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From Brent Baker
Vice President of Institutional Advancement
One of the toughest budget development cycles in years is about to come to a close at Weatherford College. Faced with nearly $4 million in cuts from the State of Texas, WC slashed equipment, supplies, travel and personnel costs to balance the budget, which goes into effect September 1, 2011.
That process will become final with Thursday’s called meeting of the WC Board of Trustees, which will include the approval of the 2011-12 budget and the 2011 ad valorem tax rate. The meeting will be held in the Doss Student Center’s Strain Room at 2 p.m.
The 2011-12 budget, proposed at approximately $48.5 million, represents a total increase of about $8,100 from the amended 2010-11 budget.
To fund that budget, the WC board has proposed an adoption of the effective tax rate, which will generate the same amount of money for WC as the current tax rate. The proposed 2011 rate is 11.195 cents per $100 valuation, compared to the current 10.492 cents.
“As Weatherford College and Parker County have grown over the past decade, we have continually been able to lower our tax rate to one of the lowest in the state; approximately four cents below the state average,” said Dr. Kevin Eaton, WC President. “Unfortunately, the downturn in our economy, coupled with dramatic cuts in state funding, has led us to the tough decisions that we are facing today.”
Based on figures from the Parker County Central Tax Authority, the 2011 tax rate will mean a $7 annual increase on WC taxes for a home valued at $100,000.
“I can’t express my gratitude enough to the citizens of Parker County,” Eaton said. “As our economy turns around and our valuations start to increase again, I am sure that you will once again see our tax rate fall.”