CMC board approves employee housing buydown program
The Colorado Mountain College Board of Trustees met on May 21 at CMC’s Spring Valley at Glenwood Springs campus for its regularly scheduled meeting.
During the meeting, the board approved the use of $2 million of reserve revenues to pilot a housing buydown and deed restriction program for college employees. The proposed investment would establish 10 to 12 deed-restricted housing units across CMC’s district during the college’s fiscal year in 2024-25.
Though the program’s final details are still being developed, college leadership anticipates that it would offer up to 20% of the purchase of a home within CMC’s tax district, up to $200,000 for employees who will be selected by lottery. In return, program participants would agree to establish a covenant restricting the resale of the property to CMC employees and restricting the price of the property to the reduced purchase price plus a pre-determined rate of inflation. Requirements for participation would include employment at CMC for at least three years.
College leadership also presented a first look at the fiscal year 2024-25 budget, from July 2024 to June 2025. General fund revenues in total are higher than last year’s adjusted budget by $5 million, which is equivalent to a 5.6% increase. This change is due primarily to increased contributions from the state of Colorado, resulting from its continued economic recovery, and increased property revenues in line with inflation.
The college remains committed to ensuring that its overall operating budget grows at a rate near inflation. In December, the board will once again have the authority to use Senate Bill 23-108 to temporarily lower the college’s mill levy for 2024 property taxes collected in 2025. CMC plans to collect revenues from residential and commercial property taxes equal to only the total amount collected in 2024 plus standard inflation.
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Trustees also conducted their annual performance evaluation of President Carrie Besnette Hauser. Trustee President Peg Portscheller commended Hauser for another successful year and progress toward a bold set of goals and the college’s 2023-24 work plan.
“President Hauser and her team continue to achieve great things for Colorado Mountain College and this year was no exception. Her final performance evaluation is a testament to more than a decade of guiding CMC to new levels of excellence,” Portscheller said. “Under Carrie’s leadership this past year alone, the college graduated one of its largest and most diverse classes in history, is expanding programs in oral health, integrated media and human services, and is investing in affordable housing in CMC’s high-cost region, all while managing a complex budget that gave $25 million back to local residential and business property owners.”
The trustees also named Hauser President Emerita, the first such honor awarded to an outgoing president in Colorado Mountain College history.
Trustees also approved:
- Fiscal year 2023-24 quarterly financials
- Single audit for fiscal year 2022-23
- Fall sabbatical reports
- Two lease agreements
