The tax rate for property owners in the Mid-Plains Community College service area will be less than last year, and total spending at the college will decrease by $1.5 million, under the new budget approved Wednesday.The board of governors set the college’s 2017-18 budget, with a tax rate of 7.5453 cents per $100 of assessed valuation – down about 0.20 cents from the 7.7403 levy in 2016-17.
A total of $16,016,722 in property taxes will be needed to fund the college during the 2017-18 fiscal year. That’s up about $130,000 from last year’s tax call of $15,886,739, spokeswoman Heather Johnson said.
Altogether, the new budget is $41,315,851 – a decrease from the $42,825,688 budget approved for 2016-17, Johnson said.
No one testified at the college’s public budget hearing.
“The board of governors continues to be cognizant to the balance of the accessibility and affordability of higher education to our students and our taxpayers,” said MPCC President Ryan Purdy. “The board has financially positioned MPCC over the last few years to be able to absorb the 4% mid-year reduction in state aid from last year and still reduce the levy.”
Purdy said valuations are up about 3.4% in the college area, but the overall tax request will only increase about 0.8% due to the proposed decrease in the levy.”
The board also approved a 1% increase of the base limitation, carrying forward to 2017-18 the unused budget authority of $2,596,615 from previous fiscal years.
The additional 1% has no impact on the current year’s tax request. It allows the college to receive a large increase in restricted funds, such as state aid and property taxes, if needed in future years to meet the growth of the institution, Johnson said.