February 11, 2026 Audit/Finance Committee Meeting Minutes

The Audit Finance Committee of the Board of Trustees of Illinois Valley Community College District No. 513 met at 9:00 a.m. on Wednesday, February 11, 2026 in the Board Room (C307) at Illinois Valley Community College.

Committee Members Physically Present

William F. Hunt, Committee Chair

Maureen O. Rebholz

Everett J. Solon

Committee Members Virtually Present

Committee Members Absent

Board Members Physically Present

Jay K. McCracken, Board Chair

Others Physically Present

Tracy Morris, President

Kathy Ross, Vice President for Business Services and Finance

Mark Grzybowski, Vice President for Student Services

Vicki Trier, Vice President for Academic Affairs

Eric Johnson, Controller

Others Virtually Present

Lynda Marlene Moshage

The meeting was called to order at 9:00 a.m. by Mr. Hunt.

PUBLIC COMMENT

None

THREE-YEAR FINANCIAL PLAN (FY27-FY29)

The Financial Plan for fiscal years 2027-2029 was highlighted. Ms. Ross thanked President’s Council for helping lead the process as well as Justin Denton and Nikki Van Nielen for providing information.

Ms. Ross reviewed the operating revenues for the Education and Operations and Maintenance funds for the next three years. The overall operating revenues show a 4.58 percent increase for FY2027 from the FY2026 budget; FY2028 is a 3.13 percent increase from FY2027; and FY2029 is a 2.90 percent increase from FY2028. The major sources of revenue for these funds consist of property taxes, tuition, and state funding. Ms. Ross reviewed the assumptions for each of these funding sources.

The overall operating expenditures show a 3.00 percent increase for FY2027 from the FY2026 budget; FY2028 is a 5.88 percent decrease from FY2027; and FY2029 is a 2.90 percent increase from FY2028. The biggest contributing factor to the increase and decrease is capital. Ms. Ross reviewed expenditure assumptions for each expenditure category.

The FY2027-FY2029 Financial Plan includes a total of $16.9 million in capital expenditures through grants, PHS projects, bond proceeds/issuances, and strategic fund balance reserve spending for master plan projects previously identified as priorities through the Board of Trustees Facilities Committee.

TUITION AND FEE RECOMMENDATION DISCUSSION

Ms. Ross stated the recommendation is a FY2027 increase to tuition and fees by $8.00, from $146.00 to $154.00 per credit hour beginning with Summer 2026. There would be a $6.00 increase to tuition and $2.00 to the technology fee. IVCC’s peer colleges had an average tuition rate of $156.47 in FY2026. In comparing FY2026 tuition and fees at similar sized Illinois community colleges, IVCC was lower than five of the six other colleges in our peer group.

COURSE FEES/ADJUSTMENTS

Dr. Morris stated there are currently 267 active courses with approved course fees. The recommendation includes changes to 169 course fees. There were 131 increases, 4 decreases, 1 new course fee, and 33 courses that were inactivated that had fees.

EMERGENCY RESPONSE STRATEGIC PLAN

Ms. Ross stated the current Emergency Response Plan was written in 2017. It is reviewed annually by the Emergency Management Committee and submitted to the Illinois Community College Board (ICCB). It is our guiding document for any type of emergency response.

In 2025, the Business Services and Finance Division at Illinois Valley Community College (IVCC), along with consultant, Dennis Sasse, reviewed readiness and needs related to emergency response operations and found opportunities to update and modernize approaches to emergency management. In the Fall of 2025, key leaders of the Business Services and Finance Division at IVCC took part in a retreat to identify objectives, strengths, opportunities, aspirations, and determine results related to the emergency preparedness programs for the division as well as the College as a whole. The goal is to build on strengths and fortify areas of deficiencies. The ultimate goal is to integrate information garnered from the group into this strategic plan. The improvements will mark significant strides toward operational excellence and a robust emergency response program for IVCC. A draft of the updated Emergency Response Plan, with the integrated information from the Business Services and Finance Division retreat, was reviewed,

OTHER

Dr. Morris stated the Audit presentation will take place at the Board of Trustees Meeting on February 17, 2026.

ADJOURNMENT

Mr. Hunt declared the meeting adjourned at 10:34 a.m.