Financials from Annual Report
Waubonsee Community College follows a conservative budgeting model that prioritizes fiscal responsibility while also maintaining a strong financial commitment to its teaching and learning mission. For the fiscal year 2023, the college received an unmodified audit opinion from its external auditing firm, indicating a clean financial record. The college's financial position continues to remain solid, as evidenced by a Moody's Investors Services credit rating upgrade from Aa1 to Aaa in April 2023. The chart below shows the actual results of the college's Operating Funds, which includes the Education Fund and the Operations and Maintenance Fund.
Fiscal Year 2023 Operating Revenues by Source
Operating revenues for the years ended June 30 (in millions)
| Operating Revenue | 2021 | 2022 | 2023 |
|---|---|---|---|
| Local Government | $45.8 | $48.4 | $51.6 |
| State Government | 6.0 | 6.2 | 6.2 |
| Federal Government | 7.3 | 1.9 | 0.2 |
| Tuition and Fees | 19.2 | 18.1 | 18.4 |
| Other Revenues | 1.0 | 1.7 | 2.5 |
| Total Operating Revenues | $79.3 | $76.3 | $78.9 |
Fiscal Year 2023 Operating Expenses
Operating Expenses for the years ended June 30 (in millions)
| Operating Expenses | 2021 | 2022 | 2023 |
|---|---|---|---|
| Salaries and Wages | $35.2 | $35.9 | $39.3 |
| Employee Benefits | 6.3 | 6.3 | 6.7 |
| Contractual Services | 4.3 | 5.2 | 5.8 |
| General Material and Supplies | 6.3 | 7.1 | 5.7 |
| Conference and Meeting Expense | 0.2 | 0.4 | 0.7 |
| Utilities | 1.8 | 2.4 | 3.2 |
| Capital Outlay and Other | 0.5 | 0.3 | 2.1 |
| Waivers and Institutional Scholarships | 3.0 | 2.2 | 0.7 |
| Total Operating Expenses | $57.6 | $59.8 | $64.2 |
Recognized for Excellence
For the 24th consecutive year, as a testament to Waubonsee's diligence and skills in financial stewardship, the Government Finance Officers Association of the United States and Canada (GFOA) awarded the college a Certificate of Achievement for Excellence in Financial Reporting for its annual comprehensive financial report for the fiscal year that ended June 30, 2022. This is a prestigious national award recognizing conformance with the highest standards for preparation of state and local government financial reports.
Waubonsee also received the GFOA Award for Best Practices in Community College Budgeting for fiscal years 2018 and 2019. This award is presented to community colleges demonstrating a budget process aligned with the GFOA best practice recommendations. Waubonsee previously received the Distinguished Budget Presentation Award for fiscal years 2014-2017. The college has elected not to participate in the GFOA budget award programs, however continues to subscribe to and implement procedures and practices to maximize transparency and organizational collaboration in the budget development process.
Annual Comprehensive Financial Report/College Budget
The college's Annual Comprehensive Financial Report, which includes the independent financial audit report, and college budget provide financial information about the college.
Annual Comprehensive Financial Reports (pdf):
Annual Budget Reports (pdf):
