Del Mar College approves balanced budget
The Del Mar College Board of Regents adopted a balanced budget Tuesday.
The college proposed a “near flat” maintenance and operations budget plan relative to the previous year, vice president and chief financial officer Raul Garcia said.
“The college has done its best with allocating financial resources to mission-critical activities that are strategic in nature in light of the downward property tax revenue pressures we are facing,” Garcia said.
In a meeting earlier in August, the regents discussed property value disputes between two industrial entities and the Nueces County Appraisal District. The college’s tax rate is based on the appraisal district’s property values, but because the property owners are contesting their values, the college is bracing for a $4 million revenue impact.
At the same time, the college also expects $2.1 million in additional funding from the state after lawmakers redesigned the community college funding formula this spring.
The fiscal year 2024 budget includes about $115.2 million in revenues, compared to about $114.7 million planned last year. Expenses are set at about $115.2 million as well.
The regents also voted to hold a public hearing on the tax rate on Sept. 12. The proposed tax rate is $0.237002 per $100 of assessed value. For a homestead valued at $224,353, annual homeowner property tax would be $532.
Meetings of the board are broadcast live at https://www.delmar.edu/regents-and-community/board-of-regents/index.html. Agendas are also available online.
The board also approved a one-time employee stipend to be distributed in October. All full-time employees will receive $1,200, while part-time employees will receive $300 before taxes.
The payments will be funded through the fiscal year 2023 budget's unused contingency funds.
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This article originally appeared on Corpus Christi Caller Times: Del Mar College approves balanced budget
