YAVAPAI COMMUNITY COLLEGE SAYS EMERGING CAPITAL ISSUES REQUIRE CUMULATIVE PROPERTY TAX RATE INCREASE OF 4%, EXTENSION OF EXISTING REVENUE BONDS, AND ISSUANCE OF AN ADDITIONAL $14 MILLION REVENUE BOND

Money will mostly go toward west side housing projects, increased planned maintenance expenses, and improved electronic infrastructure

During the February 20 meeting of the District Governing Board, Clint Ewell, Vice President of Finance and Administrative Services at Yavapai Community College, presented several recommendations for generating additional revenue necessary for the upcoming 2024-2025 budget cycle.

Dr. Ewell outlined the following requisites to fulfill the projected budgetary needs:

1. A 4% cumulative increase in the County’s primary property tax rate.

2. Procuring an estimated $14 million by issuing revenue bonds.

3. Extending the outstanding payments on existing revenue bonds for a number of years.

Furthermore, Dr. Ewell explained that funding all current projects on the College’s drawing boards  would require a 13% increase in the primary property tax rate. He considered this impractical given the current tax climate.

It’s important to note that the District Governing Board holds the authority to issue revenue bonds and adjust the county’s primary property tax rate, requiring only a majority vote among the five-member Board. Notably, county voters do not possess a direct mechanism to vote on or veto such adjustments.

The final bond and tax rate figures will be presented and voted on by the District Governing Board in May 2024.

Dr. Ewell’s explanation to the Board regarding these recommendations can be accessed via the provided link by clicking here.