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School official outlines 7.3¢ tax rate, construction progress and bonding potential
Summary
A school-district presenter told the court a 7.3¢ per $100 assessed value tax rate would qualify the district for state equalization, add roughly $791,000 in revenue and raise bonding potential, and provided a construction update for the new middle school and athletic facilities.
A school official told the Adair County Fiscal Court that a compensating tax rate of 7.3¢ per $100 of assessed value would put the district at the minimum threshold to receive state equalization and expand borrowing capacity for capital projects. The presenter said equalization would yield about $791,000 in additional revenue when compounded at the state level and described how that revenue stream increases bonding capacity for projects such as the middle school.
Jason Faulkner (identified in the meeting as the school district presenter) gave a detailed construction update: he said the middle school’s exterior brickwork and scaffolding are in place, interior work is underway and the gymnasium was reinstated in the plan after receiving gap funding. He also described athletic projects including track work, new lights and an imminent turf delivery.
Faulkner said the tax-rate decision enables greater options for phased construction. "This will increase our bonding potentials to 17,000,000 on day 1," he said when describing how the tax rate and state equalization together affect borrowing capacity. Members of the fiscal court thanked Faulkner and praised the district’s progress.
The school presentation was informational; there was no court vote recording a new tax rate at the meeting. Court members said they appreciated the update and noted coordination among county and school staff on permitting and paperwork for related infrastructure requests.
