Why not use it in a manner that will create $4.4 million in student scholarship aid? Or, give faculty a one-time bonus? No one in the administration is talking about those kinds of alternatives
Commentary
Yavapai Community College has received back $4.4 million from the town of Prescott Valley pursuant to an agreement made in 2007. Rather than apply the money to the 2018-19 budget to cover capital costs (the $4.4 million must be used for capital), the College has announced it intends to bank the money and use it for future capital projects. (See Video.)
Wouldn’t a better use of the windfall to apply the $4.4 million to the 2018-19 capital budget and use the primary taxpayer $4 million now linked to capital expenses to establish student scholarship aid? Or, provide staff with a one-time bonus? So far, the Board has shown no inclination to do anything more than to bank the $4.4 million so it can build the future soccer field or some other similarly wasteful project.
The history of the $4.4 million begins February 26, 2007 when the College entered a memorandum of understanding with the Town of Prescott Valley and agreed that it would provide money to build in the Prescott Valley Library facilities to be used for “a wide range of educational services, including library services, classroom instruction, administration, and cultural performances.” In January 2008 the College and the Town of Prescott Valley broke ground on a joint use facility for the stated purpose of providing classrooms, administrative offices and a library complex at the Prescott Hall library. A combination of bond proceeds and funds from the districts Future Capital Projects Accumulation Fund were used for the project.
The Community College joined with Northern Arizona University around 2010 to provide an experimental three-year full college degree granting program at the facility. The idea was apparently that the Community College would teach two-year courses and NAU handle upper division courses. The arrangement fell through a couple of years ago and the College asked for its money back. The Town of Prescott Valley agreed. Finally, the money has been returned to the College.
The College explains how it is handling the $4.4 million in the short video below.