County appraisal district delays fully funding retirement plan
publisher@wood.cm
Plans to fully fund the retirement plan for the Wood County Appraisal District (WCAD) have been put on hold.
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County appraisal district delays fully funding retirement plan
Plans to fully fund the retirement plan for the Wood County Appraisal District (WCAD) have been put on hold.
Following a public hearing on the proposed 2023 WCAD budget last Thursday, the board of directors agreed to postpone the effort to fully fund the retirement plan, which is currently funded at 92%.
The $471,000 it would have cost to bring the plan up to 100% was removed from the proposal, and a revised budget will be sent to the taxing entities that support WCAD.
That brought the proposed budget down to $1.6 million, which is up from $1,462,079 last year.
Chief Appraiser Tracy Nichols said he had received phone calls from Hawkins ISD and Wood County about the retirement funding.
Specifically, Hawkins ISD requested the district hold off on the expense until next year and implement it in stages, such as over four-years.
More than half the WCAD budget is personnel at $978,061. That’s up from $921,847 last year and includes pay raises that average just under 6%. The staff has 13 employees.
Those costs include salaries of $648,457, longevity pay of $18,560, $111,860 for retirement, and $148,967 for insurance.
Purchased and contracted services are budgeted at $261,465, supplies and materials $53,500, operating expenses of $235,266 and other costs of $74,780.
Once the revised budget is sent to the entities, they have 30 days to object.
The entities fund the WCAD budget based on their individual tax levies.
Wood County pays the largest share at 29% or $464,891.
Among school districts, Hawkins pays $221,705, Mineola $176,659, Quitman $167,842, Winnsboro $149,727, Yantis $94,421 and Alba-Golden $90,413.
Mineola has the largest bill among cities at $39,436.
Nichols reported that WCAD received 2,313 property appraisal protests this year, the most it has ever received. Of those, hearings were scheduled for 1,465, although Nichols noted that some days only about half of those protesting show up for hearings.
The separate Appraisal Review Board is hearing protests, which must be wrapped up by July 20 so that certified property values can be sent to entities.