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VC Board adopts budget, property tax rate

Following a public hearing on Monday, Aug. 14, Victoria College’s Board of Trustees unanimously voted to adopt the college’s operating budget and set the property tax rate for the 2023-24 fiscal year.

The property tax rate was set at 17.22 cents per $100 of taxable value, a decrease of twelve percent from the current tax rate. It is the college’s lowest property tax rate since 2016-17.

Based on the Victoria County Appraisal District’s certified property tax values for 2023, a homeowner who lives within Victoria College’s taxing district will pay $172.20 for a home valued at $100,000, before exemptions, compared to $195.90 last year.

The new tax rate includes the first payment on the new $10 million bond approved by Victoria County voters in May for the construction of a Student Success Center. The bond was sold on July 24, and VC applied $200,000 from its debt service reserves (savings). The reduced bond payment resulted in a debt service tax rate of 2.96 cents per $100 valuation, an 8 percent decrease instead of a slight increase initially projected.

In accordance with VC’s compensation plan, the 2023-24 budget includes a 2 percent cost-of-living salary adjustment and a 1.5 percent step increase for eligible employees.

VC’s operating budget is funded through three primary sources: tuition and fees, property taxes and state appropriations. The $35.9 million budget includes a $55,000 increase in revenue from tuition and fees based on the rates approved by the board in March; a $511,000 increase in property tax revenue; and a $232,000 increase in revenue from state appropriations.

“We appreciate the Texas Legislature for recognizing the need to reform the way Texas community colleges are funded during this past legislative session,” said Dr. Jennifer Kent, VC President. “With the passage of House Bill 8, Victoria College saw a $232,000 increase in the state’s portion of our operating budget.”

The next regular meeting of VC’s Board of Trustees is scheduled for Monday, Sept. 18 at 4 p.m.