WATERLOO — Hawkeye Community College’s board of trustees on Tuesday approved a $65.58 million budget, including a 5.77 percent increase in tax collections.
The 2018-19 budget includes $9.92 million in property and utility replacement tax collections for the college’s 10-county service area. That is $541,359 more than in the current year. The budget will go into effect July 1.
Two factors are causing the increase, according to college officials. The overall tax rate will rise 4.5 cents to $1.01 per $1,000 of taxable value. Additionally, property valuations have grown by about 1 percent across the service area.
A home with an assessed value of $100,000 will see an increase of $1.30 in the Hawkeye portion of its annual property tax bill, going from $55.27 to $56.57. That assumes the home’s valuation remains the same. Hawkeye represents between 2.5 and 3 percent of the bill for Black Hawk County residents.
The budget represents a $5.45 million decrease from the re-estimated budget for the current year, largely related to bond funds being spent now on construction of the new Adult Learning Center.
All sources of state funding are estimated at $16.71 million in the 2018-19 budget. Tuition is estimated to generate $20.3 million. Additional anticipated revenues include $6.58 million in federal aid, $2.5 million in proceeds from certificates and $5.49 million in other income.
Expenditures include $7.87 million for liberal arts and sciences education, $17.77 million for vocational and technical education, $5.07 million for adult education, $6.94 million for cooperative programs and services, $1.86 million for administration, $4.46 million for student services, $925,124 for learning resources, $13.3 million for the physical plant and $7.38 million for the general institution.
In other business, the board approved a two-year sublease agreement with Iowa Workforce Development for a portion of its Mason City office space to be used by the Promise Job program. Cost will be $427 per month. The office is needed because Hawkeye serves as a fiscal agent for the Promise Job program, which provides a series of supports to help people move from public assistance into the work force.