Friday, April 29, 2022
Property tax decrease included in CVTC budget proposal
The Chippewa Valley Technical College reviewed an initial draft of the 2022-23 budget and approved its publication at its Thursday, April 28 meeting. The proposed budget funds the opening of the new Transportation Education Center and expansion and remodel of the Emergency Services Education Center while providing for increasing enrollments all while holding to a reduction in the property tax.
The budget calls for total expenditures of $113,970,259 million, with a decrease of 18.65 percent from the 2021-22 budget due mainly to the completion of these two referendum projects. General fund revenues are projected to be $58,876,816, up 2.03 percent from 2021-22.
Kirk Moist, vice president of finance and facilities, said an increase in enrollment, remodeling of buildings and other factors have contributed to the budget.
“The College has come through the pandemic with stable results as enrollments dipped slightly in 2021 and have rebounded in 2022,” said Moist. “With the help of Higher Education Emergency Relief Funds (HEERF) and stable resources from tax levy and state aid we are well-positioned for the future with our new spaces.
“CVTC is doing well on the state’s outcome-based funding formulas, especially high school academies and other college credit programs for high school students, workforce training programs and credit for prior learning.”
An estimated six percent increase in property values accounts for a drop in the tax rate from $81.09 per $100,000 of property value to $75.72. The proposed tax levy – the amount collected throughout the CVTC district for support of the College – is $23,997,604, down 1 percent from the previous year.
A public hearing on the budget is scheduled for 5:30 p.m. Thursday, May 26, preceding the board meeting.
With more than 119 programs offered online and on-campus, Chippewa Valley Technical College delivers innovative, applied, and flexible education that supports a diverse community of learners improves the lives of students and adds value to our communities.
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