City College's Dire Financial Picture

The latest independent City College audit found deeply troubling actions had been approved by the Board of Trustees:

  • Artificially inflated budgets
  • Heavy and recurring deficit spending that began in FY 2016-2017
  • Reliance on temporary stabilization funding to subsidize deficit spending
  • Deficit spending on deeply flawed assumptions of student demand and enrollment
  • The inefficient operation of 9 campuses, one of which is closed and two that serve less than 200 students 
  • The lack of minimum fund balance requirements
  • The lack of sound fiscal management or a budget stabilization plan

City College is also projecting MASSIVE DEFICITS for the next five years:

  • $5.3M deficit on top of an 18% drop in enrollment for the remainder of this year (FY2020-2021)
  • $23.5M (FY2021-2022) - 11.7% of the total budget (before COVID-19 reduction in enrollment)
  • $52.2M (FY2022-2023) - 25.3% of the total budget (before COVID-19 reduction in enrollment)
  • $83.8M (FY2023-2024) - 40% of the total budget (before COVID-19 reduction in enrollment)
  • $125M (FY2024-2025) - 59.2% of the total budget (before COVID-19 reduction in enrollment)

The "structural deficit" City College faces is easy to rectify: elect leaders with the skills needed to steer City College in the right direction

  • Professional experience as an academic administrator and as a professor
  • First-hand understanding of what our students are experiencing
  • Resolve to make the difficult decisions that lie ahead

I hope that you will join me as we fight to remake City College in service of the thousands of students who depend on this pivotal institution to work towards a degree, learn a new skill to better support their families in a post-COVID-19 economy, and take community classes to remain engaged in lifelong education.

I Have the Plans

 

In Solidarity, 

Victor