NOTICE OF HEARING MADISON COUNTY BOARD OF EDUCATION
The
Madison County Board of Education
will hold a public hearing in the Madison County Schools central office, 301 Highland Park Drive, Richmond, Kentucky on August 23, 2018 at 5:45 p.m. to hear public comments regarding a proposed general fund tax levy of 63.5 cents on real property and 63.5 cents on personal property. (The Board may add an additional. 2 cents to the above property rates to recover prior losses due to exonerations – KRS 134.590. If added, rates would be 63.7 cents and 63.7 cents, respectively.)
The General Fund tax levied in the fiscal year 2018 was 62.5 cents on real property, and 62.5 cents on personal property and produced revenue of $29,450,136.31. The proposed General Fund tax rate of 63.5 cents on real property and 63.5 cents on personal property is expected to produce $31,595,123.52. Of this amount, $3,203,779.31 is from new and personal property. The compensating tax for 2019 is 61.1 cents on real property and 62.5 cents on personal property and is expected to produce $30,462,737.19.
The general areas to which revenue of $2,144,987.21 above 2018 revenue is to be allocated are as follows: cost of collections, $32,175.00; building fund, $587,760.00; instruction, $1,241,052.21; transportation, $127,500.00; and maintenance of plant $156,500.00.
The General Assembly has required publication of this advertisement and information contained herein.