(Tlfc JJnrtlanò OObseruer
April 02. 2003
Page A3
Education
PCC To Make $7.6 Million in Cuts
In response to shrinking rev­
enues prompted by the state bud­
get crisis, Portland Community
College President Jesus "Jess”
Carreon has proposed a com bina­
tion of budget cuts and raises in
tuition to offset the $20 million
shortfall PCC faces for the 2003 to
2005 biennium.
The school will save $5.2 million
in personnel cuts by reducing the
equivelent of 44.6 full-time posi­
tions and $2.4 million in equipment,
supplies and services. To generate
revenue, the president will recom­
mend a tuition increase of between
27 and 33 precent. Currently tuition
is set at $45 per credit hour. Begin-
ning in the summer term it will in­
crease to a range between $57 to
$60. meaning a full-time student will
pay between $2,565 and $2,700 per
year.
"These recommendations have
not been made lightly," Carreon
said. "The reductions will result in
reduced access and service to our
students and the community.”
Carreon added that there is very
little hope that the Legislature will
develop a revenue enhancement
package to reduce the numbers in
the near future.
Thirty-tw o academ ic programs
will either be elim inated or re ­
duced. All three com prehensive
cam puses and the c o lleg e’s open
cam pus have program s targeted.
T hose include cuts to the Em er­
gency D ispatch O perator p ro ­
gram and the Skill C enter at the
C ascade cam pus.
The Sylvania campus will loose
classes in calligraphy, forensics,
business, com puter information
sustems, com puter sciences, soft­
ware engeneering. civil and me­
chanical engineering, cooperative
education, dance, developmental
English, French, industrial draft­
ing, photography and social sci­
ences.
There will also be fewer distance
learning classes.
New Conservative Investment
Offered for College Savings Plan
Oregonians now can invest in
both a stock portfolio and a conser­
v a tiv e
bond
p o rtfo lio
at less than one percent in fees.
The state recently announced
enhancements to the Oregon C ol­
lege Savings Plan. The enhance­
ments include a new conservative
investment option with no expo­
sure to the stock market and a fur­
ther reduction in fees charged to
participants.
The public board for the Oregon
College Savings Plan, which is
chaired by Edwards and oversees
the plan, hopes to launch the new
investment option no later than
April. The new option, called the
Stable Value Portfolio, will be d e­
signed to protect participants' prin­
cipal investment with highly rated
fixed-income investments and an
insurance wrapper for added pro­
tection. This investment option
may appeal to families with children
nearing or enrolled in college, and
to investors desiring a very conser­
vative option.
vestm ent choices. The Oregon
The Board lowered the expense College Savings Plan now features
ratio for the new Stable Value Port­ two investment options with fees
folio toO.85%, reduced from 1.25% below one percent. This new fee
for its predecessor. Another in­ reduction is in addition to having
vestment option introduced in early no enrollment fees or annual ac­
2002, the Broad Equity Market Port- count maintenance fees for Oregon
residents. It's hard to find a better
college savings plan than this."
The Oregon College Savings Plan
is a state-sponsored Section 529
college savings program adminis­
tered by the Oregon State Treasurer.
-O re g o n StateTreasurer Randall
The Plan features a state tax deduc­
Edwards
tion of up to $2,000 per tax filing per
year for contributions, as well as
folio, is also an inexpensive choice, state and federal tax-free withdraw­
withanexpenseofjustO.975%. The als. The Plan is managed by Strong
plan’s remaining portfolios are at Capital Management, Inc.
1.25%.
Investing in the Oregon College
"M any Oregon families want a Savings Plan is an easy process
more conservative investment al­ that begins with either a visit to the
ternative when saving for future P la n 's
w e b site
at
college expenses," Edwards said.
“Our new Stable Value Portfolio or a toll-free phone call to the Plan /
responds to that need and gives college planning specialists at 1-
Oregonians a broader range o f in­ 866-772-8464.
It's hard to find a
better college savings
plan than this.
Cosby Emphasizes Education
(AP) - African American co­
median Bill Cosby told a group of
about 200children that education
is the key to success.
Children from the Sisseton-
W ahpeton Indian Reservation
gathered in the convention cen­
ter of the Dakota Magic Casino on
Sunday, an hour before Cosby
performed the first of two shows.
He agreed to speak to the children
after a request by tribal leaders.
When some o f the students
said they did not like school be­
cause o f the work, Cosby play­
fully wrestled with them.
“Do you have a father?" Cosby
asked. "W hat's he do? He works.
Why does he go to work? To get
money. For who? W ho’s begging
all the time?"
Cosby, who met with local
Comedian Bill Cosby,
right, jokes with
Bethany Robertson,
5, white talking
about the impor­
tance o f staying in
school to a group o f
students from the
Sisseton-Wahpeton
Tribe in Hankinson,
N.D. "The harder
you work, the longer
the recess, " says
Cosby. (AP Photo)
school officials before talking to
the children, joked that he had “cut
a deal" with the teachers.
"I have been talking to the people
who have been running the school
system here, and they are going to
bear down even harder on you,”
Cosby said. "And guess what? The
harder you work, the longer the
recess.”
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