IVCCD Board Report – March 6 Meeting

IVCCD Board Walked Through Certified Budget

During the monthly Iowa Valley Community College District Board meeting, the Notice of Public Hearing budget estimate was presented to the Board for the FY25 certified budget. The estimated levy amount for fiscal year 2025 is $1.73978 and will be presented at the April 10, 2024, meeting. The administration requested the authority to spend $61,056,044.

The fiscal year 2023 financial review was also presented. A summary of the results of the operating fund (Fund 1), the auxiliary fund (Fund 3) and the plant fund (Fund 7) was presented.  Overall trends indicate a decrease in the contributions to the operating fund over the past several years and more stability in the growth of the plant fund. Other sources of revenue were shared from the equipment levy, the plant levy, and Perkins funding, which are sources of revenue for equipment and/or debt repayment.

Board Approved Amendment to Healthcare Modernization 

The Board approved the administration’s recommendation to transition from a grandfathered plan to an Affordable Care Act compliant plan to allow for plan modernization. Changing the current health plan to a non-grandfathered plan will allow the administration to add choices to the health benefit offerings, which will serve the diverse employee needs and assist in controlling the total cost of health insurance.  Iowa Valley will strive for a 10% decrease in the 2024-25 health insurance renewal expense over the next three years by offering health plans with different levels of coverage and different cost sharing with employees.

Board Approved Contract with ATI 

The Board approved a renewal agreement between Iowa Valley and Assessment Technology Institute (ATI) for a comprehensive testing and review program designed to provide students with various learning tools that assist them in learning course content, identifying strengths and weaknesses, reviewing content, improving test taking abilities and ultimately successfully passing the National Council Licensure Examination for professional licensure. Students buy a package at the beginning of the PN year and again at the beginning of the RN year. They utilize resources in this software package daily throughout every class in the program up until they sit for their boards. The cost per student is $1,782.50.

The next regular board meeting is scheduled for April 10, 2024, at 4:00 p.m. at Ellsworth Community College and will be available via Zoom.