Somervell County Hospital District Votes for effective Tax Rate of .1391798 for 2016/2017


Somervell County Hospital District Votes for effective Tax Rate of .1391798 for 2016/2017

30 September 2016 at 6:54:09 PM

0.1391798 based upon recommendation of Ray Reynolds. 

Rough transcript

Reynolds: Let me tell you what we've done on this, we know there's some negotiation going on related to the value of the plant, so what we've done, we've made two comparisons, one with a tax rate of .1737, that's the budget that we're working on, and that's the one we showed you the other day and that's based on the value of the plant at 261 million. What we've done on the other document .. we have attempted to estimate what we think the value will be when there is a settlement between the CAD and Luminant related to the value. We don't know what it's going to be but we've made our best estimate of what we think it's going to be. So we take that value and use the effective tax rate. You'll see that moves our bottom line from a profit of 76, 235.00  to a million 406 91. That's our recommendation is that we go with the effective tax rate of .1391798 which would possibly bottom line of 1.4 million. There's not been a final settlement made but our best estimate of what the value will be if and when the settlement is made is included in this. 

Griffin You're confident the settlement will be reached?

Reynolds: I'm 99 percent confident.

Griffin: That's pretty high odds 

Reynolds: I left myself one percent. I'll tell you the negotiations are continuing but they are not complete. 

Griffin: So where's that gonna put us if negotiations fall through

Reynolds: we can do that math for you

Bruce It aint gonna be 261 mlliion

Reynolds: no

Bruce They'd have a lot of fires if it were

Reynolds... take an average 

Bruce: And we're able to service the bond?

Reynolds: Yes... and we've been conservative in what we think our 1115 funding will be.. all the reductions we've left in place, I think we need to lavee them in place. If we get halway through the fiscal year and things are very very good, we can come back to you and ask you for a budget amendment.

Bruce: Does this include the lab?

Reynolds: No. there's going to be some revenue there but so new we don't know what to estimate 

Whitsitt: 4.251

Griffin: Looking for a motion?

Griffin made motion, Nabors seconded, all voted 5/0 (Drake and Vacek not there) 












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