Chippewa Valley Technical College will collect about 2.6 percent more from regional property taxpayers in 2018-19.
The CVTC district board unanimously approved a budget for the upcoming year that calls for the college to collect about $20.9 million in tax revenue while spending $91.3 million, down 1.5 percent from 2017-18, said Kirk Moist, CVTC’s finance and budget director.
The budget will result in about $1 less in property taxes for the owner of a $100,000 home, as the tax rate will dip from 86 cents to 85 cents per $1,000 of equalized value.
Moist explained that the spending decline is caused by the conclusion of a federal health care grant that has benefited state technical colleges for the past four years.
Local property taxes account for less than a quarter of CVTC’s budget, with other sources of revenue including tuition, state aids and fees. CVTC accounts for the smallest portion of local property tax bills, with more money going toward K-12 public schools, and city and county government. Four percent of an Eau Claire homeowner’s 2018 property taxes due this year went to CVTC.
The value of property within the district is expected to increase 4 percent in the next fiscal year, which will help absorb the slight increase in CVTC’s tax levy and allow for the lower tax rate for homeowners.