The Colorado Mountain College (CMC) board of trustees held its first budget hearing for the 2024-2025 fiscal year at the Spring Valley campus on May 21.
The budget’s executive summary listed several major accomplishments for the current fiscal year including:
- Opened student apartment buildings at the Breckenridge, Steamboat Springs, Glenwood Springs and Edwards campuses, each with approximately 48 beds.
- Purchased three residential dwellings to rent to employees at affordable rates, bringing the total to nine units. When combined with existing residence halls and students’ apartments, CMC’s housing inventory is more than 1,000 beds.
- Received initial accreditation from the Commission on Dental Accreditation for an inaugural cohort of 10 dental hygiene students this summer. The college also built an oral health clinic, which it will run in partnership with Mountain Family Health Centers.
- Opened a state-of-the-art teaching kitchen at the Aspen campus.
- Awarded Colorado Mountain Promise financial aid to 250 students, which covers any remaining tuition for Colorado residents whose family income is below $70,000 or independent students below $50,000.
- Certified a temporary mill levy rate reduction, which provided more than $25 million in tax relief to local property owners.
- Graduated its largest class in history and awarded its first bachelor of arts degree in human services.
- Received a clean financial statement audit for the fiscal year 2022-2023 with no material findings from CliftonLarsonAllen.
- President and CEO Dr. Carrie Besnette Hauser announced her resignation; the CMC board also appointed Dr. Matt Gianneschi as the college’s 10th president effective this August.
The executive summary also noted that the college completed its first year under the new strategic plan, called “Mountain Futures.” The CMC strategic plan opens with a “refreshed” vision that reads as follows:
“Colorado Mountain College aspires to serve and elevate the economic, social, cultural and environmental vitality of its beautiful Rocky Mountain region by welcoming all learners through its doors, delivering highly relevant education and training, and serving as a trusted partner for strategic collaboration and innovation.”
The plan also details the college’s purpose as follows: “As a uniquely-financed, dual-mission, Hispanic-serving Institution, Colorado Mountain College offers accessible, personalized and affordable programs across a vast array of disciplines — from the liberal and visual arts to career and outdoor industry training. Through specialized certificate and undergraduate degree programs, adult basic education and lifelong learning opportunities, CMC’s faculty and staff inspire, challenge and prepare students to meaningfully impact Colorado’s Western Slope and beyond. With a shared commitment to the health and well-being of place and one another, CMC maintains an enduring responsibility to contribute to the strength, resiliency and sustainability for its local mountain communities.”
Concluding, the executive summary stated: “The [financial year] 2024-2025 CMC budget aligns with the new strategic plan by providing financial resources to each of the commitments … The strategic plan also incorporates the following sub-plans that support it: a facilities master plan, an information technology master plan, an academic strategic plan, an enrollment plan, a sustainability action plan, and a diversity, equity and inclusion plan. Funding for strategic initiatives come from both the operating budget and reserves, such as the strategic plan reserve fund.”
The “Budget Highlights and Summary” has 10 bullet points that include:
- General Fund revenues are higher than last year by the equivalent to a 5.6% increase ($5 million). The change is due primarily to increased contributions from the State of Colorado.
- The CMC board of trustees voted to increase tuition by $4 per credit hour for in-district students, $8 per credit hour for in-state students and $20 for out-of-state students.
- In response to inflation, the budget calls for a 4% cost of living adjustment for all full-time and part-time staff and faculty.
- The college expects health care premiums to increase more sharply than in the past few years and set aside funds to cover an 8% increase.
The college’s revenues breakdown as follows, according to the executive summary: property tax revenue, 70%; tuition and fees, 13%; state revenue 14%; other revenue 3%. Total General Fund revenues are budgeted at $94,356,683, with General Fund expenses the same.
The second budget hearing will take place in June in the Roaring Fork Valley at a time and location to be determined, said CMC spokesman Brian Barker.
To view the draft 2024-2025 budget, visit: www.bit.ly/CMCdraftbudget