It’s that time again, when local taxing districts set their rates for the year. The Mercer County Board of Education will hold their tax hearing today, Thursday, Aug. 24, 5:30 p.m. at the Harlow Education Center. The hearing will be followed by a special called meeting to set the tax rates for 2018.
Last year, the board voted to keep their tax rate at $6.47 per $1,000 in assessed value. It was the second year in a row the board left the rate unchanged.
The district has received their tax calculations from the Commonwealth of Kentucky for 2018, said Finance Officer Amber Minor, who asked the board if they would need to hold a special meeting to discuss the district’s working budget. The next school board meeting is on Thursday, Sept. 21, and the budget must be submitted to the Kentucky Department of Education by Sept. 30.
Minor gave a financial report at the school board meeting on Thursday, Aug. 17. Minor said the general fund ending cash balance was $4,855,010, compared to $4,558,083 for the same period last year. Total revenues were down 29-percent compared to last year, caused by no utility taxes being received last month.
The district received $1.5 million in utility taxes last year, $200,000 more than projected. Minor informed the board that most of that would need to be repaid. A local corporation overpaid $183,271.91 in utility taxes. The district will deduct $30,545.32 from the corporation’s next six utility payments. The district also repaid another company $500,000 in overpaid utility taxes this year.
The district projected to receive $1.28 million in utility taxes in the 2018 fiscal year, Minor said she is adjusting that projection to $1.135 million to “be on the safe side.”
At the same time, expenditures were up two-percent over last year, caused by increases in staffing costs and building operations. Minor said some of the building operations costs will be reimbursed from capital outlay funds.
Minor also said the district would have a better idea about SEEK funding by September, although she said it was likely to be lower because of declining enrollment.
Local Tax Hearings
Local taxing districts will be holding hearings over the next couple of weeks to decide their tax rates for the upcoming year.
City of Harrodsburg: The city commission will probably take the compensating rate set by the state, said City Clerk Kim Stinnett, which means they don’t need to hold a public hearing.
City of Burgin: The city only received the tax rolls from the Property Value Administrator’s office last week, and have not made a decision on tax rates yet, said Burgin Clerk Michelle Russell.
Mercer County Fiscal Court: Tax hearing on Tuesday, Aug. 29, at 10 a.m. at the Fiscal Courthouse.
Burgin Board of Education: Tax hearing on Wednesday, Aug. 30, at 7 p.m. at the Burgin school library.
To learn more, check out this week’s issue of The Harrodsburg Herald.