GILLETTE, Wyo. – Wyoming’s newest community college can breathe a little easier with financial forecasts reportedly indicating funding levels that will carry the institution through September.
According to Dr. Anne Larsen, vice president of administrative services and chief financial officer, the Gillette Community College District ended December 2022 with a healthy cash position of $7.4 million in its operating fund.
Additionally, according to Larsen, the college district assessed $11.5 million in property taxes and it should expect to receive another $3.9 million before the end of the year.
“Our current bank balance of $8 million — if we take the $4 million from the county by mid-June, this will carry us, according to the cashflow forecast, through September,” Larsen said.
A good portion of the college’s current financial status is thanks to the Campbell County Commissioners who in early December authorized the college to draw on up to $10 million in county reserves to keep itself afloat amid a funding crisis.
The funding shortfall was fueled by changes to ad valorem taxation legislation that changed the payout schedule from the expected monthly installments to one annual lump sum.
Larsen said when the county paid out the $6 million requested by the college it withheld the institution’s tax payout for December which leaves only $2.9 million that the county needs to recoup before the loan is fully paid back.
In addition to the county loan, Larsen said that she paid back a portion of a $3.3 million bank loan that was given in the form of a warrant and that the college will need to pay back the remaining $1.8 million by May 15.