The Collierville Board of Mayor and Aldermen met Tuesday in a regularly scheduled meeting to discuss creating a CIP fund for Collierville Schools that will be funded with a 15-cent property tax rate increase beginning in July.
Board members unanimously passed the tax increase on first reading.
Last Thursday, board members met in a Budget Work Session to review the budget for the 2016 fiscal year.
After a lengthy discussion of the town’s long term financial needs, the board identified a deficiency in CIP funds for Collierville Schools as an issue that will require funding well into the future.
Collierville Schools receives funding for operational needs from federal and state sources along with the local half-cent sales tax implemented in 2012.
However, this CIP Fund will serve to fund capital improvements for Collierville Schools such as but not limited to: building maintenance, parking lot improvements, roof repairs, transportation, facilities and or expansion of current facilities.
Collierville’s current property tax rate is $1.53 per $100 of assessed value. If the board moves forward with a property tax rate increase to fund Collierville Schools, the new property tax rate would be $1.68.
On June 8, the board will hold a regularly scheduled meeting which will include a public hearing to discuss the budget and set the property tax rate.
On June 22, the BMA will hold a regularly scheduled meeting that serves as the third and final reading budget and property tax rate.