KILGORE — Kilgore College trustees voted unanimously to adopt a budget for the 2019-20 school year at Monday’s board meeting and also proposed an unchanged tax rate for the upcoming year.
The budget for Sept. 1 to Aug. 31, 2020, includes projected revenues of $37.95 million and projected expenses of $37.73 million.
The budget includes $225,000 for recommended salary increases.
Trustee Joe Carrington presented the proposed tax rate on behalf of the college’s Investment, Finance and Audit Committee.
He moved to set the tax rate for the upcoming year at 17.5 cents per $100 of valuation, which is above the effective rate of 16.815 cents per $100 of valuation.
“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.”
Carrington said the average home in Kilgore College’s taxing district last year was valued at about $119,575.
“Based on that rate, the tax bill will be about $209.06,” he said. “Based on the new values that the appraisals have come out with, the same rate of 17.5 cents, the new tax amount on a home of that value will be $215.90.”
Trustees voted unanimously to approve the budget and the proposed tax rate.
Public hearings on the tax rate are set for noon Aug. 23 and 6 p.m. Aug. 29 in the board room on the second floor of the McLaurin Administration Building on the Kilgore College campus.
The board is scheduled to consider adoption of the proposed rate at the Sept. 9 regular meeting.