The Colorado Mountain College Board of Trustees met at the college’s Central Services administrative offices in Glenwood Springs Dec. 13-14, for a community meet-and-greet and hard hat tour of Cooper Commons, a regular board meeting, and two work sessions – one on capital projects, and the other on tuition and budget.
In the work session on tuition and budget, in advance of setting tuition in January the trustees were able to suggest a number of different tuition and revenue scenarios, which staff entered into an innovative, interactive model. Through the model, trustees could see the budget impact of any changes in tuition or property tax revenues, including the continuation of a large projected drop in oil and gas property taxes. In this work session, trustees heard that the college’s tuition rate for bachelor’s-level courses has not increased since they were introduced, considered various options for associate degree tuition, and heard from staff that, even with any tuition increases under consideration, the college would remain the most affordable in the state. Trustees requested staff to bring to their January meeting alternative tuition models for board consideration.
In the work session on capital projects, the trustees reviewed several different systems for comparing and rating possible future capital projects.
Trustees voted unanimously to certify the college’s mill levy of 3.997 for the 2016-17 fiscal year, and to accept the annual financial audit by an outside agency.
On third reading, the trustees voted unanimously to support two motions related to the issuance of Certificates of Participation. One motion was regarding the issuance and sale of COPs for the purpose of refinancing up to $12.5 million of currently outstanding COP obligations, resulting in annual savings to the college. The other motion was regarding the issuance and sale of COPs for the purpose of providing new funds not to exceed $15 million toward new capital projects; at a future date the trustees will determine which capital projects will be undertaken. Both types of COPS would be secured by lease payment obligations.
Pursuant to board policy, the Colorado Mountain College Board of Trustees will formally act on 2017-18 tuition rates at their Jan. 25 meeting.