August 3, 2017
The Civic Federation supports the City Colleges of Chicago’s proposed FY2018 operating budget. The $442.6 million budget is a prudent plan to begin to stabilize the District’s finances following an unprecedented two-year State of Illinois budget impasse that severely impacted institutions of higher learning.
As mentioned in the full report, the District is not planning to increase tuition rates or its property tax levy in FY2018 to address the costs of erratic state funding in recent years. Instead, to secure its financial position, City Colleges will again rely on cost containment strategies along with a plan to sell central office headquarters and underutilized facilities that will reduce overhead and capital costs and help rebuild reserves.
The City Colleges fiscal year begins July 1, 2017 and ends June 30, 2017.