Dear College Community-
I am writing to wish you a Happy Thanksgiving. City College has a lot to be grateful for this year, despite the pandemic. Each of us has learned something positive. For one, we have all learned how to cope during challenging times. I am confident in each of your abilities and thankful to you for rising to meet these challenges with grace and continued dedication to the success of our students.
I am delighted to report the College has accomplished a great deal over the last few weeks. We have a Board-approved Fiscal Year 2019-2020 Budget. For the first time in the College鈥檚 history, we have created a Multi-Year Budget and Enrollment Strategic Plan that was unanimously approved by the Board on November 12. Arriving at this milestone was a result of many collaborative conversations with many of you to move the College closer to fiscal solvency.
Additionally, the OPEB Board approved our request to withdraw funds allowing us to set aside our required 5% reserve for both Fiscal Year 2019-2020 and 2020-2021. The College submitted the required Enhanced Monitoring reporting to the ACCJC on Tuesday, more than two weeks ahead of deadline. The College Bond rating from Fitch and from Moody鈥檚 was better than expected, allowing us to sell our bonds at a favorable rate. We will continue to stay the course to meet all requirements and keep improving the fiscal standing of the College so that it continues to serve our community for the next 100 years.
Finally, we have hired a new team of talented Cabinet level-administrators, in a restructuring initiative that will save the College more than half a million dollars a year. Three of these new 精选AV members are already on campus making significant contributions and the other two start on December 1. The fact that they made the decision to come to 精选AV during challenging times speaks volumes of our great institution and of their individual characters.
I want to wish you and your families a wonderful Thanksgiving and thank you for all you do!
Yours sincerely,
Rajen Vurdien, Ph.D.
Interim Chancellor