Round Rock ISD officials will vote on a $534.1 million operating budget that features increased pay for staff and a higher estimate for recapture payments due to Texas than previous years.
District trustees will meet June 20 for both a hearing on the tax rate and the budget before voting on the latter.
For fiscal year 2023-24, the $534.1 million budget under consideration by the board of trustees is based on a total tax rate of $0.8084 per $100 valuation to fund district management and operations as well as its debt service.
Board members will vote on the tax rate later in the budget once the maximum compression rate is set by the state, according to RRISD Chief Financial Officer Dennis Covington.
Proposals for the $534.1 million budget show a planned $554.1 million in expenses with the size of its deficit dependent on the outcome of a voter-authorized tax rate election the board is expected to call in August. The budget includes proposed compensation increases of 2% and 3% for staff and teachers that could increase to 5% and 6%, also depending on the outcome of the election. The $0.8084 on which the budget is based is inclusive of the $0.03 per $100 of valuation voters would be asked to approve in that election.
District documents also show the budget accounts for $77.8 million in recapture payments, which have increased with a rise in property values. These documents state the district is predicting a 10% increase in local property values, based on data from the Williamson Central Appraisal District. Any excess local revenue derived from property taxes, as determined by a formula created by the state, is required to be paid back to the state and reallocated to other districts with less property value. This means that although property values are increasing, the district is not able to retain a majority of additional revenue.
