The Frankfort Independent Schools Board of Education will hold a public hearing regarding a proposed general fund tax levy at 5:30 p.m. on Sept. 28.
Due to the coronavirus pandemic, the hearing will be livestreamed on the district’s website www.frankfort.kyschools.us/ and its YouTube channel www.youtube.com/channel/UC5qNve0kYvme-bC3j0-ef9g?reload=9
The proposed general fund tax levy is 102.4 cents per $100 of assessed real property value and 102.4 cents per $100 on personal property and is expected to produce $2,551,223 — an increase of $181,861 compared to last year’s revenue.
The proposed tax rate increase from the current 99 cents to 102.4 cents falls just beneath the 4-cent maximum increase that school districts can adopt without it being subject to voter recall, said FIS Board Chair Jina Greathouse.
"If we adopt the 4% rate, the bulk of that new revenue will be used in the area of instruction," she told The State Journal.
According to the district, the additional funds will be allocated toward the cost of collections ($2,728); building fund ($10,306); instruction ($148,827); transportation ($5,000); and plant maintenance ($15,000).
The compensating rate for 2021 is 98.3 cents per $100 on real property and 99 cents per $100 on personal property. It would produce $2,451,037 in revenue. The compensating rate is the rate applied to the current year's assessment of taxable property, excluding new property, that produces approximately the same amount of revenue produced in the preceding year.
"We are taking a hard look at our working budget in anticipation of state cuts," Greathouse added. "We are evaluating all options to determine what will put us in optimal financial position moving forward in a very challenging, uncharted time."
The fiscal year 2020 general fund tax was levied at 99 cents per $100 on both real and personal property and produced $2,369,362 in revenue.
The public may submit comments which will be read during the hearing to Kathryn Pearl at email@example.com