The tax rate has been set by the Texarkana College Board of Trustees.In a regular meeting, the members of the Texarkana College Board of Trustees adopted the tax rate of $.105267 for 2014-2015, which reflects the same exact rate as the last two years. The tax rate should generate revenue of approximately $5.3 million for the College during the next fiscal year.
Chief Financial Officer Kim Jones said with the tax revenue, the College is within one half million dollars of obtaining a balanced budget, requiring the College to rely on community support and one-time donations to make ends meet. Jones said this is a major improvement compared to the College’s 2011 ending deficit of $8.5 million.
“It will take approximately a half million in one-time donations to balance the 2014-2015 budget,” Jones said. “This still does not allow for any money to spend on capital improvements. We are several million dollars behind on deferred maintenance and we are facing some ‘have-tos’ in replacement costs to keep the facility running properly. In addition, apart from the faculty scale step increase, there will not be an across-the-board raise for employees this year.”
In other business, the Board heard a report from Chief Information Officer Mike Dumdei regarding the successful implementation of the new computer software program, Jenzabar, which provides the interface for TC students, faculty and staff to register online, monitor personal accounts and check scheduling through the myTC online portal.
“We have had a great start to the semester with our the new Jenzabar ERP system making it easier every day for our students to access the information they need regarding classes, payments, and correspondence with their professors,” President James Henry Russell said. “Our IT staff, under the leadership of Mr. Dumdei, has worked day and night for several months to prepare for the start of the semester and ensure a smooth transition with the new computer interface. We couldn’t be more proud about the new ease of functionality of the Jenzabar system and the cost savings we will see as a result.”
Russell said the College anticipates savings of approximately $1 million per year starting with the 2014-2015 school year once all Jenzabar implementation costs are finished.