The Georgetown ISD board of trustees is looking to adopt an $159.83 million budget for fiscal year 2020-21 during its June 15 meeting.
The proposed budget includes a proposed maintenance and operations tax rate of $0.9964 per $100 in valuation, a $0.0136 decrease from last year. The district will also maintain its $0.329 per $100 in valuation interest and sinking fund rate as it had last year, according to district documents.
The interest and sinking fund tax revenue is used to pay for bonded indebtedness on construction and/or equipment, the district said.
If adopted, the total tax rate will be $1.3254 compared to $1.339 last year, it said.
The tax rates will go to the board for adoption in August.
Homeowners will also see a decrease in average taxable value—or the amount on which one must pay property taxes—from $293,603 in FY 2019-20 to $290,349 in FY 2020-21, documents said.
The drop in rate is part of the second year of House Bill 3, passed by the 86th Legislature in June 2018. Per that bill, districts were required to lower tax rates to reduce the cost burden on the taxpayer and instead place it on the state.
Of its $159.83 million budget, the district plans to spend $3.9 million on general administration, $20.99 million on instructional support, $75.77 million on instruction and $25.84 million on district operations, among other expenses, district documents said.
Those who wish to speak before the board must email [email protected] before 1 p.m. on the day of the meeting and the comments will be provided to each board member. FY 2020-21 begins July 1.
