FROM: Gloria D. Stewart

Supervisor, Media Relations

Iowa Valley Community College District

MARSHALLTOWN – Dan Gillen, Iowa Valley Community College District Chief Financial Officer, presented the background information for the FY 2011 Budget during the Public Hearing March 1. He explained that the Board was being asked to approve the budget estimate with a slight change.

He explained that the Early Retirement application deadline passed and eight individuals accepted, out of more than 40 eligible. Gillen said now that the amount needed for the early retirement package is known, the amount of estimated tax can be reduced. A total of 12 cents was reduced from restricted funds: five cents from the debt service fund, five cents from the Standby fund and two cents from the early retirement fund. Each of these funds is restricted, meaning money can only be used for the established purpose of the fund. A total of $188,000 is the savings. Dr. Christopher Duree, Acting Chancellor of IVCCD said he hopes that taxpayers will see that the District is doing everything possible to reduce cost during these difficult financial times.

Larry Johnson, Director from Iowa Falls, expressed concern that students wouldn’t understand lowering the tax here, if we have to raise tuition in the next breath. Gillen explained that the District’s financial challenges are in the General Operating and Plant Funds which are not impacted by these levy reductions. “We are reducing some specific levies that can only be used as fixed by the statute.”

The Board also took the official step of accepting the revised Community Attraction and Tourism Program (CAT) Grant contract with Vision Iowa Board for the Orpheum Revitalization Project. The District had requested an extension of the completion date to May 31, 2010 due to construction delays. The Vision Iowa Board unanimously accepted the extension and the IVCCD Board just needed to add their approval.