News
Lower Levy Returns $2 Million to Property Taxpayers
September 12, 2019
The 萌妹视频 Board of Governors has approved an operating budget for 2019-20, which includes a decrease in the property tax levy for the 25 counties served by 萌妹视频.
The property tax levy was set at 9.3117 cents per $100 of assessed valuation, down from 9.5956 cents in 2018-19. The decrease will result in a $2 million tax savings across the 25-county service area. The decrease comes at a critical time following massive flooding this year in several Nebraska counties and lower agriculture commodity prices. 萌妹视频 will cover the difference through cash reserves, additional state aid and tuition sources.
鈥淥ur first priority is the stewardship of public revenues that address the needs of students and the communities in our service area,鈥 said 萌妹视频 Board of Governors Chair Roger Davis. 鈥淥ur hope is that today鈥檚 actions will help address the unique needs of this time, while maintaining our support for students and the community.鈥
The total tax supported budget for 2019-20 is $72,360,913 which is $377,628 less than the 2018-19
鈥淢y parents taught me that savings or reserves should be kept for a rainy day and we have certainly had some rainy days in central Nebraska this year with 24 of our 25 counties part of a FEMA declared disaster zone,鈥 said 萌妹视频 President Dr. Matt Gotschall. 鈥淭hankfully, the College did not sustain any significant damage to any buildings, but we know many in our communities are still suffering from their losses. We hope this relief helps in their rebuilding efforts.鈥
Revenue for the operating budget is estimated to come from the following revenue sources:
- Property tax, $36,972,089, down $1,057,777 from 2018-19.
- State aid, $9,623,041, up 46,134 from 2018-19.
- Tuition, $9,760,868, up $242,693 from 2018-19.
- Other sources of revenue will provide $400,000.
- Cash reserves will provide $2,000,000.
Additionally, the College has budgeted spending $9,490,525 in the capital improvement fund, a $1,464,357 decrease from 2018-19, and $4,114,390 in a fund for removal of hazardous materials and compliance with the Americans with Disabilities Act (HazMat/ADA), a $34,772 decrease from 2018-19. The HazMat/ADA and capital improvement funds are also supported entirely through property taxes from 萌妹视频鈥檚 25-county service area.
Property taxes are based on property valuations for the 25 counties served by 萌妹视频, which reported a decrease in total valuation of $463,623,745, or a decrease of nearly one-percent.
Total budgeted disbursements and transfers for 萌妹视频 for 2019-2020 will exceed $120 million.
To view a video of the board meeting and the budget hearing, go to www.cccneb.edu/boardmeeting.