Wednesday, September 18, 2002
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Wednesday, September 18, 2002 |
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Oops, tax man flunks math; BOE to redo rate By JOYCE BEVERLY
The gobbledygook continues. Members of the Fayette County Board of Education heard Monday night that because the five-year tax history and digest information advertised recently is incorrect, they must meet Thursday to re-set a tentative millage rate. And, according to BOE comptroller Jim Stephens, they will have an opportunity to lower the millage rate again. Stephens reported to the board that Fayette County Tax Commissioner George Wingo let him know on Monday that calculations of the county's digest were inaccurate as a result of transitioning between a manual and computerized reporting system. The bottom line is that the millage rate set last week by the board should generate $500,000 more than originally anticipated. Stephens will present the board with the option of lowering the millage rate to reflect these unexpected revenues, which are roughly the equivalent of .16 mills, or leaving the rate at 21.694 mills. If the board chooses to lower the rate, added to the previous decrease of .089 mills, the new millage rate would be about a quarter of a mill lower than last year. The savings for a person owning a $200,000 home would be about $20. Last week, the millage rate set by the board, though a decrease, was expected to raise $6.2 million more in tax revenues than the previous year's rate because of a 9% growth in the county's tax digest. Stephens pointed out to the board Monday that the Fayette County School System has become quite large, with operating expenses hovering around $12 million per month. BOE members will meet in open session Thursday at noon to reconsider the millage rate and set dates for hearings for public input on their decision.
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