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 2024, 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 2024 Operating Revenues by Source
Operating revenues for the years ended June 30 (in millions)
| Operating Revenue | 2022 | 2023 | 2024 |
|---|---|---|---|
| Local Government | $48.4 | $51.6 | $53.3 |
| State Government | 6.2 | 6.2 | 6.5 |
| Federal Government | 1.9 | 0.2 | 0.2 |
| Tuition and Fees | 18.1 | 18.4 | 19.6 |
| Other Revenues | 1.7 | 2.5 | 7.5 |
| Total Operating Revenues | $76.3 | $78.9 | $87.1 |
Fiscal Year 2024 Operating Expenses
Operating Expenses for the years ended June 30 (in millions)
| Operating Expenses | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salaries and Wages | $35.9 | $39.3 | $42.2 |
| Employee Benefits | 6.3 | 6.7 | 7.7 |
| Contractual Services | 5.2 | 5.8 | 7.2 |
| General Material and Supplies | 7.1 | 5.7 | 6.3 |
| Conference and Meeting Expense | 0.4 | 0.7 | 0.8 |
| Utilities | 2.4 | 3.2 | 2.6 |
| Capital Outlay and Other | 0.3 | 2.1 | 2.4 |
| Waivers and Institutional Scholarships | 2.2 | 0.7 | 1.7 |
| Total Operating Expenses | $59.8 | $64.2 | $71.0 |
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.
With Highest Credit Rating, Waubonsee Takes Steps to Fund Career Building
As a sign of its strong financial stewardship, Waubonsee’s credit rating was recently upgraded to Aaa — the highest rating possible from Moody’s Investor’s Service. The rating not only affirms but also helps build Waubonsee’s financial strength as it enables the college to achieve the lowest possible borrowing cost in the municipal bond market. This low borrowing cost came at an opportune time as Waubonsee issued bonds to help fund its Career and Technical Education (CTE) Building.
The CTE building is expected to cost roughly $60 million and will house Waubonsee’s Automotive Technology, Auto Body Repair, and Welding Technology Programs when it opens on the main Sugar Grove Campus in fall 2025.
