The Galveston College Board of Regents on Tuesday voted 7-2, with Paul Cunningham and George Black opposed, to adopt a 2011 tax rate of $0.18945 per $100 valuation.
The rate is lower than the 2010 Tax Rate of $0.189475 per $100 valuation, but reflects an increase in tax revenues due to appraised property values. The effective rate, which would be the amount the college would need to levy to draw equal revenues to 2010, is $0.1814 per $100 valuation. The rollback rate, or maximum rate the college could levy without opening the possibility of a petition for a rollback election, is $0.1957.
Black had voted against the proposed tax rate, as well as adoption of budget at a meeting on August 10, stating that the college should not increase its tax revenues by any amount “under the current circumstances”.
The college board voted 8-1, with Greg Roof opposed, to approve the write-off of uncollected student debts and third party receivables, for accounting purposes only.
The write-offs include $48,143 in uncollected student debts, and $13,360 in third party receivables, for a total of $61,503.
No other action items were on the agenda. All members were present. Agenda