News Releases
News from Lane Community College, Eugene, Oregon
Media contact: Joan Aschim, 463-5591, aschimj@lanecc.edu
for release June 11, 2004
LCC board adopts budget
EUGENE - The Lane Community College Board of Education adopted the 2004/05 college budget by 7-0 vote at its June 9 meeting, There was no public comment offered at the hearing held prior to the vote.
The budget is basically a roll-over from the current year and has no program or service reductions. There is an inflationary tuition adjustment of $1.50 per credit hour and some investments to help reduce future shortfalls. Chief among these are a $500,000 stabilization reserve fund, and $810,000 for deferred maintenance. The general fund total is $79,232,500.
President Mary Spilde announced at the meeting that Standard and Poors had reaffirmed the college’s A+ rating, a notable achievement at a time when many Oregon colleges and agencies are being downgraded. Lane’s fiscally conservative financial policies, cost containment measures and tuition policy were cited as key reasons for the top rating.
Spilde said a cautious approach will be continued, however, as the college prepares for a projected deficit of about $1 million in 2005/06, and $2 million in 2006/07.
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