For the eighth consecutive year, Covington Board of Education opted not to increase its property tax rate.
At its meeting earlier this month, the board voted to take the minimum compensating tax rate, instead of the allowable 4 percent tax increase.
Superintendent Alvin Garrison said the district’s budget committee, which includes two board members, the district’s finance director and other district personnel, meets throughout the year to examine the budget.
It looks at ways to finance district priorities, spending patterns, department budgets and ways to reduce costs. The on-going process is healthy for taxpayers and the district, he said.
“While we are making sure that the educational needs of our students are being met, we are also watching how and what we spend money on,’’ Garrison said. “We constantly monitor and make adjustments throughout the school year. We have been good stewards of taxpayer funds.”
Taking the compensating rate means the district will generate nearly the same amount of revenues as it did the previous year.
The board’s action decreases the real property tax rate from 108.60 cents to 107.60 cents per $100 of assessed valuation. The new rate expects to generate $17,476,216 – based on 100 percent collections.