Victoria College adopts 2012-13 tax rate
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• WHAT: Special Board of Trustees meeting
• WHEN: 4 p.m. Oct. 29
• WHERE: Academic Building, 2200 E.. Red River St.
The Victoria College Board of Trustees voted unanimously Monday to adopt a 2012-13 tax rate of 16.06 cents per $100 of assessed valuation.
The rate proposed was the same as last year's but was put under two public hearings because it was over this year's effective tax rate set at 14.81 cents per $100 of assessed valuation.
At the meeting, VC President Tom Butler said that because the board met their obligation to conduct two public hearings, they were ready to adopt the new rate.
The adopted rate was passed with a maximum allowable for bond debt service set at 2.05 cents per $100 of assessed valuation and 14.01 cents per $100 of assessed valuation for maintenance.
Under the newly adopted tax rate, more money will be raised for the maintenance and operations fund than last year's allotment because of a 10.2-percent increase in taxable property values.
"We're pleased that we didn't have to raise the tax rate and that we are able to put together a budget for the college that will be able to meet the needs of the community," Butler said.
In other business, Alcoa Inc. donated $44,000 to the Victoria College Foundation. Of those funds, $25,000 will go to VC's TexPrep Program and $19,000 will go to classroom renovations at the college's Calhoun location.