VISD adopts 11-cent tax rate increase, budget - InsuranceNewsNet

InsuranceNewsNet

Sign in
  • Subscribe
  • About
  • Advertise
  • Contact
Home Now reading newswires
Topics
  • Life Insurance
  • Annuity News
  • Health/Employee Benefits
  • Property & Casualty
  • Advisor News
  • Washington Wire
  • Fiduciary Rule
  • INN Exclusives
  • Newswires
  • INNsider
  • INN Exclusives
  • NewsWires
  • Magazine
Sign in or register to be an INNsider.
  • INN Exclusives
  • NewsWires
  • ★ Regulation News
  • Podcast
  • Magazine
  • About
  • Advertise
  • Editorial Staff
  • Contact
  • Susbcribe

Get Social

  • Facebook
  • Twitter
  • LinkedIn
  • Google+
Insider
newswires
newswires RSS Get our newsletter
Order Prints Share
August 24, 2018 newswires No comments Views: 10

VISD adopts 11-cent tax rate increase, budget

Victoria Advocate (TX)

Aug. 23--Ann Riechers, a Victoria resident, said Thursday she opposed the Victoria school district's decision for a tax increase because it is going to affect people still recovering from Hurricane Harvey.

Instead, she recommended the board increase revenue by bringing more entertainment to the city, starting organic gardening or taking advantage of solar investments at one of its schools to save on electrical costs.

However, Board President Tami Keeling said the board has done its due diligence in the decision to increase the tax rate.

The school board adopted an 11-cent tax rate increase for one year, instead of the 13-cent increase it originally proposed, during Thursday's special board meeting.

The total tax rate is $1.3763 per $100 of assessed valuation, of which $1.15 per $100 of assessed valuation is for day-to-day operations and 22.63 cents per $100 of assessed valuation goes to pay off debt services.

The increased rate is enough to keep the district operating for another year and would not leave the district with financial burden in the event of another hurricane, Keeling said.

Dale Zuck, of Inez, and Emett Alvarez, managing editor of Revista de Victoria, supported the tax increase but said the district should be more transparent with the community about its budget.

Board member Bret Baldwin was the only board member to oppose the tax rate and the budget.

He said the board should look into more ways to generate additional revenue. One possibility he recommended is finding ways to increase number of students in career and technical education.

"I don't feel convinced this is the best we have," Baldwin said. "We still have work to do."

Board member Margaret Pruitt was not present.

The lower rate is possible because VISD received about $1.3 million in additional reimbursements for hurricane damage repair from insurance and $279,070 from the Federal Emergency Management Agency.

"It's our commitment to be responsible to people," said Superintendent Quintin Shepherd. "The 11 cents covers some of the loss and expected loss."

The 11-cent tax increase on $100 of assessed valuation would generate about $4.5 million.

Under state tax law, districts affected by Hurricane Harvey can raise their maintenance and operation tax rates to the state cap of $1.17 per $100 of assessed value for one year only to help recoup losses from the hurricane.

Hurricane Harvey repair-related damages total about $8.9 million.

The district also received an Immediate Aid to Restart School grant for $834,766, which will go toward hurricane expenses.

Although funds will be recouped, there is still a shortfall of about $1.9 million to cover hurricane repairs, said Frances Koch, assistant superintendent of budget and finance.

The adopted budget for the 2018-19 school year is about $118 million. It includes stipends for teachers and administrators and a mid-point raise for all other employees. Another change is adding more school resource officers to the high school campuses.

Gabriella Canales reports on education for the Victoria Advocate. She may be reached at [email protected] or 361-580-6578.

___

(c)2018 Victoria Advocate (Victoria, Texas)

Visit Victoria Advocate (Victoria, Texas) at www.victoriaadvocate.com

Distributed by Tribune Content Agency, LLC.

Older

BRIEF: Man charged with defrauding insurance company

Newer

Victoria city employees criticize proposed health insurance plan

Advisor News

  • MDRT Study Finds Consumers Want Advisors Over Tech
  • Your Clients Should Plan Retirement Savings To Last 23 Years
  • Robert Moore Steps Down As CEO Of Cetera, Due To Health Reasons
  • Financial Advisor Fined In $1M Scam
  • Mercer Advisors Acquires Arbor Asset Management
More Advisor News

Annuity News

  • Nick Lane Assumes Role As President Of AXA Equitable Life
  • Annuity Sales Spiked 14 Percent In 2018, No Slowdown In Sight
  • Speak Out: NAIC Gets Plenty Of Advice On Annuity Sales Rule
  • Lincoln Financial Introduces Annuity Designed For Retirement Rollover Dollars
  • IRI Urges NAIC To Proceed Cooperatively With SEC On Suitability
More Annuity News

Health/Employee Benefits

  • Government Headed For Close To Half The Nation’s Health Tab
  • National Health Expenditures To Hit $6T By 2027, CMS Predicts
  • Florida Governor Wants To Import Drugs From Canada
  • Dems Grapple With ‘Socialism’ Label On Health Care
  • One-in-Five U.S. Rural Hospitals At Risk Of Closing: Study
More Health/Employee Benefits

Life Insurance

  • AIG Sets New Term Life Insurance Rates
  • Northwestern Mutual Reports Strong 2018 Financial Results
  • Florida Police: Niece Steals $188,000, Life Insurance, From Aunt
  • P/C Broker Gallagher Widens Retirement Practice Into IMO Space
  • MDRT Study Finds Consumers Want Technology To Complement, Not Replace Human Advisors
Sponsor
More Life Insurance

Sign up for our FREE e-Newsletter!

Get breaking news, exclusive stories, and money- making insights straight into your inbox.
select Newsletter Options

Most Popular

  • Annuity Sales Spiked 14 Percent In 2018, No Slowdown In Sight
  • Understanding The Benefits Of Whole Life Insurance
  • Private Equity Targets Insurance Agencies For M&A Activity
  • How To Determine That Ideal IUL Prospect
  • What If The Market Goes Up? Why An FIA Is Better Than Stocks

Featured Offers

Text Ads

Press ReleasesAll press releases

  • LegacyShield® Launches MyTax, An Integrated Solution for Simplified, Professionally Prepared, Tax Returns
  • Nassau Re Launches Insurtech Incubator Will Give Space and Support to Startups in Hartford
  • Peerfit Prepares for Medicare Expansion with Peerfit Move, Recruits Industry Veteran
  • Great American’s Annuity Customers Share Their Secrets to a Great Retirement
  • Securian Financial Introduces Affordable, Protection-Focused IUL with No-Lapse Guarantee
Add your Press Release >

Topics

  • Life Insurance
  • Annuity News
  • Health/Employee Benefits
  • Property and Casualty News
  • Advisor News
  • Washington Wire
  • Regulation

Top Sections

  • INN Exclusives
  • INN Insider

Our Company

  • About
  • Editorial Staff
  • Advertise
  • Contact

Sign up for our FREE e-Newsletter!

Get breaking news, exclusive stories, and money- making insights straight into your inbox.

select Newsletter Options
Facebook Linkedin Twitter Google+
© 2019 InsuranceNewsNet.com, Inc. All rights reserved.
  • Terms & Conditions
  • Privacy Policy
  • Sitemap
  • AdvisorNews

Sign in with your INNsider Account

Not registered? Become an INNsider.