The board unanimously approved a decrease in the M&O tax rate of $0.0002 to $0.9276 per $100 assessed valuation for the 2021-22 fiscal year budget, which was approved Aug. 30. According to the meeting notes, the new rate addresses what was believed to be a rounding error in a funding template provided by the Texas Education Agency.
The M&O tax rate funds the district’s daily operation of school buildings, offices and other district-owned facilities.
The district’s interest and sinking rate, which is used to make debt payment on capital projects, remained the same at the previously announced $.3809 per $100 assessed valuation.
Between the two rates, district taxpayers will pay $1.3085 per $100 assessed valuation, a savings of about $116.40 for the owner of a house valued at $300,000 compared to the 2020-21 fiscal year. That’s 60 cents more than what was expected when the budget was approved.
The combined tax rate will go into effect on Oct. 1.
According to previous reports, the district expects to receive $552.49 million in revenue during the fiscal year and will spend $579.11 million. Officials plan to spend $17.5 million from the federal Elementary and Secondary School Emergency Relief fund. The district will also use $9.5 million from its fund balance to make up the difference between revenue and expenses.
