The Madison County Board of Education will hold a public hearing in the Madison Central High School lecture lab, 705 North Second Street, Richmond, Kentucky on September 9, 2013 at 6:00 p.m. to hear public comments regarding a proposed general fund tax levy of 60.0 cents on real property and 60.0 cents on personal property. (The Board may add an additional .1 cents to the above property rates to recover prior losses due to exonerations – KRS 134.590. If added, rates would be 60.1 cents and 60.1 cents, respectively.)
The General fund tax levied in the fiscal year 2013 was 58.3 cents on real property, and 58.8 cents on personal property and produced revenue of $25,372,504.02. The proposed General Fund tax rate of 60.0 cents on real property and 60.0 cents on personal property is expected to produce $26,315,775.36. Of this amount, $2,264,318.36 is from new and personal property. The compensating tax for 2014 is 57.7 cents on real property and 58.8 cents on personal property and is expected to produce $25,347,284.57.
The general areas to which revenue of $943,271.34 above 2013 revenue is to be allocated are as follows: cost of collections, $14,149.00; building fund, $88,039.00; instruction, $639,283.34; transportation $84,100.00; and maintenance of plant $117,700.00.
The General Assembly has required publication of this advertisement and information contained herein.