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Proposed CVTC budget shows small decrease in tax rate

Wednesday, June 14, 2023

Proposed CVTC budget shows small decrease in tax rate

Image: Proposed CVTC budget shows small decrease in tax rate

The Chippewa Valley Technical College is set to approve the proposed 2023-24 budget at its board meeting on Thursday, June 22. The budget titled Empowered Futures: Investing in Our People to Propel Student Success, focuses on continuing efforts to be an employer of choice in the College’s district.

The budget calls for total expenditures of $113,626,637, a reduction of 2.59 percent from the 2022-23 budget due mainly to the completion of referendum projects. General fund revenues are projected to be $60,264,644, up 1.24 percent from 2022-23.

Caleb Cornelius, vice president of administration & chief strategy officer, said an increase in enrollment, remodeling of buildings and other factors have contributed to the budget.

“The budget underscores the value of our exceptional faculty and staff,” Cornelius said. “Recognizing their invaluable contributions, the college is committed to providing a cost-of-living increase and continuing the work we started last year to ensure our compensation is in line with the market in our quest to attract and retain top talent to propel student success.”

An estimated six percent increase in property values will result in a decrease in the tax rate of 0.03 percent from $71.20 per $100,000 of property value to $71.18. The proposed tax levy – the amount collected throughout the CVTC district for support of the College – is $25,576,325, up 5.97 percent from the previous year, is related to an increase in debt service cost.

“By ensuring competitive salaries and benefits, the institution aims to foster a supportive and engaging work environment that nurtures a culture of innovation through teaching and learning, student success, collaboration, and community engagement,” Cornelius said.

A public hearing on the budget is scheduled for 5:30 p.m. Thursday, June 22, preceding the board meeting.

With more than 120 programs offered online and on-campus, Chippewa Valley Technical College delivers innovative, applied, and flexible education that supports a diverse community of learners, improves the lives of students, and adds value to our communities.

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