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Higher-than-expected property values, ...
Higher-than-expected property values, which translates to $131,552 more tax revenue for AC, wouldn't cover the shortfall, said Terry Berg, AC's dean of finance and administrative services.
The 0.1 cent per $100 tax rate hike amounts to about $1 per year for residents with $100,000 of taxable property value.
Dipping into contingencies would not be financially responsible, Berg
"We need to keep contingencies whole for such things as non-budgeted increases in utilities, fuel and other items," he
has proposed a total tax rate of 18.39 cents per $100, up 2.35 cents from last year.
To date, Amarillo College has ...
To date, Amarillo College has issued $38 million worth of bonds and had spent $19.6 million through December, said Terry Berg, dean of finance and administrative services.
AC tax hike for expansion bonds | The Amarillo Independent
Terry Berg, dean of finance and administrative services, said the rate would cover the issuance of another $16 million in bonds that are part of the 2007 plan to expand the campuses to increase enrollment in nursing and medical professions.
Currently, work is under way on a new science building on the Washington Street campus and a new building for the nursing and dental programs on the West campus.
expects the interest rate on bonds to be favorable despite the current tight financial market, with the Standard & Poorâ€™s service upgrading ACâ€™s bonds to AA+ and Fitch Ratings setting a AA rating while noting a stable outlook for the bonds.
Although ACâ€™s enrollment is down over the past two years, the Texas Legislature approved a supplemental formula for the stateâ€™s community colleges that will set the stateâ€™s portion of the AC budget at the same amount as for the past biennium â€" $17,153,266 a year for the next two years, Berg
The increase makes the district unique, Berg
said, explaining that the Dallas Community College district preliminary property values dropped 5 percent in the past year.
Clock ticking to new AC president | The Amarillo Independent
The repayment of the bonds will be structured so that repayment of principal will not begin until after previously issued bonds have been repaid, said Terry Berg, dean of finance and administrative services.
Although nothing is set in stone ...
Although nothing is set in stone at this point, a tax increase of 2.5 cents per $100 of appraised valuation, or about $25 a year for each $100,000 in the tax value of homes and other real estate, would cover the costs of the bond issue, said Terry Berg, dean of finance and administrative services.