Tax Rate & Budget Notices
Grayson College is a good steward of public funds and strives to maintain an open and transparent account of its finances and policies. The following information is made available to keep the public informed of the Board of Trustees work toward finalizing the proposed budget for the next academic year.
Notice about 2024 Tax Rates
Property Tax Rates in Grayson College.
This notice concerns the 2024 property tax rates for Grayson College.
This notice provides information about two tax rates used in adopting the current tax year’s tax rate. The no-new-revenue tax rate would impose the same amount of taxes as last year if you compare properties taxed in both years. In most cases, the voter-approval tax rate is the highest tax rate a taxing unit can adopt without holding an election. In each case, these rates are calculated by dividing the total amount of taxes by the current taxable value with adjustments as required by state law. The rates are given per $100 of property value.
- This year’s no-new-revenue tax rate
- $0.115534 / $100
- This year’s voter-approval tax rate
- $0.145991 / $100
To see full calculations, please visit grayson.edu for a copy of the Tax Rate Calculation Worksheet.
Unencumbered Fund Balances
The following estimated balances will be left in the taxing unit’s accounts at the end of the fiscal year. These balances are not encumbered by corresponding debt obligation.
|
Type of Fund |
Balance |
|---|---|
|
Unrestricted |
$30,000,000 |
|
General Obligation Bonds |
$5,596,676 |
Current Year Debt Service
The following amounts are for long-term debts that are secured by property taxes. These amounts will be paid from upcoming property tax revenues.
|
Description of Debt |
Principal or Contract Payment to be Paid from Property Taxes |
Interest to be Paid from Property Taxes |
Other Amounts to be Paid |
Total Payment |
|---|---|---|---|---|
|
GO Refunding |
$2,580,000 |
$453,750 |
$0 |
$3,033,750 |
|
Defeasance |
$2,285,000 |
$91,784 |
$0 |
$2,376,784 |
|
Total |
$4,865,000 |
$545,534 |
$0 |
$5,410,534 |
| Description | Amount |
|---|---|
| Total required for 2024 debt service | $5,410,534 |
| Amount paid from funds listed in unencumbered funds | $0 |
Excess collections last year
| Description | Amount |
|---|---|
| = Total to be paid from taxes in 2024 | $5,410,534 |
| + Amount added in anticipation that the taxing unit will collect only a percentage of its taxes in 2024 | $0 |
| Total Debt Levy | $5,410,534 |