The Odessa College Board of Trustees will consider approving its 2023-24 budget when they meet at 6:30 p.m. Tuesday in the Zant Room of the Saulsbury Campus Center, 201 W. University Blvd.
The budget is expected to increase to $66,745,903, an increase of $7.7 million.
Chief Financial Officer Brandy Ham said during a July 26 workshop that is a 13.1 percent increase.
The restricted budget is about $18 million and the total budget is $85,006,241.
Ham said the majority of that change is related to state appropriations.
“With House Bill 8, we’re going to receive an additional $4.3 million in state appropriations. That’s a 43.8 percent increase,” Ham said July 26.
The board won’t consider the tax rate until September. The proposed tax is 0.149417 per $100 valuation for maintenance and operations and 0.021744 per $100 valuation for debt service. The total would be $0.171161 per $100 valuation.
The current rate is $0.164191 per $100 valuation for maintenance and operations and $0.024452 per $100 valuation for debt service for a total of $0.188642 per $100 valuation.
Ham said that will mean a decrease in the overall tax rate of between 9 and 9.3 percent. She said it would still bring in additional revenue, but that’s related to their increase in mineral values.
She added that they are looking at an overall decrease to the average homeowner of $27 with the average home at about $165,000. Ham noted that those numbers are estimates.
Trustees will also consider:
- Fine arts parking lot — secure price guarantee.
- Purchase of Lab Volt Instrumentation and process control.
- The sale of property at 2324 Andrews Highway.
- Board policy update 45.
- Collections Unlimited.
- Approval of the bank request for proposals. Trustees discussed staying with Frost Bank as their depository during the July 26 workshop.
- Institutional effectiveness report.
- Vision 2030 plus update.
- President’s report from President Gregory Williams: Health Sciences Building topping off ceremony; law enforcement training academy graduation; Preview Day Summer 2023; Odessa College Downtown ribbon cutting and grand opening.
