The school district has recommended no increase in the tax rate this year — with the warning that they will be asking for more money next year.
The Jessamine County Board of Education will host a public hearing on the tax rate Thursday at 4 p.m. before a special meeting at 4:15 p.m. to set the rate. The proposed rate is 62.9 cents per $100 of real or personal property, the same rates as last year.
Superintendent Lu Young told the board at its Monday meeting that the district's general-fund balance of $8,750,000 would allow it to absorb a net loss of $1,419,000 in the coming year with the same tax rate.
The hit comes from lost revenue as well as increased expenses, including unavoidable increases to contributions to retiree health insurance and county retirement as well as experience salary increases and a 2-percent raise.
Young gave board members current projections for the coming years that include gradual increases in retirement contributions and possible losses in federal funding. Projected figures for the 2016 fiscal year include almost $2.5 in additional annual expenses.
While she was optimistic about taking this year's funding hit without a tax hike, Young cautioned that the district "won't be able to withstand the drawdown" in the coming years without increased revenue.
The compensating rate of 62.6 cents per $100 would have brought in the same revenue; leaving the rate at 62.9 cents would bring in $203,174 more than last year’s tax revenue, according to the district’s notice of the tax hearing.