Trustees approve budget with $1.2 million deficit

The college now faces a $1.2 million working deficit for this fiscal year, a more comfortable figure than the projected $3 million that was announced to the faculty earlier this term.

During its fall meeting last week, the Board of Trustees approved the budget, which will siphon $1 million out of a reserve fund in the college endowment to help close the gap. The rest of the shortfall must be met throughout the year by finding savings in the budget.

But according to senior Hatim Mustaly, one of Student Senate’s observers to the board, these savings are intended to be made in a manner that “does not affect the student experience.”

Part of the budget shortfall is derived from new expenses on staff this year, which the trustees see as an “investment” in the future of the college, Mustaly said.

Both Mustaly and President Teresa Amott believe the trustees are not daunted by the budgetary issues. According to Amott, they “appreciate the situation” and are prepared to get the college out of it.

Vice President for Finance Tom Axtell said it is an “exciting” time for the college, but “the next couple of years are going to be challenging” in financial terms.

The board also approved $680,000 for costs related to Amott’s proposed capital campaign, a large-scale fundraising effort, and a marketing study already underway.

Charlie Megenity
Charlie Megenity (formerly Gorney) is a senior double majoring in political science and economics. He previously served TKS as managing editor and as co-news editor while working as the weekend reporter for The Galesburg Register-Mail. Over the summer of 2012, Charlie interned in Wisconsin with, an online hyperlocal news source, where he covered the August 2012 Oak Creek Sikh temple shooting; he will return to Patch during the summer of 2013. He is also the journalism editor for Catch magazine.. Charlie has received three awards from the Illinois College Press Association for newswriting and design, including a first place award for front page layout. He was the 2013 recipient of the Theodore Hazen Kimble Memorial Award in Journalism for a feature story published in The Knox Student. His work has also appeared in The Huffington Post.

Tags:  Board of Trustees Hatim Mustaly Teresa Amott tom axtell

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