CENTRALIA — The Kaskaskia College Board of Trustees approved a resolution Monday night for abating the tax for 2015 for alternate revenue bonds. Therefore, the tax levied for the year 2015 is hereby abated in its entirety.

The Board also approved a resolution for a tax extension of $7,704,299 for operating funds and $1,994,603 for the bond fund for a total of $9,698,092 for Levy Year 2015 to be received in Fiscal Year 2017.

The Board approved a resolution to proceed with the development of a voluntary Faculty Early Retirement Plan. With the lack of a State budget and the lack of State revenue dollars, the finances of Kaskaskia College have been negatively affected.

Due to these issues, the College is currently reviewing many cost saving options, which will allow it to withstand the difficulties of the State budget crisis and help strengthen the long-term financial outlook for the College.

The retirement plan is contingent upon implementation funding being secured and agreement with the faculty union, and approved by the Board of Trustees.

Additionally, a resolution for consideration and action of intent to issue General Obligation Working Cash Bonds in the amount of $3.2 Million and a resolution for the consideration and action of intent to secure a line of credit in the amount of $3.5 Million with Midland Bank were both approved. These actions are needed to maintain working cash due to the state budget impasse.