The tax rate is nearly 6% higher than last year’s rate of $0.146195, or $0.008673 higher. This is the first time the college’s tax rate has increased compared to the previous year since 2017, tax rate documents show.
The overview
The tax rate includes $0.106954 in maintenance and operations, or M&O, funds, which funds daily operations for the college, such as payroll, supplies and programming, according to tax rate documents.
A tax rate of $0.047914 in interest and sinking funds, which helps pay off debt, also contributes to the tax rate, according to an Oct. 8 news release from the college.
The increase in the M&O rate is due to the decrease in taxable property values, according to a presentation by the college.
The increase in the debt services tax rate is due to scheduled principal and interest payments, according to the presentation.
The board of trustees also approved the chancellor’s employment contract for Brenda Hellyer. Hellyer has been the college’s chancellor since 2009, according to the college’s website.
“This is all about the employees and the students that we serve,” Hellyer said. “I’m just honored to serve in this role, but it’s because of all the employees that support all this work.”
