Collin College officials: $600 million bond proposal to have little effect on tax rate

Collin College has called a $600 million bond election for May 6 to complete projects in its long-range master plan. College officials said they expect the financial impact to the tax rate to be minimal.


Collin College’s current tax rate is 8.122 cents per $100 of property valuation. It is the lowest tax rate in Collin County and the second-lowest tax rate out of 50 community college districts in Texas, according to the Texas Comptroller’s office.


“Our tax rate is exceptionally low, and over the years we have been frugal, and we have tried to be wise in how we spend taxpayer money while providing a high quality education,” board of trustees Chairman Bob Collins said.


Collin College officials: $600 million bond proposal to have little effect on tax rateKen Lynn, Collin College chief financial officer, said when the bonds are issued in 2024, three scenarios could affect the tax rate. The first would decrease the tax rate by one cent. The second would decrease the tax rate by 3/10 of 1 cent and the third would increase the tax rate by 1.3 cents.


Lynn said the college has put together a financing plan that includes a rate stabilization feature. This means that the college will reduce the Maintenance & Operations tax rate to give room for an increase to the Interest & Sinking tax rate, which provides funds for payments on the debt that finances a district’s facilities.


“The goal is to keep [the rates] balanced so that over time there is little to no effect on the overall tax rate,” Lynn said.


If voters approve the bond, the proceeds would go toward construction of six facilities: a campus in Wylie; educational centers in Celina and Farmersville; a public safety training center in McKinney; a workforce/university IT center of excellence on the Preston Ridge campus in Frisco; and a technical training center in Allen. It would also help fund improvements and renovations to existing buildings.


Collins said the college is free of debt and has kept pace with growth for the past 32 years, and the bond is necessary to keep up with the rapid growth in recent years.


“The county is projected to double in population by 2030 and triple by 2040. I can tell you that our current footprint will not be able to handle that growth,” Collin College President Neil Matkin said.



Collin College officials: $600 million bond proposal to have little effect on tax rateWhy $600 million?


Collin College hired PBK Architects to conduct a facilities master-plan study last spring. The study showed the college had to expand its footprint, an undertaking that is expected to cost about $600 million, Lynn said.


“As of right now, the costs are estimates, and once the college hires a program manager to
oversee the projects, we’ll be able to refine those estimates,” Lynn said.


Collins said if the cost of building the facilities comes in at less than $600 million, then the college would not sell the rest of the bonds.


Trustee Mac Hendricks voted against the bond proposal. He said he would have liked a bond proposal less than $600 million.


“I’ve been on the board 15 years, and I’m very progressive,” Hendricks said. “We’ve done well and moved forward, but [$600 million is a lot of money] and a year ago we paid off a $13 million bond.”


The last Collin College bond election was in 2001. Since then, the college has built facilities in Plano, Frisco and McKinney.


For more information on the college’s master plan and bond proposal, visit www.collin.edu/masterplan.

SHARE THIS STORY
By Nicole Luna

Nicole Luna is the Senior Reporter for Frisco. She covers development, transportation, education, business and city government. She has a bachelor's degree in Journalism and Spanish from The University of Texas at Arlington and has been with Community Impact Newspaper since June 2015.


MOST RECENT

Cile Holloway speaks to the Frisco City Council in opposition of the proposed revisions to the city's animal ordinance on Jan. 21. (William C. Wadsack/Community Impact Newspaper)
Frisco addresses Petland concerns with updated animal ordinance

Updated ordinance revises regulations on the sale of animals within the city.

chuys food
Chuy's to open in February in Frisco

The Tex-Mex restaurant will open in February on Preston Road.

A forum takes place for 2018 primary candidates. This year's forum is open to the public and includes races that affect Collin County at the regional, state and national level in the March 3 primary election. (Courtesy League of Women Voters of Collin County)
Collin County primary candidates to meet for forum at Collin College

Candidates for Collin County, Texas and U.S. Representative seats will meet for a forum Jan. 25 at Collin College.

Petland has been in Frisco for more than 15 years. (Lindsey Juarez Monsivais/Community Impact Newspaper)
Frisco City Council to consider revised animal ordinance following Petland concerns

The proposed ordinance would add or increase pet store requirements in the areas of sanitation, veterinary treatment, housing and more.

The auto service shop will offer oil changes, auto repairs, brake services, alignments and more. (Courtesy Service First Automotive)
Service First Automotive opening East Frisco location in February

Service First Automotive will have two Frisco locations.

La Finca Coffee & Bakery cake
La Finca Coffee & Bakery to open at The Patios at the Rail in April

A new coffee shop and bakery is coming to downtown Frisco this spring.

Fellowship Church to open new Frisco location

The Christian church will offer children's spaces as well as programming for families, students, children and parents every Wednesday.

Crafting studio Pinspiration opens in Frisco

Guests of the crafting studio will create do-it-yourself projects for art, decor, gifts and accessories.

The corner of 1st Street and Cherry Street in downtown Frisco is one of three street signs that will be replaced following City Council's approval of the use of a numeral abbreviation for 1st Street. (William C. Wadsack/Community Impact Newspaper)
Frisco City Council approves slight name changes for seven downtown streets

Frisco staff found only three street signs would need to be replaced, at an estimated total cost of $450.

Anne McCausland
Anne McCausland not seeking re-election to Frisco ISD board

McCausland was first elected to the board in 2011 and served as board president for two years.

Back to top