Dr. Tony Miksa, McHenry County College’s Vice President of Academic and Student Affairs recommended a $5 per credit hour tuition hike, plus a new $10 infrastructure fee for next year’s students.
Currently, students are charged $101 for tuition, plus a $9 technology fee, for a total of $110 per credit hour.
If the recommendations are approved next spring, the cost of a credit hour will rise to $125.
Miska noted that even at that level MCC student cost would rank 21st out of 39 community colleges in Illinois. And that’s used this year’s figures for the other colleges, many of which will be higher next year.
Previously in the Thursday meeting Chief Financial Officer Robert Tenuta outlined a way to pay for a new science building, plus remodeling costing $37.2 million without a referendum.
That would finance what is shown as “Phase 1” on the “Financing Scenario A” seen below:
A significant part of the financing–$13 million–would come from the new student infrastructure fee.
He proposed selling debt certificates of $7 million. The Board can borrow money using this borrowing instrument without voter approval. A three percent interest rate was assumed.
Another $6 million could be used which has been accumulated to fund building projects.
In probably her last Board meeting, outgoing President Vicky Smith revealed that she had been in contact with five contributors who are willing to donate $15 million, if the Trustees agreed to match that amount.
No names were revealed nor was it revealed who might make contact with these folks after Smith leaves.
= = = = =
To make the CFO’s presentation complete, here are his suggestions of how to finance the entire package: