Residents of Schertz-Cibolo-Universal City ISD will have a new tax rate of $1.1392 following the approval of the fiscal year 2023-24 budget and tax rate during an Aug. 24 special meeting. The new tax rate is a decrease from the FY 2022-23 tax rate of $1.3246.

Budget explained

In the budget, the district has a total projected revenue of about $201.12 million and total estimated appropriations of about $208.51 million. With these estimations, budget items have a shortfall of about $7.39 million, according to the budget.

Chief Finance Officer Brian Moy said the general fund, which makes up the majority of the budget, has a shortfall of nearly $6.3 million.

However, Moy said he expects that by the end of the fiscal year the district will have a decreased shortfall.

“We passed a $6.45 million deficit [in FY 2022-23], and we are projected to be really close to break-even operations on that,” Moy said. “So, we feel confident that the same thing will happen this year.”

According to Moy, a home valued at $348,941 will have approximately $2,483 in taxes levied during the year.