Updated Surplus Numbers

Updated Surplus Numbers
Updated Surplus Numbers: Actual surplus 2018 per audit was $85,163.
Boards 2011-2018 implemented policies and procedures with specific goals:
stabilize owner fees, achieve maintenance objectives and achieve annual budget surpluses.
Any surplus was retained by the association.
The board elected in fall 2018 decided to increase owner fees, even in view of a large potential surplus

Average fees prior to 2019

Average fees prior to 2019
Average fees per owner prior to 2019:
RED indicates the consequences had boards continued the fee policies prior to 2010,
BLUE indicates actual fees. These moderated when better policies and financial controls were put in place by boards

Better budgeting could have resulted in lower fees

Better budgeting could have resulted in lower fees
Better budgeting could have resulted in lower fees:
RED line = actual fees enacted by boards,
BLUE line = alternate, fees, ultimately lower with same association income lower had
boards used better financial controls and focused on long term fee stability

Thursday, July 5, 2012

COD Current Projects and Operating Costs - Part I

Readers have expressed an interest in current projects at the College of DuPage. The College of DuPage website does include a list of current projects. The website is not complete; for example, the construction of "pond 9" and the storm sewer system into the wetlands is not included in those lists. (Note 2). 


I've also included a link to the latest (June 18, 2012) facilities plan published by the college as part of the June 19 County Development Hearing (Note 4). 


This post will be the first in a series which looks at some of the financial aspects of what has been occurring at COD.


I'll include some information in this post, but the published list of current projects can be accessed by anyone going to the COD website and clicking on the Facilities tab:    About COD > Facilities > Construction Projects (Note 3).

Here's a link to COD's Construction Projects website:
After reading this post, you can access the website by clicking on the following link which will open a window to:


The most recent update on the college site, in addition to the Plan provided on June 18 to the County Development Hearing was a March, 2011 update for the SRB/BIC project. The general information under the "Construction Projects" area was August 2010!

The following parking improvement projects are listed as completed:

ROADWAY, PARKING LOT AND ASSOCIATED LANDSCAPE IMPROVEMENTS (PHASES 1 & 2)
ROADWAY, PARKING LOT AND ASSOCIATED LANDSCAPE IMPROVEMENTS (PHASE 3)

Clicking on the above highlighted phrases will take you from this page to the College of DuPage website.

Other Released Documents and Planned Project Dates
The college has released other documents as required to float recent bond offerings (2011A and 2011B), taxation and other financial plans. Those documents are available on the college website under COD Financial Documents . Using the information found there, these were the planned project dates prior to the recent County hearings, as well as the planned operating costs (Note 1):
  • Homeland Security Building - open July 2011, increase annual operating cost $328,969.
  • Culinary Arts Building - open June 2011, increase annual operating costs $453,752 and a full time staff of four.
  • BIC/SRC Extension - open July 2011, increase annual operating cost $399,627.
  • Demolish M Building July 2014, reduce annual operating cost $305,895.
  • Demolish K Building July 2013, reduce annual operating cost $310,265.
  • Demolish OCC Building July 2013, reduce annual operating cost $72,832.
Annual Operating Costs for the Planned Projects
Using the information published by the college in its tax and planning documents as summarized above, the college expects an annual operating increase of $493,356 because of the above changes.  The most recent plan as submitted to the county has removed the M, K and OCC buildings.

Why the Lack of Information at the COD Construction website?
There are several possibilities. It could simply be a poorly constructed website is to blame. However, I can't ignore the recent "control" issues that the college had with the Village of Glen Ellyn. It's possible the lack of information is also a consequence of a desire on the part of the college to limit outside scrutiny.

Notes:
1. Costs for new buildings per the most recent "College of DuPage Financial Plan - Taxes."
2. The post on the pond 9 construction and the storm sewers into the wetlands can be opened in a new window by clicking on the following link to Part III of the 3-part post on the construction in our association's immediate area:
New Window> COD Expansion - Runoff, Wetlands and Flood Concerns


3. Information contained in the post as well as the links to the COD website were current as of July 4, 2012.

4. Link to the COD "Planned Development Site Plan"which was approved by the County Development Committee:
New Window> COD Planned Development Site Plan


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