Board keeps tax rate at 43.8; approves $3 million CD renewal and monthly financials
August 13, 2025 | Rockcastle County, School Boards, Kentucky
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The Rockcastle County Board of Education on Thursday reviewed the district’s monthly financial reports, approved a 12-month renewal of a $3,000,000 certificate of deposit at Citizens Bank and voted to keep the district tax rate at 43.8 (as reported to the district).
Finance staff said July is typically slow for activity but that the district had started the new fiscal year with beginning balances rolled forward from the prior year and had made scheduled bond payments in July. The board approved the monthly financial reports by motion and second.
On the CD renewal, staff said the bank offered a rate about 0.5 percentage point lower than the prior year but still above the federal funds rate; the board approved a 12‑month renewal of a $3,000,000 CD at Citizens Bank.
On property taxes, staff reported that the district’s tax rate has been 43.8 for three consecutive years (’24, ’25 and the upcoming ’26) and that rising property assessments meant holding the same rate would generate an estimated additional $219,000 in revenue; the board voted to keep the rate at 43.8.
Finance staff also provided an unaudited annual financial snapshot: the general fund balance was reported at $6,300,000, compared with a beginning balance of $5,400,000 for the prior fiscal year. Staff said roughly $989,097.57 of the difference represents funds set aside for an insurance claim related to a roof replacement at the Rockcastle Academy for Academic Achievement, and that auditors will complete the formal audit soon.
Ending: Board members thanked finance staff for keeping budgets on track and said auditors are scheduled to arrive soon; the district will present a proposed fiscal-year budget next month.
Finance staff said July is typically slow for activity but that the district had started the new fiscal year with beginning balances rolled forward from the prior year and had made scheduled bond payments in July. The board approved the monthly financial reports by motion and second.
On the CD renewal, staff said the bank offered a rate about 0.5 percentage point lower than the prior year but still above the federal funds rate; the board approved a 12‑month renewal of a $3,000,000 CD at Citizens Bank.
On property taxes, staff reported that the district’s tax rate has been 43.8 for three consecutive years (’24, ’25 and the upcoming ’26) and that rising property assessments meant holding the same rate would generate an estimated additional $219,000 in revenue; the board voted to keep the rate at 43.8.
Finance staff also provided an unaudited annual financial snapshot: the general fund balance was reported at $6,300,000, compared with a beginning balance of $5,400,000 for the prior fiscal year. Staff said roughly $989,097.57 of the difference represents funds set aside for an insurance claim related to a roof replacement at the Rockcastle Academy for Academic Achievement, and that auditors will complete the formal audit soon.
Ending: Board members thanked finance staff for keeping budgets on track and said auditors are scheduled to arrive soon; the district will present a proposed fiscal-year budget next month.
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