Victoria College’s Board of Trustees
unanimously approved the college’s operating budget and set the property tax
rate for the 2024-25 fiscal year following a public hearing on Monday, Aug. 12.
The property tax rate was set at 17.09 cents per $100 of
taxable value, a slight decrease from the current tax rate of 17.22 cents per
$100 of taxable value. Based on the Victoria Central Appraisal District’s
certified property tax values for 2024, a homeowner with a $100,000 home in
Victoria College’s taxing district will pay $170.90 before exemptions, compared
to $172.20 this year.
The debt service tax rate used to repay debt
for capital improvements such as the new Student Success Center, will decrease
by 3.63 percent, from 2.96 cents to 2.85 cents per $100 of valuation. The maintenance
and operations tax rate used for day-to-day operations will decrease slightly from
14.26 cents to 14.24 cents per $100 of valuation.
VC’s operating budget is funded primarily through
tuition and fees, property taxes and state appropriations.
The $36 million operating budget represents a
less-than-half-percent increase from the previous year. Tuition and fee revenue
decreased by $159,000 due to state-mandated rate changes for dual-credit
courses; property tax revenue increased by $558,000 to cover rising technology,
facility and property insurance costs; and revenue from state appropriations
increased by $292,000 as a result of the state’s new outcomes-based funding
model, which includes funding for VC to offer dual credit-courses at no cost to
eligible high school students.
“We are pleased that
Victoria College’s strong performance in several student-focused outcomes has
led to an increase in state appropriations,” said Dr. Jennifer Kent, VC
President. “This means more students are achieving their goals and completing
important milestones along the way, and that’s our top priority.”
In accordance with VC’s compensation plan, the
budget includes a 2 percent cost-of-living salary adjustment and a 1.5 percent
step increase for eligible employees.
“The board is pleased
to adopt a budget that reflects our commitment to providing quality education,
meeting community needs and investing in our employees while being fiscally
responsible and being mindful of taxpayers,” said Bland Proctor, Chair of VC’s
Board of Trustees.
The next regular meeting of VC’s Board of
Trustees is scheduled for Monday, Sept. 16 at 4 p.m.