College Board approves $31 million budget
By Staci J. Sessler
The College Board approved the 1999 Fiscal Year Budget of $31,372,690 at the August board meeting. This figure includes $11,092,337 in expenditures for life safety projects and long-term technological improvements.
"We estimate the budget will drop to about $23.5 million in the fiscal year 2000 because these one-time, one year expenses will be gone," said Dr. Frank Zeller, Dean of Business Services.
Without that extra expense, there is a $2.4 million increase over last years budget of $18,739,754.
The average tax payer is looking at a 12 cent increase in taxes per $100 in equalized assessed value by the time the tax rate peaks at 40 cents per $100 in EAV in the year 2000. This is due to $4,175,874 in technology bonds and $4.5 million in life safety bonds. The average person with a $45,000 house will be paying approximately $60 a year for IVCC at the tax rate peak. Right now, the tax rate is 28 cents per $100 in EAV.
By the year 2011, Dr. Zeller estimated that the tax rate will go down to about 27.6 cents per $100 in EAV.
The technology bonds will take effect in 1998 and will be paid off by the year 2001, then the life safety bonds will start the year 2002 and will expand over the following nine years, according to Zeller. Paying back one set of bonds at a time will keep taxes from going up about $300 at once.
The Education fund will receive $9,101,354 of the revenue. The majority of this fund comes from tuition and fees, which is 36 percent. The state follows with 33 percent, while the local taxpayers only contribute 28 percent.
The Operation and Maintenance fund receives $1,488,949, with the majority, 54 percent, coming from local taxes.
Sept. 17, 1998 the Apache