Board of Education to hold public hearing on proposed general fund tax levy
Board of Education to hold public hearing on proposed general fund tax levy
Posted on 08/17/2016
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The Danville Independent Board of Education will hold a public hearing in the Danville High School library on August 31, 2016 at 5:30 p.m. to hear public comments regarding a proposed general fund tax levy of 95.5 cents on real property and 95.5 cents on personal property.

The General Fund tax levied in fiscal year 2015-2016 was 92.3 cents on real property and 92.3 cents on personal property and produced revenue of $7,408,733.68.  The compensating tax for 2016-2017 is 91.9 cents on real property and 91.9 cents on personal property and is expected to produce $7,656,716.71. The proposed General Fund tax rate of 95.5 cents on real property and 95.5 cents on personal property is expected to produce $7,956,653.38.  Of this amount $1,278,943.72 is from new and personal property.  The proposed rate is an additional .032 cents and produces a four percent revenue increase and is not a four percent rate increase.  

The general areas to which new revenue of $299,937 above the compensating rate for 2015-2016 revenue is to be allocated are as follows:  Cost of collections, $3,200; instruction, $247,719, transportation, $30,673, and maintenance of plant, $18,345.

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