Colleges to End Year With $5.9 Million

In its first year off the state watch list for districts in financial trouble, the Ventura County Community College District is expected to end its current fiscal year with an uncharacteristically high balance.

Its projected reserves of $5.9 million for the 1995-1996 budget are higher than they have been since 1988, when the three-college district was put on the state watch list.

The reserves are 9.3% of the 1995-1996 budget. In the previous fiscal year, the district posted ending reserves of 5.85% of the budget.

“I am delighted by having an ending balance like that,” said Chancellor Philip Westin, who released the figures at a board meeting Tuesday.

The increase in reserves is due, among other factors, to an unexpected increase of $623,000 in state education money from property taxes, a projected increase in state lottery funds of $138,000 and a $1.5-million insurance rebate, said Budget Director Harry Culotta.

Based on projected enrollment growth and other factors, Westin’s estimated total revenue for the 1996-1997 budget is $66.5 million.

Revenue projections for 1995-1996 budget are at $65.2 million.

Although Westin said the projections were based on conservative estimates, some board members expressed concern that the new chancellor was painting too optimistic a picture.

“I support your rosy picture,” said trustee Allan Jacobs.

“But I want to emphasize that if any of this does not come true, we will have to relook at the whole thing.”