On Aug. 26, the San Marcos CISD board of trustees voted to raise the district's property tax rate by 6.41 cents per $100 of property value.
Bringing the tax rate to $1.4141, from $1.35 last year, the increase will be used to repay debt approved by voters during a $77 million bond election in May, trustees said.
Board members also voted unanimously to adopt a 2013–14 budget of $57.35 million for operating expenses, up from $56.49 million in the 2012–13 budget. The district is projecting it will dip about $620,000 into its reserve funds to cover expenses in the coming school year, although Superintendent Mark Eads said the actual amounts could change favorably.
"With the exception of one year in the last seven years, we've been able to add back to the fund balance each year," Eads said. "Even as of today, potentially we're going to be able to add back this year as well. We always overestimate expenses and underestimate revenue."
The budget for debt service will also increase by about $3 million, reaching $13.2 million in 2013–14 as the district begins working on projects approved during the bond election, including a new prekindergarten campus and new athletic facilities for San Marcos High School.
Trustees voted to keep the district's property tax rate for maintenance and operations at $1.04 per $100 of property value. The district was able to increase its operating funds without raising taxes because of escalating property values in San Marcos, Eads said.
The budget also includes a 2 percent midpoint raise for employees, which equates to $1,000 for teachers.
"We want our teachers to know we value them, appreciate them and will compensate them fairly," trustee Paul Mayhew said. "I want to make sure we'll find teachers who will choose to make teaching in San Marcos their career."
By the numbers
- 2013–14 property tax rate: $1.04 for maintenance and operations, 37.41 cents for debt payment
- 2012–13 property tax rate: $1.04 for maintenance and operations, 31 cents for debt payment
