At a May 26 public hearing, the Maricopa Community Colleges Governing Board will consider a budget for 2015-16 that contains no increase in tuition or property taxes. The budget of $1.49 billion represents a decrease of $213 million, or 12.5 percent, compared to current spending, a decrease largely attributed to a decline in capital spending as the District winds down projects financed with the proceeds of the 2004 bond election. The proposed General Fund budget totals $731 million, a decrease of $43 million that reflects a decline in the use of Fund Balance.
The budget also reflects the elimination of $8.8 million in state aid, which happened when the state legislature approved its 2015-16 budget with no allocation for the Maricopa Community Colleges.
Because of the overall increase in Net Assessed Valuation on property throughout the county, the total property tax rate (operation and debt service) is estimated to decrease slightly from the fiscal yeah 2014-15 level ($1.4940 per $100 of assessed valuation in fiscal year 2015-16 versus $1.5187 in fiscal year 2014-15). This means that the owner of a home valued at $100,000 in fiscal year 2014-15 paid $151.87 per year, while in the coming fiscal year the property tax on a home valued at $100,000 would decrease by $2.47 to an annual amount of $149.40. This example assumes there is no change in the valuation of the home; if the home value increased or decreased, the amount of taxes owed would also change according to a press release.
About 60 percent of the district’s operational budget is generated by property taxes. Maricopa Community College district is the state’s single largest provider of higher education and job training. It also is the largest transfer partner with Arizona State University.
The publicly elected seven-member Governing Board will meet on at 6:30 p.m Tuesday, May 26, 2015 at the Maricopa Community Colleges District Office, 2411 W. 14th St. in Tempe. The governing board will consider a motion to approve the budget by a roll call vote. The 2015-16 fiscal year begins July 1.
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