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.