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SPC’s budget & taxes show little change

Regents at South Plains College held the reins on taxes and spending Thursday when they set the tax rate and approved the new budget.

Property values were down nearly 7 percent this summer,  which means SPC would have to raise the tax rate to generate the same amount of revenue as this year, explained Dr. Kelvin Sharp, college president.

The rate is 24.795 cents per $100 valuation, but it could be raised to 26.6813 cents – or its effective rate – to generate nearly the same amount of revenue.

Sharp said he was recommending that it be set at 26.614 cents, which would generate about $2,000 less than the current rate did this year.

The new rate will generate $12,341,849 in local revenue.

The new $46,747,158 expenditures budget is $208,402 more than the current one. 

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