The board approved a total rate of $1.4083 per $100 valuation. Of that rate, $1.0683 will be used for maintenance and operations of the district. The maintenance and operations rate for the upcoming fiscal year is about $0.10 less than the FY 2018-19 rate.
The debt service rate will remain the same, at $0.34
KISD’s tax rate during FY 2017-18 was $1.52 with a maintenance and operations rate of $1.04 and a debt service rate of $0.48.
In September, KISD held a tax ratification election that dropped its FY 2018-19 tax rate to $1.51. The district then readjusted its overall rate, dropping its debt service rate to $0.34 and raising its maintenance and operations rate to $1.17.
Under House Bill 3, many Texas school districts are required to compress their maintenance and operations rates to $0.97. Because KISD voters approved the tax ratification election last year, KISD is required to cap its maintenance and operations rate at $1.0683, KISD Chief Financial Officer Mark Youngs said.
KISD’s board unanimously approved its fiscal year 2019-20 budget at its June 17 meeting. The district expects a surplus of revenue, which Youngs said at the time will help with future bond debt.