College District Seeks $3 Million Payroll Loan

The Ventura County Community College District wants to borrow as much as $3 million from a county government fund to help meet the district’s payroll.

Because of an unanticipated change in the way the state funnels money to college districts, Ventura County college officials expect to be unable to meet payroll for the district’s 1,600 full- and part-time employees a couple of times over the next six months.

Jeff Marsee, the college district’s vice chancellor of administrative services, said the district would borrow as needed from the county’s school reserve fund and replace the money, along with 4.7% interest, as soon as it becomes available from the state.

The Board of Supervisors is scheduled to consider the district’s request Tuesday.

“The funding is there to support our activities,” Marsee said. “This is a cash flow as opposed to a funding problem.”

The community college district has jurisdiction over Moorpark, Ventura and Oxnard colleges.

Marsee said this is the first time the district has had to borrow money to meet its payroll. The county acts as the district’s independent accountant and processes its payroll.