fall 2018 FY 18 Tuition &
No. District Location Coll. Total 16 & Over Miles Rate Tax Rates Total Headcount FTE Fee Charges
503 BLACK HAWK Moline 1 217,911 174,766 2,240 3,994,498,184$ 18.82 27.42 46.24 4,333 3,510 $4,470
518 CARL SANDBURG Galesburg 1 102,613 84,367 2,834 1,819,707,031$ 22.00 35.77 57.77 1,860 1,322 $4,950
508 CITY COLLEGES OF CHICAGO Chicago 7 2,716,450 2,179,678 230 76,722,182,440$ 15.38 1.00 16.38 45,938 34,083 $4,380 *
502 COLLEGE OF DUPAGE Glen Ellyn 1 1,055,951 841,934 350 43,277,237,219$ 19.06 5.25 24.31 24,900 17,010 $4,080
532 COLLEGE OF LAKE COUNTY Grayslake 1 678,756 534,385 442 24,711,256,642$ 27.14 0.92 28.06 14,193 9,049 $4,230
507 DANVILLE AREA Danville 1 83,679 66,246 1,288 1,042,980,934$ 44.79 17.73 62.52 2,620 1,717 $4,650
509 ELGIN Elgin 1 474,327 372,279 343 11,777,329,171$ 39.65 11.60 51.25 9,567 6,663 $3,960
512 HARPER Palatine 1 512,831 412,213 193 19,158,829,072$ 31.33 10.92 42.25 13,530 9,372 $4,463
540 HEARTLAND Bloomington 1 213,009 171,692 1,863 4,466,426,857$ 22.50 35.39 57.89 5,063 3,574 $4,590
519 HIGHLAND Freeport 1 84,631 69,182 1,640 1,721,936,668$ 35.50 19.05 54.55 1,596 1,306 $5,190
514 ILLINOIS CENTRAL East Peoria 1 367,079 290,964 2,322 7,312,220,703$ 25.00 19.71 44.71 8,875 5,589 $4,500
529 ILLINOIS EASTERN Olney 4 105,433 85,360 3,066 1,518,650,175$ 24.98 19.46 44.44 6,712 4,117 $3,600
513 ILLINOIS VALLEY Oglesby 1 144,316 117,239 2,058 3,195,995,018$ 17.00 6.85 23.85 2,958 1,920 $3,990
530 JOHN A. LOGAN Carterville 1 146,755 119,914 1,192 1,930,291,868$ 35.00 27.33 62.33 4,040 3,030 $3,600
539 JOHN WOOD Quincy 1 94,053 75,865 2,363 1,631,842,561$ 22.50 12.84 35.34 1,924 1,367 $4,890
525 JOLIET JUNIOR Joliet 1 639,014 498,294 1,434 19,956,025,602$ 25.74 4.21 29.95 14,726 9,462 $4,380
520 KANKAKEE Kankakee 1 133,456 106,674 1,586 2,357,917,326$ 18.00 20.65 38.65 2,822 1,897 $4,620
501 KASKASKIA Centralia 1 117,144 94,879 2,231 1,623,766,328$ 25.00 40.60 65.60 3,164 2,272 $4,470
523 KISHWAUKEE Malta 1 111,855 90,021 831 2,159,912,433$ 35.00 32.09 67.09 3,307 2,238 $4,770
517 LAKE LAND Mattoon 1 183,988 149,147 3,961 2,926,127,962$ 18.00 33.95 51.95 4,583 5,667 $4,110
536 LEWIS AND CLARK Godfrey 1 216,462 175,293 2,044 4,074,354,426$ 25.00 37.96 62.96 6,698 3,479 $4,440
526 LINCOLN LAND Springfield 1 328,911 266,091 4,115 6,363,475,522$ 34.00 14.83 48.83 5,565 4,310 $4,215
528 MCHENRY COUNTY Crystal Lake 1 266,762 211,540 600 7,289,738,845$ 38.16 2.00 40.16 7,031 4,204 $3,713
524 MORAINE VALLEY Palos Hills 1 406,375 326,886 133 10,443,699,860$ 28.09 8.35 36.44 13,762 9,575 $4,350
527 MORTON Cicero 1 155,809 127,693 17 1,721,823,048$ 49.83 8.40 58.23 4,351 2,673 $4,080
535 OAKTON Des Plaines 1 470,799 377,439 107 22,826,220,852$ 21.61 1.51 23.12 8,454 6,027 $4,238
505 PARKLAND Champaign 1 270,559 221,129 2,908 5,438,688,489$ 36.00 18.11 54.11 7,074 5,210 $4,920
515 PRAIRIE STATE Chicago Hgts. 1 212,081 170,653 220 3,147,059,622$ 40.00 6.08 46.08 3,946 3,334 $5,220
521 REND LAKE Ina 1 88,462 71,346 1,850 1,013,579,064$ 24.21 41.55 65.76 2,486 1,921 $3,900
537 RICHLAND Decatur 1 127,090 102,140 1,114 2,301,593,329$ 31.49 4.90 36.39 2,476 1,622 $4,410
511 ROCK VALLEY Rockford 1 358,409 284,368 1,033 5,612,207,399$ 27.00 23.51 50.51 6,244 4,895 $3,750
506 SAUK VALLEY Dixon 1 96,810 78,698 1,625 1,712,598,380$ 27.48 12.38 39.86 1,628 1,243 $4,170
531 SHAWNEE Ullin 1 55,161 44,951 1,466 624,484,678$ 30.00 43.00 73.00 1,125 1,128 $3,750
510 SOUTH SUBURBAN S. Holland 1 268,310 218,731 79 3,207,180,763$ 45.43 12.41 57.84 4,232 2,820 $5,093
533 SOUTHEASTERN ILLINOIS Harrisburg 1 50,156 41,248 1,656 556,179,811$ 38.00 40.47 78.47 1,650 995 $3,900
522 SOUTHWESTERN ILLINOIS Belleville 1 450,465 360,093 2,054 6,755,560,405$ 15.94 17.29 33.23 8,841 6,785 $3,660
534 SPOON RIVER Canton 1 67,680 56,368 1,566 931,311,632$ 24.03 34.58 58.61 1,436 926 $4,950
504 TRITON River Grove 1 323,795 263,848 55 9,012,128,450$ 26.51 4.03 30.54 10,529 6,723 $4,170
516 WAUBONSEE Sugar Grove 1 404,670 311,386 624 9,217,240,197$ 52.39 11.99 64.38 9,176 6,233 $4,080
48 12,802,016 10,244,997 55,733 $335,554,258,966 29.17 18.62 47.79 283,415 199,266 $4,331
* Chicago has variable tuition rates based on number of hours per semester. This rate is based on two semesters at 15 hours each.
Grayslake Campus19351 West Washington Street, Grayslake, Illinois 60030
Lakeshore Campus33 North Genesee Street, Waukegan, Illinois 60085
Southlake Campus1120 South Milwaukee Avenue, Vernon Hills, Illinois 60061
www.clcillinois.edu
Community College District No. 532