BOARD ADOPTS COMPENSATING TAX RATE

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BOARD APPROVES COMPENSATING RATE OF 71.8

 

On Thursday, August 30, the Boyle County Board of Education held a public hearing to gather community input on the proposed tax levy for the 2019 fiscal year. During the special called board meeting that followed, the Board of Education approved a compensating tax rate of 71.8 cents per $100 of assessed property value. 

Board Chairperson Jennifer Newby commented, “I appreciate everyone coming out tonight and sharing their views on this passionate subject. Community input is very important to the process.”

The compensating rate is a revenue-neutral tax rate that will produce that same level of revenues as last year, totaling $7,786,600.  During the 2019 fiscal year, a property owner in Boyle County with a home valued at $100,000 will pay $718 in property taxes, up from $704 in 2018.

During the hearing, Superintendent Mike LaFavers reviewed the district’s budgetary concerns for the upcoming year, including:

  • School Safety Strategic Plan implementation costs of $170,500;
  • Loss of revenue from diminished tangible property taxes in 2018 of $240,755;
  • A November refund for diminished tangible property taxes filed in 2017, for 2016, in the amount of $242,000;
  • A change in the district’s County Employees Retirement System (CERS) pension contribution rate that totals $75,000; and
  • Infrastructure repairs that total $140,000.

LaFavers presented the board with six tax levy options that could raise revenues to mitigate these factors, ranging from the compensating tax rate of 71.8 to a 4% tax increase of 74.6. He noted, “Because of this year’s unusual budgetary concerns, we expect to end the year around $243,000 in the red, compared to last year.”

LaFavers noted, “The board listened carefully to both the district’s and community’s perspectives and made a tough decision tonight. We support their decision and will continue our commitment to excellence, and keep working hard to put kids first.”

 





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