truth in taxation – notice of tax increase adoption of ... · pdf filetruth in taxation...
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Public Hearing Truth in Taxation Notice of Tax Increase
Adoption of Fiscal Year 2018 Proposed Budget
Governing Board Meeting June 14, 2017
Presenter: David Bea, Ph.D.
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Truth in Taxation Notice of Tax Increase
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Fiscal Year 2018 Budget Calendar December 2016
Fiscal Year 2018-2020 Budget Scenarios developed by ELT
Fiscal Year 2018-2020 Budget Scenarios feedback at a Governing Board study session
January 2017 Fiscal Year 2018-2020 Budget Outlook presentations at numerous College locations
Fiscal Year 2018-2020 Budget Scenarios presented to the Finance and Audit Committee
February 2017 Fiscal Year 2018 Budget Outlook and Tuition presented to student leaders
Property tax levy letter was received from Pima County
March 2017
Fiscal Year 2018 Budget Outlook presented to the community Fiscal Year 2018 Budget Outlook and Tuition presented to the Finance and Audit Committee
Employee benefits contracts for Fiscal Year 2018 were presented to the Governing Board and approved
Academic Year 2017-2018 tuition and fees presented to the Governing Board
Fiscal Year 2018 Budget Outlook presented to the community
Fiscal Year 2018 Budget Update and Tuition and budget model presented at a Governing Board study session
Academic Year 2017-2018 tuition and fees approved by the Governing Board
Fiscal Year 2018 Capital Budget and Projects approved by the Governing Board
Fiscal Year 2018 Budget Outlook and Property taxes presented to the Finance and Audit Committee
April 2017
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Fiscal Year 2018 Budget Calendar (continued)
May 2017
Fiscal Year 2018 Budget Overview presented to the Executive Leadership Team
Proposed Fiscal Year 2018 preliminary budget, tax rate, and tax levy with a request for approval to allow publication according to statutory guidelines are presented to the Governing Board
Proposed Fiscal Year 2018 budget and 'Truth in Taxation Notice of Tax Increase' (if necessary) are published and a press release is distributed as required by Arizona Revised Statutes
Proposed Fiscal Year 2018 budget and 'Truth in Taxation Notice of Tax Increase' (if necessary) are published as required for a second time as required by Arizona Revised Statutes
A Public Hearing is scheduled on the proposed budget, property tax rates, and levies
A Special Meeting is scheduled to vote on the budget and property tax levies and rates. A roll call vote to levy the proposed property tax and vote to approve the proposed budget occurs
The documents are transmitted to the Property Tax Oversight Commission as required by Arizona Revised Statutes
June 2017
July 2017 Fiscal Year 2018 budget is implemented on July 1
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Proposed Fiscal Year 2018 Tax Rates for All Arizona CCs (Rates Per $100 Net Assessed Valuation. Combined rates are shown.)
$3.50
$3.0768 $3.00
$2.6210 $2.5429
$2.3735 $2.50
$1.9828 $1.8067 $2.00
$1.4096 $1.3890 $1.3430 $1.50
$1.00
$0.6121 $0.50
$0.00 Graham* Yuma/La Pinal Cochise Yavapai Navajo Maricopa Pima Mohave Coconino *FY17 Paz
Primary Tax Rate Secondary Tax Rate
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PCC Primary, Secondary, and Combined Tax
Rates (Fiscal Years 2000-2018*)
FY 2000 FY 2001 FY 2002 FY 2003 FY 2004 FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018*
Primary Property Tax Rate 1.1626 1.1709 1.1455 1.1530 1.1358 1.1143 1.0930 1.0570 1.0191 0.9787 0.9356 0.9755 1.0846 1.1484 1.2746 1.3344 1.3689 1.3733 1.3890
Secondary Property Tax Rate 0.2070 0.3865 0.4015 0.3803 0.3526 0.2285 0.2184 0.1945 0.1654 0.1502 0.1414 0.1093 0.0248 0.0257 0.0187 0.0000 0.0000 0.0000 0.0000
Combined Primary + Secondary Tax Rates 1.3696 1.5574 1.5470 1.5333 1.4884 1.3428 1.3114 1.2515 1.1845 1.1289 1.0770 1.0848 1.1094 1.1741 1.2933 1.3344 1.3689 1.3733 1.3890
1.3696 Proposed 1.3890*
0.0000
0.2500
0.5000
0.7500
1.0000
1.2500
1.5000
1.7500
* proposed
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Truth in Taxation
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Primary Property Tax Levy Detail Proposed
FY 2017 FY 2018
Levy Neutral FY 2018
Proposed
Net Taxable Value Current Year ($100s) $ 78,166,998 $ 80,749,577 $ 80,749,577
Overall Change in Valuation 2.58% 3.30% 3.30%
Change from New Property 1.89% 1.43% 1.43%
Estimated Primary Tax Rate Authorization (per $100 net assessed valuation) $ 1.3733 $ 1.3484 $ 1.3890
Primary Tax Levy $ 107,346,737 $ 108,882,730 $ 112,161,162
Change from previous fiscal year $ 1,535,993 $ 4,814,425
Truth in Taxation Levy Increase $ 3,278,432
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Questions?
