VC Board adopts budget, property tax rate

Following a public hearing on Monday, Aug. 15, Victoria College’s Board of Trustees unanimously voted to adopt the college’s operating budget and set the property tax rate for the 2022-23 fiscal year.

The property tax rate was set at 19.59 cents per $100 of taxable value, a decrease of nearly six percent from the current tax rate. The lower rate will increase VC’s revenue from property taxes an estimated three percent due to new property added to the tax roll this year.

Based on the Victoria County Appraisal District’s certified property tax values for 2022, a homeowner who lives within Victoria College’s taxing district will pay $195.90 for a home valued at $100,000, compared to $207.60 last year.

The $34.3 million budget includes a $320,000 reduction in health insurance costs and a $206,000 increase in personnel costs after factoring in salary adjustments and personnel changes. Eligible employees will receive a 2 percent cost-of-living salary adjustment and a 1.5 percent step increase in accordance with VC’s compensation plan, for a total 3.5 percent increase.

VC’s operating budget is funded through three primary sources: tuition and fees, property taxes and state appropriations. State funding accounts for only 16.2 percent of the budget, compared to 24.1 percent 10 years ago.

The next regular meeting of VC’s Board of Trustees is scheduled for Monday, Sept. 19 at 4 p.m.