CORPUS CHRISTI, Texas — The valuation of two local refineries will drop by billions of dollars when certified values are released by the Nueces County Appraisal District next week.
6 Investigates learned the originally over $6 billion in appraised values for Flint Hills Resources and Valero Energy will be $2.3 and $2.5 billion, respectively.
Nueces County Judge Connie Scott said those new values will result in a more manageable budget deficit.
As 6 Investigates previously reported, local taxing entities were looking at a combined budget shortfall of $100 million due to those $6 billion valuations.
Nueces County had expected a budget shortfall of $30 million and now expects a deficit between $5.5 and $7 million dollars.
"It's significant, but way better than what we were expecting," Scott said.
KRIS 6 News requested an interview with the Nueces County Appraisal District earlier this week and again Friday, but it has not responded to our requests.
In a statement, Del Mar College officials said Friday:
"Del Mar College leadership is aware that there are ongoing negotiations in the pending valuation disputes involving two local petrochemical companies. We remain hopeful that the parties will ultimately reach a resolution that is fair to all and that avoids any potentially negative financial impact to the College and the communities we serve."
