Weatherford College board of trustees discussed the 2019-20 budget during a workshop on Tuesday afternoon in the Mince Administration Building on campus.
The budget is currently balanced, WC Executive Vice President of Financial and Administrative Affairs Andra Cantrell said. Revenues and expenditures total to about $60.26 million, which is an increase of $4.26 million compared to last year’s budget.
Cantrell said the administration is planning to recommend a tax rate of $0.11495, which is down from last year’s rate of $0.11947 but above the effective rate.
“We are the 12th lowest in the state on our tax rate,” Cantrell said.
Based on figures calculating the average homestead values in Parker County, homeowners may see a decrease of about $10 on average on their yearly tax bills, Cantrell said.
Total tax revenue, from both Parker and Wise counties, makes up about 46 percent of the three major revenue sources, according to Cantrell’s presentation. About $1.7 million in additional revenue is expected to be generated from Parker County taxes.
State appropriations and tuition and fees also generate revenue for WC. The college is expected to receive about $9.05 million per year in the 2020-21 biennium, according to Cantrell’s presentation. Per year in the biennium, WC is expecting an increase of more than $597,000 from the state. These appropriations make up 21 percent of the three major revenue sources.
Tuition and fees are estimated to total about $12.06 million—an increase of $984,309—and represents about 32 percent of the three major revenue sources, according to Cantrell’s presentation. The increase reflects a previous board decision to raise tuition rates.
On the expenditures side, an increase of 4 percent is included in the budget for all full-time personnel salaries, according to Cantrell’s presentation. There is an additional 8 percent increase in part-time and overload salaries.
“We’re behind, and we know that, and so this will help us achieve that average,” Cantrell said, in answer to a question about how WC compares to other colleges on salaries.
According to Cantrell’s presentation, major repair and rehabilitation items are budgeted at $2 million. This includes the new parking lot construction and maintenance, library railing modifications, heating, ventiliation and air conditioning unit replacements, electrical panel upgrades, fire alarm replacements, classroom and restroom modifications, concrete repairs and landscaping, among other items.
WC President Tod Farmer commended Cantrell and her team for their work.
“They were presented with a wealth of opportunities to refine our existing budget, and they’ve stepped up to that challenge and done a tremendous job, and I’m very appreciative of all their efforts,” Farmer said. “I think they are positioning us with a very good starting point moving into the next academic year.”
Trustees will consider setting the proposed tax rate and public hearing dates at their regular meeting on Thursday.