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NOTICE OF PROPOSED GENERAL FUND TAX RATE

Nelson County Board of Education

The Nelson County Board of Education proposes to reduce the general tax rate from 67.0 cents to 66.2 cents per $100 of assessed valuation on real property and personal property for the current year.

Tax Rate Proposal
General Tax Rate Prior Year: 67.0 cents per $100
General Tax Rate Proposal for Current Year: 66.2 cents per $100
Prior Year Revenue: $34,791,744.58
Proposed Revenue: $37,079,207.60

New Revenue Breakdown
General Fund (Instruction & Operations): $1,249,483.17
Facility Fund (Mandated by KRS): $1,037,979.85
Total Revenue (Combined from General & Facility): $2,287,463.02

*The numbers above do not take into account loss in state funding and should not be viewed as the district’s net revenue impact.

New General Fund Revenue Use
The proposed rate is expected to generate more revenue than received in the preceding year. The additional revenue will be used in the following general areas:

1. Teacher and staff compensation increases in alignment with inflation.
2. Increased costs associated with insurance, student transportation, fuel, and bus purchasing.
3. Filling gaps in funding from state and federal programs including student transportation,
special education, and student health services.
4. Increased tax collection costs.

Compensating Rate and Other Required Information
The compensating general tax rate is 63.3 cents per $100 of assessed valuation, which would produce $35,454,891.85 in revenue.
Of the revenue expected from the proposed rate, $12,476,173.70 is expected from new property and personal property. Personal property includes distilled spirits revenue.
This notice is published pursuant to KRS 160.470. The proposed tax rate is not subject to recall under KRS 132.017.
The General Assembly has required publication of this advertisement and information contained herein pursuant to section 73 of House Bill 757.

NOTICE OF PROPOSED GENERAL FUND TAX RATE