CORRECTION: A previous version of this article included inaccurate information about projected revenues from fiscal year 2019 and for fiscal year 2020. The article indicated projected revenues for fiscal year 2019 in the amount of $39,105,675 and $37,954,204 for fiscal year 2020. Those figures were accidentally switched. Projected revenues for fiscal year 2019 are $37,954,204 and $39,105,675 for fiscal year 2020, according to KC. This article has been corrected.
Kilgore College trustees voted unanimously to adopt a budget for the 2019-2020 school year at Monday’s board meeting and also approved an unchanged tax rate for the upcoming year.
The projected budget covers the period from Sept. 1, 2019, to August 31, 2020.
It includes projected revenues for fiscal year 2019 in the amount of $37,954,204 and $39,105,675 for fiscal year 2020, an increase of $1,528,975 over last year’s revenues.
The increase is attributable to a number of factors, including increased revenue from tuition, fees and property taxes, offset by nearly $40,000 less in state appropriations compared to last year.
The budget includes $225,000 for recommended salary increases for fiscal year 2020.
Trustee Joe Carrington presented the proposed tax rate on behalf of KC’s Investment, Finance and Audit Committee.
He moved to set the tax rate for tax year 2019 at .17500 cents, which is above the effective rate of .16815.
“We are not raising the tax rate,” Carrington said. “However, we do not control the appraised values that come out to you, but they are up across the board so our growth in property values is about 5.3 percent. As a result of that, our taxpayers will see an increase in their taxes even though we did not increase the tax rate.”
While the board did not vote to hike the rate, property owners in the KC’s tax district will see slightly higher tax bills.
"The average taxable value of a residence in Kilgore College’s taxing district last year was about $119,575. Based on that rate, the tax bill will be about $209.06. Based on the new values that the appraisals have come out with, the same rate of .17500 cents, the new tax amount on a home of that value will be $215.90," Carrington said.
Trustees voted unanimously to approve both the budget and tax rate.
Because of the increase in property values and the effective tax rate, KC is required to host public hearings regarding the rate. These hearings are set for noon on Aug. 23 and 6 p.m. on Aug. 29 in the board room on the second floor of the McLaurin Administration Building on the KC campus.
At the Sept. 9 regular board meeting, the board will adopt the proposed rate following the hearings.