The Northwest ISD board of trustees approved a maintenance and operations, or M&O, tax rate of $0.872 per $100 of assessed value and an interest and sinking, or I&S, rate of $0.42 per $100 of assessed value for fiscal year 2021-22 at its Aug. 23 meeting.
The total tax rate will add up to $1.292 per $100 of assessed value, NISD Superintendent Ryder Warren said at the meeting.
The I&S rate funds payments for bond debt acquired from funding the construction of schools and facilities, according to the Texas Education Agency. NISD's I&S rate remained unchanged from the previous year, while state officials calculated the M&O rate for the district, Warren said.
“The state has calculated—not that we did—but, truly, the state has calculated the [M&O] tax rate this year at 0.872 cents,” Warren said.
Northwest ISD held a bond election on May 1, 2021, voting on four propositions after only 28.71% to 44.08% voted in support of the same four propositions in November 2020. The May 1 election yielded enough support for three of the four propositions—Proposition A, valued at $712.4 million, which covers new schools and upgrades; Proposition C, valued at $5.7 million, which covers athletics facilities upgrades; and Proposition D, valued at $19.4 million, which covers technology upgrades.
Due to a requirement from the 2021 Texas legislative session, boards must approve a resolution that designates a person who is responsible for calculating and reporting the no-new-revenue tax rate and the voter approval tax rate as recommended by the administration, Warren said.
NISD Chief Financial Officer Brian Carter was recommended for the position, and the motion carried.