Dr. Clint Ewell, Vice President of Finance at Yavapai Community College, presented the cash flow requirements for the upcoming academic year during the February 2024 meeting of the District Governing Board. He explained the financial needs of the Community College, detailing the amount of additional funding required and the intended allocation within the 2024-2025 budget.
To fulfill what it anticipates as its financial obligations, the Governing Board is being asked to consider approving a 4% increase in the County property tax rate, building upon last year’s 4% increase, and extending the deadline for final payments on existing revenue bonds. Furthermore, the issuance of a new $14 million revenue bond is deemed necessary. Dr. Ewell utilized the following slide to articulate the Community College’s fiscal position on this issue.
Dr. Ewell disclosed that due to the College’s inability to secure grant funding for 90% of the highly anticipated Health Science Center on the Prescott Valley Campus, he proposed a revised timeline for the project, postponing it from August 2024 to 2027. Under this new timeline, he specified that 50% of the funding would be sourced from the College’s own reserves, a significant increase from the original 10%, while the remaining 50% would be sought from grants and donations.
Additionally, Dr. Ewell recommended expediting the expansion of housing to align with the Campus Master Plan’s recommended capacity. However, as the College has unexpectedly removed the Campus Master Plan from its website, the exact financial implications of this recommendation remain unclear.
Both members of the Yavapai Community College District Governing Board who together represent Sedona and the Verde Valley voted to approve the requested five percent tax rate increase on primary property in Yavapai County at the Governing Board meeting May 16. Chair Deb McCasland also voted to approve the $101 million budget. Newly appointed District three representative Toby Payne did not oppose the capital budget but abstained.
Ms. McCasland represents District 2, which encompasses about half of her constituents and includes the following: Aqua Fria, Beaver Creek, Camp Verde 1 and 2, Canyon, Cherry Creek, Cordes Lakes, Cornville, Crown King, Humboldt, Mayer, Middle Verde, Montezuma, Prescott Country Club, Stoneridge, Sugarloaf and Verde Lakes.
Mr. Payne represents District 3, which encompasses the following: Big Park, Bridgeport 1 and 2, Clarkdale, Clemenceau, Coffee Pot, Cottonwood, Fir, Jacks Canyon, Jerome 1 and 2, Mingus, Orchard, Quail Springs, Red Rock 1 and 2, Red Rock East, Red Rock West, Verde Village, Western, and Wild Horse. All his constitutes live in Sedona/Verde Valley.
Ms. McCasland explained her vote in favor of the tax increase, which explanation you can hear and see by clicking here.
Ms. McCasland’s vote was needed in order to pass the budget, which passed 3-1-1. She explained her vote in favor of the budget, which explanation you can hear and see by clicking here.
Mr. Payne explained his vote in favor of the tax increase, which explanation you can hear and see by clicking here.
Mr. Payne did not object to the capital budget but abstained. You can see and hear Mr. Payne’s statement for abstaining by clicking here.