This hearing is being held pursuant to the provisions of KRS 160.470 for the purpose of hearing public comments regarding a proposed General Fund recall tax levy for FY 2023-24 of at most 80.0 cents on real property and at most 80.0 cents on personal property.  The current 2022-23 rate is 76.3 cents for real property and 76.8 cents for personal property.   

The General Fund tax levied in fiscal year 2022 was 79.6 cents on real property and 79.6 cents on personal property and produced revenue of $654,410,878.97.  The proposed General Fund tax rate of 80.0 cents on real property and 80.0 cents on personal property is expected to produce revenue of $706,432,456. Of this amount, $78,554,589 is from new and personal property. The compensating tax rate for 2023 is 73.2 cents on real property and 73.7 cents on personal property and is expected to produce $646,817,808.82.

For a home valued at $100,000, this would be, on average, an increase of less than 11 cents a day or $37 a year.

The general area to which revenue of $52,021,577 above 2022 revenue is to be allocated is: Cost of Collections $3,663,433; Building Fund $7,546,198; Instruction $16,064,725; Transportation $1,302,719; and Maintenance of Plant $23,444,502 including safety initiatives.

Submitted by: Cordelia Hardin

Attachment

• 6 20 23 Meeting Notice.pdf