The Odessa College Board of Trustees discussed the 2023 tax rate at a workshop Wednesday ahead of its consideration at the regular meeting Sept. 26.
The proposed total tax rate for 2023 is $0.171666 per $100 valuation, a 9 percent decrease from last year when it was $0.188643 per $100 valuation.
Trustees reviewed financial statements and budget amendments.
Preliminary numbers show the college has $7,351,697 in excess revenue this year compared to $6,085,999 last year, Chief Financial Officer Brandy Ham said.
Chairman Gary Johnson brought up something that was not on the agenda. He told the board about the termination of the Tax Increment Reinvestment Zone board. A TIRZ is a special zone created by the city council in 2019 to attract new investment in an area.
The taxes paid into the zone by Medical Center Hospital, Odessa College and the City of Odessa are supposed to be used to finance public improvements downtown, an Aug. 21 Odessa American article said.
The board is composed of six council appointees and three appointees selected by MCH, OC and the City of Odessa.
Johnson said the money would go back to OC.
Ham said in July 2020, the college paid $16,322.52; July 2021, it paid $26,850.15 and in June 2022, they paid $37,253.58.
Ham added that there was $67,000 that hadn’t been paid because OC hadn’t been invoiced for it yet.
The funds will go back into the college’s operating fund.