SMC board approves $18.2 M budget

Published 12:24 pm Thursday, June 26, 2008

By Staff
Following a public budget hearing, the Southwestern Michigan College Board of Trustees adopted SMC's 2008-2009 budget Tuesday.
It is a balanced budget at $18,273,063.
Regarding the college budget, board Chairman Dr. Fred L. Mathews said, "With this action tonight, the SMC Board of Trustees has adopted 42 budgets in the history of the college, all of which have been balanced. I continue to be proud of the Board of Trustees. Even with revenue constraints, the board has been able to balance next fiscal year's budget. This is a result of administrative and trustee efforts to find innovative ways to operate more efficiently.
"At the same time we have been able to strengthen the core mission of the college, which is educational excellence at an affordable cost. The transfer student success reported this evening shows that we have prioritized effectively."
The Board of Trustees also accepted the bid of Morgan Stanley and Co. for the purchase of $14.22 million of general obligation tax limited bonds.
These bonds will be paid off with revenue generated by student housing rent, student activity center fees and by funds earmarked for debt service and will not require any new millage.
Earlier this week, the college received notice of its favorable bond ratings of A2 and A+/Stable from Moody's Investor Service and Standard and Poor's, respectively.
Regarding the bonds, Chairman Mathews commented, "The excellent bond ratings given to the college by Standard and Poor's and Moody's reflect the strong fiscal management of SMC."