The Covington Board of Education voted 5-0 to take the compensating tax rate – making it the fifth consecutive year that the board has opted not to increase its property tax rate.
The board has the option to adopt a tax increase of up to 4 percent.
Board Member Glenda Huff said the district’s implementation of an on-going process of reviewing the budget has netted great results for the district and the community. The district’s budget committee is always looking at spending patterns and ways to reduce costs, she said.
“We have been diligent and responsible in making sure taxpayers’ money is well spent,’’ Mrs. Huff said. “By adopting the compensating rate, we will actually lower the tax rates.’’
Taking the compensating rate means the district will generate nearly the same amount of revenues as it did the previous year.
The board’s action decreases the real property tax rate from 111.1 cents to 109.9 cents per $100 of assessed valuation, while the personal property tax rate will go from 115.7 cents to 114.5 cents per $100 property valuation. The new rate is expected to generate $16,893,560. The board approved the rate at its board meeting on August 25.
The district has a budget committee, which includes two board members – Jerry Avery and April Brockhoff; the district’s finance director – Annette Burtschy, and other district personnel. The committee meets throughout the year to go over department budgets making sure they are cost-effective, while at the same time ensuring that district needs are being met.
“We are always looking for cost-saving measures,’’ Mrs. Brockhoff said. “We want to be good stewards of taxpayers’ money while giving our students the best education possible. We have been able to reduce costs and reduce the overall tax rate.’’