The Three Rivers College board voted unanimously to set this year’s property tax rate at .2330 per $100 of assessed property value. This is the same rate as fiscal year 2021.
After the quick tax hearing, the board opened their regular monthly meeting with a financial report, during which Chairman Chris Williams saluted school President Dr. Wesley Payne and TRC staff. Their efforts over the past five years turned TRC’s finances around during a time of “unprecedented” challenges, he said, including enrollment decline, a ransomware attack in 2020 and COVID.
“Dr. Payne and staff implemented some cost-cutting measures while improving the campus and paying our debt down,” Williams explained.
Their hard work impacts generations of community members through education, he added. “So, kudos to you guys. It’s not going unnoticed, we appreciate you.”
Payne immediately credited all school staff, “from the cook on down,” as the real force behind TRC’s comeback.
“I am continually amazed at the work that the people that are part of this team do, and the commitment they have to serving our students in a very high-quality institution,” he said. “So I’m humbled and proud to be here.”
CFO Charlotte Eubank reported declines in enrollment and some revenue, but said it was all budgeted for. Enrollment was 6% below this time last year but the school built room in the budget for an additional 5% drop. The lower income from tuition and fees are offset by state appropriations, property taxes and grants.
“We were actually below where we were the last few years in some of our spending categories and that also offset some of the tuition enrollment decreases,” she noted.
Revenue minus expenses is $520,000 above where it was in August of fiscal year 2021, “so that’s a good place to end up, with having weathered enrollment decreases and so forth.”
Finances will update in August when additional students enroll and money from textbooks and housing is tabulated.
Among the items on TRC’s to-do list are HVAC and parking lot improvements. The following bids were accepted for ongoing projects:
• A $123,662.64 bid to replace copiers was awarded to NovaTech, Inc. of Malden.
• A $419,850 to Riverside Roofing Co. LLC to replace the roof of the Library & Academic Resource Commons and Westover Administration Building.
• A $129,220 bid to Integrity Tactical Protections Services LLC for armed security service.