WC Board approves 2023-24 tax rate, budget
The Weatherford College Board of Trustees approved the 2023-24 tax rate and budget Monday afternoon.
The budget totals $80.3 million with a supporting tax rate of 10.6087 cents per $100 valuation. Based on the certified Parker County appraisal roll of $25.8 billion, the college will generate a little over $23.1 million for the budget with the remainder of funding coming from tuition, fees and state appropriations.
The average 2022 tax rate for Texas community colleges was 16.743 cents.
Dr. Andra Cantrell, executive vice president of financial and administrative affairs, told the board that the new rate is a 13.38 percent decrease as compared to the 2022 rate, the largest WC tax rate decrease in more than 20 years and possibly the largest rate decrease in college history.
Because of increased property values, the college tax on an average homestead in Parker County will increase by $2.52 for the year, or 0.72 percent, according to the Parker County Appraisal District.
In a recent board meeting, Cantrell also said the college’s Standard & Poor’s bond rating was recently upgraded from an A+ to an AA rating, allowing for more cost-effective financing options for future projects.
A public hearing on the tax rate was held at noon Monday where two community members spoke to the board. The new fiscal year for WC begins on Sept. 1.