The board will meet at 6 p.m. Aug. 29 to discuss the district’s fiscal year 2022-23 budget, which will determine the tax rate. The board discussed the proposed budget and tax rate during an Aug. 3 budget workshop.
The district looks at a projected $578.89 million budget. The projected budget includes a $15 million shortfall.
The budget’s projected budget outlines several sources of expenditures. These expenditures include $54.4 million for recapture, $429.1 million for payroll, $4 million toward fuel, $1.4 million for insurance and $5.3 million for contracts, Chief Financial Officer Paige Meloni said during the Aug. 3 budget workshop.
Last year's budget included a $26.62 million deficit.
“We’ve worked hard to get that gap closed,” Superintendent Lori Rapp said.
Budget funding comes from 83% local funds, 14% state funds and 3% federal funds, Meloni said.
Staff salary increases are also included in the FY 2022-23 projected budget. The board approved a 4% pay increase for campus staff, including teachers, nurses, librarians, counselors, diagnosticians, psychologists, itinerant staff and campus paraprofessionals, during an April 11 meeting.
The increase equals $11.9 million, according to the district.
The decision to increase pay comes after the administration collected information from the Texas Association of School Boards and other sources to propose salaries for the 2022-23 school year that allow LISD to remain competitive with neighboring districts, according to the agenda item.
Board members will also vote on the district tax rate during its special meeting. The proposed tax rate is $1.2368 per $100 valuation, according to the district. The maintenance and operations tax rate accounts for $0.8559, and the interest and sinking, or debt service, rate accounts for $0.3809.
The maintenance and operating rate is down from last year’s $0.9276 rate, while the interest and sinking rate remains the same.
The district’s tax rate has decreased by $0.1854 since 2018-19. Home valuations have gone up while tax rates have gone down, Meloni said.
Home values are assessed and determined by the Denton County Appraisal District, which is why the taxes residents pay are increasing as home values increase, Rapp said. The school tax rate has decreased, but that does not mean residents are paying less in taxes.
“If you’re upset about taxes going up, it's not Lewisville ISD,” board member Buddy Bonner said.
