The approval comes after the district calculated how House Bill 3 would affect Keller ISD's finances.
The district's general fund revenue is just over $318.8 million. Of that, 68.75% is local revenue, 29.5% is state revenue and 1.75% is federal. The proposed expenditures total nearly $318.61 million, of which 76.08% is spent on the campus.
The debt service fund revenue is $69.95 million, of which 100% comes form local revenue. The expenditures add up to $59.59 million. The surplus of $10.36 million is going to help with future bond debt, KISD Chief Financial Officer Mark Youngs said.
The child nutrition fund revenue is $15.71 million. Local revenue amounts to 55.95%, state revenue for 1.58% and federal revenue for 42.47%. The expenditures total is $13.77 million and should approximately generate $1.94 million.
While the budget was approved, a tax rate was not adopted. HB 3 will lower the maintenance and operations tax rate from $1.17 to $1.0684. The reason for this is because there will have to be amendments to the budget during the summer as the effects of HB 3 become more clear, Youngs said.