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Adoption of Fiscal Year 2018
Proposed Budget
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FY 2017-2018 Proposed Budget Summary $246.1 million (all funds, in $ millions)
FY 2017 Proposed FY 2018 Change
General Fund $ 153.2 $ 153.1 -$ 0.1
Restricted Fund 58.3 53.0 -5.3
Capital Fund 19.1 17.0 -2.1
Designated Fund 14.0 15.4 1.4
Auxiliary Fund 2.5 2.3 -0.2
Debt Fund 0.7 5.3 4.6
Total Resources $ 247.8 $ 246.1 -$ 1.7
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FY 2018 Revenue Summary Tuition and Fees
$3.00 increase to in-state resident tuition, from $78.50 per unit to $81.50 per unit New $75.00 per/semester fee for international students
Property Tax Primary
Growth of 1.43% ($1.5 million) Max Levy Increase of 3.01% ($3.3 million)
Secondary $0.00
State-Based Funding $0.00 - Operating State Aid $0.00 - STEM and Workforce programs State Aid
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FY 2017-2018 Proposed Budget By Fund, $ 246.1 million (all funds, in $ millions)
Debt Fund $5.3 Designated Fund Auxiliary Fund 2% $15.4 $2.3
6% 1%
Capital Fund $17.0
7% General Fund
$153.1 Restricted Fund 62%
$53.0 22%
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FY 2018 Budget Expenditure Priorities Employee Benefits: No increase or decrease expected Contractual Obligations: $1.4 million increase Wages: Proposed 2.0% increase to salaries and wages Compensation and Classification Study, Marketing Campaign: $1.0
million increase Debt Service
Lease Financing: $1.7 million increase for IT and various capital project equipment
Implementation of the Educational and Facilities Master Plans: $3.6 million increase for debt service (based on $45.0 million in revenuebonds)
Operational/Position Reductions Closure of Existing Vacant Positions: $6.3 million decrease
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FY 2017-2018 Proposed Budget Expenditures, $246.1 million (all funds, in $ millions)
Additional Compensation-Faculty, $1.5, 1%
Adjunct Faculty, $11.7, 5%
Classified Staff, $50.4, 21%
Current Fixed Charges, $1.6, 1%
Student Employment, $0.5, 0% Contractual Services, $18.0, 7%
Administrative Personnel, $6.5, 3%
Faculty, $22.9, 9%
Other Compensation, $5.0, 2%
Fringe Benefits, $30.2, 12% Travel, $3.4, 1% Communications and Utilities, $6.0, 2%
Supplies and Materials, $9.3, 4%
Other Expenditures, $6.9, 3%
Student Financial Aid, $34.6, 14%
Capital Equipment, $23.1, 9%
Contingency and Reserves, $14.5, 6%
POU COUJ\TI" co~nrn1'TIY COLLEGE DISTRICT
CURRENT GENERAL Ai'ID P!J\1'1 Fli1'"DS
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