The specifics
The maintenance and operations portion of the tax rate, which goes toward paying for employee compensation, utilities and facility maintenance, will be $0.7392. The interest and sinking tax rate, which includes money spent on debt services and new construction, will be $0.35. The total tax rate will be $1.0892 per $100 valuation, which is $0.1854 less than the FY 2022-23 rate.
“It's of note to point out again that our interest and sinking to pay off these bonds that we're asking our voters to approve so that we can add new schools has not increased. We are able to very efficiently build schools and maintain an interest and sinking rate of $0.35," CISD Board Vice President Tim Hennessee said.
The background
According to CISD Chief Financial Officer Glenn Graham, the board adopted the general fund, debt service and child nutrition fund budget in June but could not adopt a tax rate due to property values not being certified by chief appraisers in the district. The property values have since been certified in July, and the Texas Education Agency has set the district’s tax rate within the limits of current legislation.
The motion to approve the tax rate was approved unanimously by board members.
