The College of Lake County recently was recognized for best practices in community college budgeting by the Government Finance Officers Association (GFOA) of the United States and Canada for its Fiscal Year 2018 budget.
The award is based on a number of criteria that focus on alignment of resources toward student achievement, according to the GFOA. The criteria include collaboration, communication, and rigorous development, evaluation of strategies and prioritization of strategies to achieve a college’s goals and objectives. The framework represents the culmination of a multi-year effort led by GFOA, with input from numerous community college officials and other experts in higher education finance to develop guidelines for better budgeting tailored specifically for community colleges. For community college budgets including fiscal period 2018, eight entities have received the award to date. This is GFOA’s inaugural year of this program.
“We are extremely honored to receive this award,” said Connie Kravitz, CLC controller, noting that the recognition is more comprehensive than the GFOA’s Distinguished Budget Presentation Award, which the college received for five consecutive years from 2013-17. “The award for Best Practices in Community College Budgeting included the efforts of not just CLC’s Finance department but also Institutional Effectiveness, Planning and Research (IEPR), Educational Affairs and Student Development, which really evaluated the college budgeting process as a whole, pulling in CLC’s strategy, vision and goals. The focus was not on balancing the revenues to the expenditures, but really developing a framework focused on alignment of resources and desired student outcomes. The new, more comprehensive GFOA guidelines offer the best way to truly be good stewards of the college and obtain high student achievement and financial stability.”
To apply for the award, CLC submitted a comprehensive budget book, supplementary materials and answers to an extensive questionnaire, Kravitz explained. GFOA officials also interviewed of CLC staff.
The Government Finance Officers Association is a nonprofit association serving nearly 20,400 government finance professionals in the U.S. and Canada.
About College of Lake County:
College of Lake County is an innovative community college in Lake County, Ill. that transforms lives with its variety of accessible, quality education options. Offered at three campuses in Grayslake, Vernon Hills and Waukegan or online, College of Lake County provides affordable options in a state-of-the-art setting close to home. A large student network, with small class sizes,provides advantages to our students on a career-related program or a path toward a transfer degree. We’re proud to serve the diverse needs of our community and student body. Connect to your future today at College of Lake County. For more information, visit www.clcillinois.edu.