By RORYE O’CONNOR
INA — —
The Rend Lake College Board of Trustees on Tuesday approved the college’s 2012 tax levy at an amount of $4.82 million.
The tax levy, payable 2013, shows an increase of 2.06 percent, from $4.73 million in 2011, information provided by RLC states.
Board member Ed Cunningham said the 2.06 percent increase is due primarily to the progression of property’s assessed valuation in the district.
RLC Finance Director Bob Carlock said that there is some increase in debt service as well, due to the district paying off more of its debt.
Board of Trustees Chairman Bryan Drew said even with the state not paying the college, it has not raised taxes significantly or raised tuition.
Carlock said the state of Illinois owes RLC about $800,000 from the previous fiscal year, and has not made any payments in this fiscal year, for a total of nearly $6 million owed to the college.
Due to the fact that the amount of the proposed tax levy is not greater than 105 percent of the prior year’s levy, the college is not required to publish a notice of tax increase and to conduct a Truth in Taxation hearing, information states.
The board also approved the Fiscal Year 2012 audit. Russell Porter from Clifton Larson Allen LLP presented the audit to the board, and said the audit firm expressed an unqualified or clean opinion of the college’s finances.
The auditing firm had one finding during a test of the school’s financial assistance, specifically for Federal Direct student loans.
Of 40 students tested, four students had withdrawn and the status changes were not reported to the National Student Loan Data System within 30 days.
The firm recommended that the district should put procedures in place to ensure that student enrollment status changes are reported in a timely manner.
The response from the college, the audit report states, is that the district has implemented a new IT system, which will require ongoing attendance records from instructors.
Concerning the ratio of the school’s assets and liabilities, Porter said the ratio had increased from 3 to 1 last year, or three times as many assets as liabilities owed, to 3.23 to 1 this year.
He said RLC has $52.5 million in total assets and $22.3 million in total liabilities for net assets of $30.3 million.
In other business, the board: