Trustees receive preliminary financial rating
Chief Financial Officer Richard Johnson presented a preliminary 2018-2019 financial accountability rating for the 2017-2018 school year during the Monday, Aug 19 regular school board meeting.
“What I want to report to you at this time, we do an official report after the official ratings are released, I was pretty excited about our preliminary rating, which will be our final rating. We have a preliminary rating of superior (A), our total points for the school was 98 points out of 100,” Johnson said.
There was also a vote on the proposed tax rate and to set a date for a public hearing and approval of the final tax rate that was also presented by Johnson.
The effective tax rate for next year is $1.54461 and the roll back tax rate based upon the new HB 3 law totaled with maintenance operations and I&S the district is wanting to adopt is $1.53736 of which .48366 cents will be used for the I&S rate to pay the debt requirement for next year. This includes also the selling of the $23 million worth of bonds for the bond project.
The certified taxable values for the M&O are $1,376,160,945 and I&S certified value is $1,432,091,095. The difference between the two values is because of the 313 Agreement with Oxea.
The total appraised value of all property for last year was $1.6 billion, this year it is $1.7 billion and the taxable value for all properties for last year was $1.351 billion and this year is $1.432 billion. Last year’s rate that was adopted was a $1.14733 for M&O and I&S was almost 40 and a half cents.
The estimate for fund balance for M&O for 2018-2019 is $10.1 million and the I&S fund balance is $2 million.
“So, the overall tax rate for the taxpayer is going down about seven tenths of a cent,” said trustee James Scardami.
“What we’re asking tonight is to adopt as administration a M&O tax rate of $1.5365, which is set as a result of HB 3 and an I&S rate of .48366 cents,” said Johnson. “Tonight we’re asking the board to propose those tax rates and also to set the meeting for Sept. 16 here in the admin building,” concluded Johnson.
Scardami made a motion to approve the final tax rate and to set a date for the public hearing, which was seconded by trustee John DeWitt.