While the rate remains the same as it has since fiscal year 2017-18, the values of the two components, the maintenance and operations rate and the interest and sinking rate, that make up the tax rate have changed for fiscal year 2022-23.
LSCS Chief Financial Officer Jennifer Mott presented the proposed rate with a change to the M&O rate to reduce it from $0.08 to $0.0737 and a change to the I&S rate, increasing it from $0.0278 to $0.0341.
Mott's presentation showed the no-new-revenue rate, which would have resulted in the same amount of tax revenue for LSCS, was set at $0.0916 per $100 valuation. Mott said the no-new-revenue rate would have resulted in a $45 million reduction in revenue compared to what was budgeted for fiscal year 2022-23.
There was one public comment during the meeting from Earl Brewer, a member of the American Federation of Teachers Union at LSC, who said the union was in favor of the $0.1078 tax rate.
"Even though these are trying times, we think the rate is still a low rate that funds our students' educational needs, maintains and improves campuses, and maintains competitive salaries to retain and recruit faculty and staff," Brewer said.
The board of trustees voted to approve the tax rate with a 6-0 vote. Trustees Ernestine Pierce and Iesheia Ayers-Wilson were not present for the vote, and the trustee position for LSCS District 7 is vacant.
