July 15, 2025 Board of Trustees Audit/Finance Committee Meeting

The Audit Finance Committee of the Board of Trustees of Illinois Valley Community College District No. 513 met at 3:30 p.m. on Tuesday, July 15, 2025 in the Board Room (C307) at Illinois Valley Community College.

Committee Members Physically Present

William F. Hunt, Committee Chair

Everett J. Solon

Maureen O. Rebholz

Committee Members Virtually Present

Committee Members Absent

Board Members Physically Present

Board Members Virtually Present

Others Physically Present

Kathy Ross, Vice President for Business Services and Finance

Vicki Trier, Vice President for Academic Affairs

Mary Beth Herron, Director of Human Resources

Eric Johnson, Controller

Others Virtually Present

Tracy Morris, President

Mr. Hunt called the meeting to order at 3:00 p.m.

PUBLIC COMMENT

None

WORKING CASH BOND ISSUANCE DISCUSSION

Ms. Ross reviewed the two scenarios presented at the last meeting on the possibility of issuing Working Cash Bonds in 2025 as a funding option for the 2026 Campus Renovation projects. The impact of each scenario on the tax levy were discussed and the timeline for the issuance of the Working Cash Bonds was reviewed. The committee will recommend a Working Cash Bond Issuance in 2025 with proceeds equaling $1,588,742 to the full Board.

OTHER

None

ADJOURNMENT

Mr. Hunt declared the meeting adjourned at 3:40 p.m.