Agenda Item No.



Washburn University Board of Regents









SUBJECT: SECOND PUBLIC HEARING







DESCRIPTION:





Background: On July 28, 1999 the Board held the public budget hearing and approved the FY 2000 Budget for Washburn University. During the review of the public budget document with the County Clerk and her staff, the Clerk's staff noticed that the Local Ad Valorem Tax Reduction (LAVTR) amount, which had been provided by the County, was incorrect. The estimate the County sent on June 29, 1999 was for $537,010; but this number had been calculated assuming Washburn would levy 18 mills. The County Clerk's staff recalculated the LAVTR amount to be $19,657 and the next day sent a letter certifying that amount, based on the 3.311 mills less the bond principal and interest amounts. The change meant that either Washburn University would have to forego over $500,000 in ad valorem property taxes, or a second public budget hearing would have to be held.





The second public budget document is printed on colored paper in order to reduce the confusion by the readers.





FINANCIAL IMPLICATIONS



Impacts only the Debt Retirement & Construction (DR&C) Fund. Only the revenues change; the mill levy is set at the originally intended 3 mills, the same as FY99. County-wide, this action has zero impact on the taxpayers as the remaining LAVTR amount (over $500,000) will be spread to the other taxing entities, which in turn will reduce their mill levies dollar for dollar.





RECOMMENDATION:





President Farley recommends approval of the public budget as amended.





________________________ _______________________________________



(date) Jerry B. Farley, President






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