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YAVAPAI COMMUNITY COLLEGE SEEKING GOVERNING BOARD APPROVAL IN MAY OF 4% PROPERTY TAX INCREASE, ISSUANCE OF A $14 MILLION REVENUE BOND, AND EXTENSION ON PAYMENT OF EXISTING REVENUE BONDS TO MEET CAPITAL IMPROVEMENT DEMANDS

By R. Oliphant
Thursday, February 29th, 2024

College says it needs the new influx of cash for 2024-2025 Capital Improvement budget

Dr. Clint Ewell, Vice President of Finance at Yavapai Community College, presented the cash flow requirements for the upcoming academic year during the February 2024 meeting of the District Governing Board. He explained the financial needs of the Community College, detailing the amount of additional funding required and the intended allocation within the 2024-2025 budget.

To fulfill what it anticipates as its financial obligations, the Governing Board is being asked to consider approving a 4% increase in the County property tax rate, building upon last year’s 4% increase, and extending the deadline for final payments on existing revenue bonds. Furthermore, the issuance of a new $14 million revenue bond is deemed necessary. Dr. Ewell utilized the following slide to articulate the Community College’s fiscal position on this issue.

Dr. Ewell disclosed that due to the College’s inability to secure grant funding for 90% of the highly anticipated Health Science Center on the Prescott Valley Campus, he proposed a revised timeline for the project, postponing it from August 2024 to 2027. Under this new timeline, he specified that 50% of the funding would be sourced from the College’s own reserves, a significant increase from the original 10%, while the remaining 50% would be sought from grants and donations.

Additionally, Dr. Ewell recommended expediting the expansion of housing to align with the Campus Master Plan’s recommended capacity. However, as the College has unexpectedly removed the  Campus Master Plan from its website, the exact financial implications of this recommendation remain unclear.

You may hear and view Dr. Ewell’s presentation to the Board regarding the College’s recommendations for the budget to the Governing Board BY CLICKING HERE. The video clip discusses the need for a 4% (TOTAL) property tax increase to support operations and proposes adjustments to the capital cash flow plan to account for a reduced grant and donation target, an extended timeline for the Campus Master Plan, and the issuance of an additional revenue bond.
Categories : Budget