Austin Community College District's Board of Trustees approved a proposed property tax rate, reviewed the college's financial report, and met the new president elects for employee associations during its regular August meeting.
Proposed Property Tax Rate
The proposed property tax rate is not to exceed 10.5 cents per $100 of taxable value for fiscal year 2019-20. Public hearings will be scheduled in the coming weeks.
Under the proposed tax rate, the college's M&O rate would remain the same as last year's — nine cents per $100 of taxable value — and the debt service rate would increase an estimated 200ths of a penny, from 1.48 to a rate not to exceed 1.50 cents.
"We would normally bring you the exact rate, but there is a nuance this year," said Neil Vickers, executive vice president of Finance & Administration. "Typically, appraisal districts certify the rolls by July 25. Travis County has passed a resolution extending its deadline five weeks beyond the normal deadline."
Travis Central Appraisal District notified ACC and other taxing entities that certification is delayed due to a high volume of appeals. They estimate completion by late August.
"To not push everything back a month, we are proposing a not-to-exceed rate instead of an exact rate," says Vickers.
Since the college cannot hold the required public hearings until after the tax rolls are fully certified, the next steps in the process — two public hearings and a meeting to adopt the rate — will be scheduled after the county releases its final certification.
ACC Financial Report
At the August Board meeting, Vickers also presented the college's fiscal year 2019 financial report.
"This report is consistent with what we've seen all year. Based on current information, the college's budget is on track and projecting a positive $5.9 million in net revenues and expenses, and a $29.8 million increase in net assets."
Employee Association Reports
The Adjunct Faculty, Classified Employees, and Professional-Technical Employees associations also presented reports and introduced their incoming 2019-2020 association presidents: Christina Michura, president elect of the Adjunct Faculty Association; Jo Larkins Foster, president elect of the Classified Employees Association; and Latisha Marion, president elect of the Professional-Technical Employees association.