Two-minute impact
Many school districts in Texas are still waiting for school funding to come from the 88th Texas legislative session to provide teacher raises for the 2023-24 school year. However, with no action taken as of Sept. 5, many districts are approving one-time stipends in lieu of state funding.
- Magnolia ISD approved a one-time retention stipend of $500.
- All employees will receive the stipend.
- Employees will receive the payment Oct. 15.
- If funding becomes available, the district will be prepared to amend the budget and compensation plan.
Magnolia ISD trustees also approved a balanced budget and the tax rate during the Aug. 28 meeting.
- The expenditures and revenue total is $174.99 million.
- The 2023-24 tax rate was approved at $0.9638 per $100 valuation.
- The $0.18 decrease in the tax rate will save the average homeowner an estimated $800 in property taxes.
"We've performed well," Assistant Superintendent of Operations Erich Morris said during the meeting. "We've been very intentional when money is available to focus on teacher pay, and we've given pennies back when available. We've also taken care of our debt. We're healthy, but we haven't been escrowing taxpayer dollars."
