Heartland Community College

The Finance Committee meeting addressed several critical financial and project matters. Key discussions included monthly educational information regarding Protection, Health, & Safety Funding which supports facility improvements such as ADA Accessibility and HVAC updates. The Consent Agenda, covering items like bills paid, investment reports, and financial statements, was approved. Discussion items focused on the 2025 Tax Levy Resolution, which aims to keep the tax rate level despite increased expenses, and the associated 2025 Protection, Health and Safety (PHS) Projects. Other items included a planned deferred maintenance project for a CDL Heat Pump Replacement and the sole-sourced Challenger Learning Center Renovation Project, which requires ADA compliance updates and will be covered by cost savings from other deferred maintenance projects. Finally, updates were provided on employee health plan performance, noting an anticipated cost increase for the next year.

The Finance Committee convened to discuss several key items. The Annual Security Report (Clery Act) was reviewed, which included crime statistics and relevant information for the past calendar year. The FY2026 Final Budget was presented, highlighting a decrease in state funding but also a balanced budget with a slight surplus due to a reduction in the previously discussed deficit.

The Heartland Community College District No. 540 Budget for Fiscal Year 2026, which begins July 1, 2025, and ends June 30, 2026, incorporates the educational and public service operational commitments of Heartland Community College to District students and residents. The budget was adopted following an opportunity for public review and a public hearing. The budget aligns with the College's vision, mission, and college-wide priorities and goals, which include promoting student access and success, creating a systemic culture of equity, diversity, and inclusion, ensuring resource stewardship, and serving as a community resource.

The Finance Committee meeting covered several topics, including a review of the September 2023 Bills, Investment Report, and Revenues and Expenditures Summaries. Discussions were held regarding the preliminary audit financial statements for FY23, the tax levy process, and the Equity Tax Resolution. Updates were provided on sublease agreements for the Pontiac HCC, the CCB 1406/07 Renovation Project, and employee wage and benefits planning, including the Self Insurance Fund. The purchase of an ADA accessible van using grant funds and adjustments to the base grant by the State of Illinois were also presented.

The committee reviewed the August 2022 bills, investment report, and revenue and expenditure summaries. They discussed the Financial Planning Timeline, FY20-24 Professional Services Review Timeline, and Facilities and Construction Projects Update. The committee reviewed a resolution for the disposal of unusable surplus equipment and fixed assets. They also reviewed the recommendation to authorize the transfer of funds for capital improvements, deferred maintenance, general equipment needs, and instructional innovations to the Restricted Fund. The committee reviewed the resolution adopting the FY23 budget and discussed that the College does not have to provide a State Farm Tax Abatement for FY23. An audit status update was provided, and the committee was notified that the College had completed the Annual Security Report (ASR).