Calvin College reveals budget development concerns, debt payment details - Ryan Struyk, Calvin Chimes

Calvin’s final 2012-’13 budget was approved on Nov. 15, more than five months after the start of the fiscal year. President Michael Le Roy made the announcement to faculty senate on Monday, Dec. 3. This year’s budget showed an unexpected cost of $1.1 million mostly due to rising healthcare costs for employees and retirees. The college covered that extra cost and helped balance the budget by taking advantage of a collection of one-time gifts. The budget also revealed that Calvin is paying about $6.2 million annually to service its debt, a number which was not common knowledge in the past. http://www.calvin.edu/chimes/2013/02/01/le-roy-reveals-budget-development-concerns-debt-payment-details-2/