Last week the Logan County School Board held its first meeting with new superintendent Dr. Kevin Hub and took care of some much needed business.
The school board took the compensating tax rate of $0.401 per $100 rather than take a large increase.
“During the interview process and several times since being hired, I have pledged to our Board that I would not ask them to raise property taxes unless we had a specific need for the increased revenue,” Hub said. “Based on the financial strength of our district and the effectiveness of our budgeting process, my recommendation to the Board was to accept the Compensating Tax Rate for the 2015 tax year.”
The compensating tax rate produces an amount of revenue equal to that produced in the preceding year, Hub added.
The school also paid off an assessment from the Kentucky School Boards’ Insurance Trust (KSBIT)
“Last spring, our district was made aware of a proposed assessment of $142,946 due to the dissolution of the Kentucky School Boards’ Insurance Trust (KSBIT),” Hub said. “For many years, we used the services of KSBIT for our property and liability insurance policies, as well as our worker’s compensation policies. After several instances of litigation brought by other school districts, and decisions made by the Kentucky Department of Insurance, the total billed assessment for Logan County Schools was decreased to $68,091.”
Based on the financial strength of our district, Logan County was able to make the payment in full, eliminating the long term debt and interest payments that some districts have to deal with.