Trustees Decrease 2007-2008 Tax Rate by 2%

Trustees Decrease 2007-2008 Tax Rate by 2%

Article Body
Lone Star College System trustees met in special session Thursday evening and set a 2007-2008 tax rate that is 2% lower than the previous year’s rate. The board approved a total tax rate of 11.44-cents per $100 valuation, based on certified tax rolls received from Harris and Montgomery Counties. Officials said the lower rate will generate tax revenues sufficient to support the operations of the district as well as pay bonded debt obligations for the coming year. The new rate includes $0.0809 per $100 valuation for maintenance and operations, and $0.0335 per $100 valuation for the interest and sinking component. According to Cindy Gilliam, vice chancellor of business affairs, the new rate will result in an estimated $114.8 million, which will support approximately 43% of the district’s operating budget and 87% of its debt service requirements. The remainder of the debt service requirements are funded from investment earnings and pledged operating revenues. The remainder of the operating budget will come from state appropriations, tuition, and auxiliary funds.The new budget totals $233,480,000, which includes debt service and auxiliary funds. This is the second consecutive year Lone Star College System Trustees have lowered the tax rate, and seventh time in 12 years.Lone Star College System comprises Lone Star College–CyFair, Lone Star College-Kingwood, Lone Star College–Montgomery, Lone Star College-North Harris, Lone Star College–Tomball, seven satellite centers and The University Center. To learn more, visit www.lonestar.edu.###
Posted by Barnett, Levada G on 9/20/2007 6:00:00 PM
Lone Star College System
5000 Research Forest Drive
The Woodlands TX 77381-4356
Phone 832.813.6500
Search