Although most of the state budget has been agreed upon, community colleges are feeling the pinch as they have not been given access to state funding.
The state allotted $260 million in the budget to the 15 community colleges, however due to a lack of a fiscal code, none of that money has been distributed.
Butler County Community College officials say they must arrange temporary access to at least $3 million since “cash levels have dropped to dangerously low levels.”
The college will have to start drawing down on these funds in December if the budget impasse is not resolved.
But, that will cost the college around $25,000 per month to access these funds. Officials say there is also legal fees involved, which cost $3,000 to $4,000.
They also note that due to the lower bank deposits, the college has lost approximately $40,000 in interest.
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