In a nutshell
On May 14, TISD trustees approved the raise for employees in a unanimous vote with trustee Lee McLeod absent. Last June, trustees approved a 4% raise for staff.
“I feel very comfortable moving forward with a 2% raise,” TISD board President John E. McStravick said. “I wish it could be more. That’s not where we live right now. Until our Legislature is able to overcome some of their petty differences, in my mind, we aren’t going to be there.”
The big picture
On May 13, TISD Chief Financial Officer Zack Boles presented updates on the district’s preliminary FY 2024-25 budget and tax rates. According to Boles’ presentation, the FY 2024-25 budget is expected to include:
- $214 million in general fund revenues, which represents a 5.4% increase compared to the FY 2023-24 budget
- $223.1 million in general fund expenditures, representing an 8.2% increase compared to FY 2023-24
Also of note
At the end of April, TISD leaders received their first preliminary estimates for the district’s annual tax rates from the Harris Central Appraisal District, Boles said May 13. Boles said the district saw a 6% increase in taxable value, but the preliminary tax rate estimates given represented a minimal change compared to the FY 2023-24 tax rates.
The district's tax rate is $1.0652 per $100 valuation.
“Based on the calculations that Texas Education Agency uses to provide the maintenance and operations rate for school districts, we expect that the M&O tax rate will decrease by a very minimal amount,” Boles said. “We're talking hundredths of a penny just because of their formulas.”
Final tax rate information will be provided to the district in August, Boles said.
According to the presentation, the preliminary tax rates for FY 2024-25 are:
- An M&O tax rate—which pays for TISD’s general fund budget—of $0.6692 per $100 valuation
- An interest and sinking tax rate—which funds debt service from bonds—of $0.3960 per $100 valuation