AUGUSTA — Board members of the Augusta Independent School District discussed their tax options on Thursday.
According to AIS Finance Officer Kelly Gamble, there are three options available to the district: do nothing and allow the current tax rate to lower, take the second nickel or take the second nickel and the 4 percent increase.
According to Gamble, AIS’s current tax rate is 67.6 cents for real/tangible property with a calculate revenue of $342,509.
Gamble said the property assessment and rate needed to generate 4 percent additional revenue would be a property tax rate of 63.4 cents with a calculated revenue of $356,209.
With the additional nickel, and a property assessment of $56,178,975, the second nickel would bring the property tax rate to 67.6 cents with a calculated revenue of $379,770.
According to Gamble, if the district approves the nickel, beginning in fiscal year 2020-21, the state will match $20,250 for two years and then $81,3000 annually.
“If you only take the nickel, you won’t have the extra money going into the general fund,” Gamble said.
If the district were to approve the nickel and the 4 percent rate, the property tax rate would be 68.9 cents with a calculate revenue of $387,073.
Gamble said that would mean an additional $10,935 for the general fund. The original nickel will bring in $2,756 and the additional nickel will add $30,873.
“There are options there for you,” he said. “This isn’t something you have to do now, but later this year, you may want to look into those options.”
No action was taken and the item will be discussed at the June board meeting.
During the meeting, the board also approved the first reading of the 2018-2019 tentative budget.
According to Gamble, the projected beginning balance for the next school year is $505,110.
“That’s an increase of $140,000 over the current fiscal year,” he said. “SEEK revenue increased this year by approximately $139,000.”