A balanced 2018 budget was approved by the Three Rivers College Board of Trustees during Wednesday's meeting.
According to Chief Financial Officer Charlotte Eubank, the college's operating budget, which includes projected revenues for fiscal year 2017-18 and the associated expenses necessary for continued daily operation and minor improvements, is expected to balance at $24 million with no surplus or deficit.
TRC's capital budget includes long-term or large projects estimated to cost $20,000 or more. For 2018, capital projects are expected to cost approximately $6 million and include the Libla Family Sports Complex, campus projects and various building renovation projects.
Eubank said debt service increased by $500,000 from 2017 as payments for the Series 2016 Bonds begin. The bonds will be used to partially fund the new sports facility. Eubank noted while the $5 million bonds do not pay for the complex in its entirety, 100 percent of funds will be applied to the project.
Eubank also said recent investments in college facilities have prompted costs to increase, specifically noting the Sikeston, Mo., and Poplar Bluff campuses, and the purchase of the Kennett, Mo., facility.
Board Chairman Eric Schalk said even though tough decisions had to be made, a solid team effort led to approval of next year's financial plan
"I commend our budget managers, the chief financial officer and the president on their hard work and diligence in getting the budget balanced," he said.
During his President's Report, Dr. Wesley Payne said "a great deal of progress" is underway with various updates around the campus.
"If you have been by the new Libla Family Sports Complex, you will see steel is in the air," he said. "The box is taking shape."
Payne also touched on the sidewalk additions and grounds updates and said they are coming along nicely.
"This project, when complete, will take you off a newly repaired and striped parking lot. It provides much better pathways to (hard to reach) locations in a reasonable, natural way up the hill," Payne said.
Trustees approved to maintain TRC's relationship with Southern Bank for it's primary banking needs. The Southern Bank facility located on TRC's Poplar Bluff campus will remain in operation. A proposal by People's Community Bank was also considered.
Trustee Gary Featherston said the banking decision was a tough choice and though he voted in support of staying with Southern Bank, said he saw promise with both institutions.
"They are both great banks and huge supporters of the college,' Featherston said. "This was a very difficult decision. Both presentations had advantages over the other."
Featherston said ultimately, the time and labor involved with switching systems and the burden it would have placed on TRC's financial team led to his vote to stay with Southern Bank.
Trustees authorized a conveyance of real estate at Sikeston, resulting from an unused gift received more than three years ago.
According to the resolution, a gift of real estate from the Matthews family in New Madrid County was initially conditioned upon the construction of a roadway. In the three year time frame since TRC acquired the land, construction has not been undertaken which prompted trustees to return ownership of the property to the Matthews family.
A variety of policy updates were also approved as the board is currently working to update and streamline policies and procedures.
Upcoming events include the Raider Run, Walk, and Wag at 8 a.m. Saturday, July 8, at East Park in Dexter, Mo. The 5K will be TRC's first major fundraising event in Dexter, said Payne. The run/walk will allow folks to alongside their furry friends. Prospective students are also encouraged to apply for admission for Fall 2017 during the event.
TRC's Day at the Ballpark will be at 6:30 p.m. Saturday, July 29, at Busch Stadium in St. Louis. Tickets can be purchased by contacting Michelle Reynolds at 573-840-9077 or michellereynolds@trcc.edu, Edie Dilbeck at 573-840-9688 or edilbeck@trcc.edu or at Poplar Bluff Realty, located at 1800 N. Westwood Blvd.
The next Three Rivers College Board of Trustees meeting will be held at noon Wednesday, July 19, in the Tinnin Fine Arts Center board room.