KISD is required to submit an agreement for the purchase of attendance credits to the Texas Education Agency for a projected amount of $611,664. This recapture agreement is due by Sept. 1, according to meeting documents.
Recapture is a process that determines excess local revenue in districts. Through this process, certain school districts are required to share their local tax revenue with other districts, according to the Texas Education Agency. Exact recapture funds are determined by the state.
The total maintenance and operations, or M&O, tax rate for FY 2021-22 was $1.0040. An M&O tax rate of $0.9832 was used to estimate the property tax collections included in the proposed FY 2022-23 budget.
The proposed total M&O tax rate for FY 2022-23 is $0.9429, according to the meeting presentation.
KISD is also discussing the possibility of decreasing the interest and sinking tax rate for FY 2022-23.
The board must adopt a tax rate prior to Sept. 30 or 60 days after they receive the certified appraisal roll, according to meeting documents.
