The Gainesville City Board of Education plans to hold public hearings Wednesday and Thursday on next year’s budget.

The public hearings are set for 10 a.m. Wednesday at New Holland Core Knowledge Academy, 170 Barn St., and at 6 p.m. Thursday at Gainesville High School, 830 Century Place.

Superintendent Steven Ballowe recommended to the board Monday night raising the property tax rate to 8 mills from 6.94, or by 15 percent, in fiscal year 2008-09, which begins July 1

One mill equals $1 for each $1,000 in property value. Ballowe said the owner of a $150,000 home would see a $207 increase in the tax bill.

The system is trying to climb out of a financial hole.

Janet Allison, the district’s financial chief, said she projects that the city will have a shortfall of $6.5 million to $7 million by June 30, or the end of the current fiscal year.

The tax increase could raise $3.5 million next year. To balance next year’s projected $52.6 million budget, the district also is looking at some $4.5 million in cuts, including not filling some vacant positions.

Contact: 770-536-5275.