10 months ago by 0
John Wood Community College Trustees authorized the abatement of tax levied for 2013 to pay debt service on General Obligation bonds and announced the intent to levy an equity adjustment for the same tax year.
At Wednesday night's meeting, the JWCC Board approved a resolution to abate the 2013 tax levy associated with the General Obligation Bonds (Alternate Revenue Source), Series 2012. JWCC has sufficient funds from operations for the annual payment of the principal and interest on these bonds.
As a result, the counties of Adams, Pike, Hancock, Calhoun, Schuyler, Brown, Morgan, Scott and Cass will not collect approximately $93,000 for payment in 2013.
Trustees adopted a resolution declaring the intent to approve the annual equity adjustment for the 2013 tax year as permitted by state statute. JWCC is one of 15 community colleges in the state eligible by law for the adjustment because the College operates at a tax rate below the statewide average.
The adjustment is .0393 per $100 equalized assessed valuation (EAV), which would generate an estimated $540,000 for JWCC’s operation fund for the 2015 budget year. The Board announces its intent for the equity adjustment every October prior to its annual levy. The overall tax levy will be discussed at future meetings.
In other business, the Board:
Accepted and filed the annual audit report for fiscal year 2013 from WIPFLi auditing firm. WIPFli noted that JWCC has complied with government accounting practices and has exercised proper internal controls.
Authorized Dr. John Letts to enter into an agreement with a collective bargaining negotiator for the negotiation period with the JWCC Faculty Association IFT/AFT local #6086 Collective Bargaining Unit.
Approved submission of a reoccurring Illinois Cooperative Work-Study Program Grant in the range of $25,000-$30,000. The purpose of the grant is to support work study/internship activities with local businesses that align with courses of study offered by JWCC. The grant pays one half the hourly wage of the internship and the employer pays the other half of the 160, 240 or 320 hour internship. Previous funding resulted in 23 internships within culinary arts, agriculture and early childhood education.