$1 million transferred to Education Fund
Transferred $1,054,000 from the Working Cash Fund to the Education Fund. Due to the timing of receipts of funds from the state for various grant payments currently due, the monies in the Education Fund will not meet current obligations. The money will be transferred back to the Working Cash Fund when these monies are received from the state.
FY 07 tax levy determined
Determined and accepted the 2007 tax levy (payable in 2008). The Corporate and Special Purpose levy for 2007 was determined to be $2,960,308, an increase of 6.98 percent over last year. The Debt Service levy was set at $1,357,792, an increase of 8.21 percent. The total levy will be $4,318,100, for an increase of 7.36 percent over last year. Because this levy is greater than 105 percent of last year's levy, Rend Lake College is required to publish a notice of tax increase and to conduct a Truth in Taxation hearing.
Bond issuance considered
Considered the issuance of Working Cash bonds and ordered a public hearing to be held at noon Friday, Oct. 19. According to administrative rationale, a review of the college's current working cash position and consultation with both Chapman and Cutler LLP and First MidState Inc., it was determined that the college is authorized to have an additional $1,665,000 in Working Cash funds. This would allow the college to be in a stronger financial position. The administration has determined the issuance would increase the average tax rate by 4.81 cents.
In a related matter, the board retained the services of Chapman and Cutler as bond counsel and of First Midstate Inc. as bond underwriter.
Meeting continued until next Tuesday
The board meeting was continued until 6 p.m. Tuesday, Oct. 16, at which time the remainder of the agenda items will be considered.
Mark your calendars ...
• RLC Foundation Scholarship Dinner, 6 p.m. Thursday, Oct. 18, Rend Lake Resort Conference Center.
• RLC Foundation Annual Dinner, 6:30 p.m. Thursday, Dec. 6, Mt. Vernon Holiday Inn.