Why is this year’s renewal of the referendum rate asking for a LOWER rate than the voters approved in 2015?

In 2015 the voters approved a maximum rate of twenty and forty-two hundredths cents ($0.2042) per one hundred dollars ($100) of net assessed value. The 2022 renewal referendum is requesting a lower maximum rate of fourteen and ninety-five hundredths cents ($0.1495) per one-hundred dollars ($100) of net assessed value. 

The VCS Board of Trustees, with the recommendation of the Chief Finance Officer has only used the full maximum rate three times in the last seven years. By setting the renewal rate at this lower rate, property taxpayers in the VCS are assured that the 2022 renewal rate will not exceed this new maximum tax rate. Projections by financial experts indicate this new lower rate will be able to provide the necessary supplemental revenue to maintain the reputation of academic excellence this community expects. 

Valpo tax history graph