June 29, 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 3:30 p.m. on Monday, June 29, 2025 in the Board Room (C307) at Illinois Valley Community College.

Committee Members Physically Present

William F. Hunt, Committee Chair

Maureen O. Rebholz

Committee Members Virtually Present

Committee Members Absent

Everett J. Solon

Board Members Physically Present

Board Members Virtually Present

Others Physically Present

Tracy Morris, President

Kathy Ross, Vice President for Business Services and Finance

Mark Grzybowski, Vice President for Business Services

Vicki Trier, Vice President for Academic Affairs

Mary Beth Herron, Director of Human Resources

Eric Johnson, Controller

Others Virtually Present

 

Mr. Hunt called the meeting to order at 3:30 p.m.

PUBLIC COMMENT

None

GRANT UPDATES

Mr. Johnson reviewed the Grant Updates as of May 2026. The Grants Administration Oversight Committee (GAOC) comprised of representatives from faculty, IT, Facilities, Purchasing, Accounting, and Institutional Effectiveness reviews all grants prior to applying. Over the last year, the committee has reviewed 17 grants, approved 15 and denied 2 due to the scope and timeline. IVCC received 10 of the 15 grants, did not receive 2 grants, and are awaiting notification on 3 grants.

Grant highlights included:

  • IGEN Solar Bench – The third solar bench arrived in May 2026 will be operational this summer and located near the Truck Driver Training building. A fourth bench will be added either near the CTC entrance or by Building J.
  • IGEN EV Charging Stations – Awaiting the WiFi connector and once received the stations will be operational.
  • Ag Building Complex – The building is on target for substantial completion by December 31, 2026 with project final completion by February 26, 2027.
  • Distance Learning Grant – The final report was submitted in January 2026 and the grant was closed out.
  • Adult Education Grant (State and Federal) – Received notification of the federal portion being awarded for FY27 and FY28.
  • ATOMAT Grant – FY27 will be the final year of the grant. The remaining $153,745 will be spent on direct student support, curriculum development, and the creation of a Pathways website.
  • Continuing Education Workforce Initiative Grant (Strategies at Work Grant) – This grant provides short-term solutions to provide assistance for workforce shortages. Most recently, it has supported the EKG and Basic Life Support and CPR programs.
  • Mental Health Grant – Under the direction of the Dean of Student Success, it funds mental and whole-wellness awareness for students.
  • PATH Grant - This grant has been used primarily to fund a Health Careers Navigator position, Health Careers Program Manager position, instructional equipment, and institutional waivers for students. The FY27 Governors State Budget does not include funding for this grant.
  • Perkins Grant – In FY27, this grant will continue to support instructional supplies and equipment as well as training and conference opportunities for CTE faculty.
  • REV-UP Grant – FY26 focused on expanding our EV fleet and to expand the technicians’ experience with different EV types. The FY27 Governor’s State Budget includes funding at a lower level.
  • TRIO (Project Success) Grant – As of right now, this grant is level funded.
  • Taking Back the Trades – All funds were spent and the grant ended on December 31, 2025.
  • Innovative Bridge Grant – The purchase of a Class B truck was approved by the Board of Trustees on May 19, 2026.
  • Nursing School Grant – This grant purchased furniture and equipment for the nursing labs. The FY27 budget does not include funding this grant at this time.

TENTATIVE BUDGET

Ms. Ross presented a draft of the Budget in Brief. Ms. Ross acknowledged and thanked the members of Budget Council and their hard work to prioritize requests and develop the best budget for the institution. The members were Dr. Morris, Dr. Vicki Trier, Mark Grzybowski, Amber Fox, Madonna Duncan, Justin Denton, Tracy Lee, Mike Phillips, Eric Johnson, Nikki Van Nielen, and Kathy Ross.

Highlights of the tentative budget included:

  • It was developed in line with the three pillars of our vision; growing programs, updated facilities and educational innovation, as well as our Institutional and Strategic Goals that we prioritized capital purchases, facility and IT enhancements, marketing requests and position requests/reorganizations. While we made progress on some objectives that are tied to our Institutional and Strategic Goals, there is still more work to do in FY27.
  • Budget assumptions include property tax revenue at a 7.9% increase; CPPRT at a 0.6% increase; State funding (unrestricted) at a 5.7% decrease; tuition and fees at a 9.9% increase; credit hours at a 6.5% increase; wage increases at a 2.2% increase; health insurance at a 5.0% increase as of January 1, 2026; and an overall increase in headcount of 48, with the majority in the part-time headcount. The full-time support staff decreased by 1 due to the retirement and restructure of the bookstore.
  • Significant items highlighted include the continued additional grant opportunities in the Non-Credit Workforce grant ($45,320) and REV-UP grant ($297,901). The FY27 budget includes $371,600 for the 4-year cycle IT replacements and Phase II of classroom podium project in the amount of $150,000. It also includes a transfer for Working Cash Investment income of $685,143 to help support these costs as well as other capital items. For the Dr. Alfred E. Wisgoski Agricultural Education Center, FY27 includes the remaining portions of the DCEO grant for the Ag. Site work and parking lot, the EDA grant and foundation campaign fund payments/fund balance reserves for the new building. The FY27 budget includes the 2026 Campus Renovations; I.T. Suite, Academic Support Center (ASC)-Phase I, Lighting Replacement-Phase II. The FY27 budget includes utilizing PHS funds, fund balance reserves for these renovations as well as paying the bond payment issued for this project.
  • Total budgeted expenditures for all funds increased by $5,195,038 or 11.1%, from FY26.
  • Budgeted capital expenditures include the Dr. Alfred E. Wisgoski Agricultural Education Center, Ag Site Work/Parking Lot, CDB Parking Lot Project, PHS projects, and expenditures from the Operating Funds.
  • Budgeted operating revenues include an increase of $5,061,869; or 17.4% from FY26.
  • Budgeted operating expenditures currently include an increase of $2,027,405; or 6.4% from FY26.

FUND BALANCE DISCUSSION

Ms. Ross provided an update on the estimated Fund Balance as of June 30, 2026. Possible 2027 Campus Renovation projects include:

  • Academic Support Center-Phase II
  • Interior Lighting-Phase III
  • Fire Alarm Upgrade

PTMA Presentation

Tammie Beckwith Schallmo, Senior Vice President and Managing Director for PTMA Securities, LLC reviewed existing debt including existing principal on bonds, existing debt on levied bonds, and the statutory deb capacity formula. Ms. Beckwith Schallmo presented financing scenarios, methods of sales, and a financing timeline for the possibility of a Working Cash Bonds issuance for Community Colleges as a funding option for the 2027 Campus Renovation projects.

OTHER

None

ADJOURNMENT

Mr. Hunt declared the meeting adjourned at 5:01 p.m.