by Coy Holcombe.
We are at the time of the year where our budget and tax rate for the 2010-2011 school year are adopted. During the July regular board meeting, the EISD Board of Trustees approved a proposed tax rate for the 2010-2011 school year. This proposed tax rate is necessary for certain calculations and for the required public notice. The proposed tax rate for the 2010-2011 school year is $1.2763. This total rate consists of an M & O rate of $1.04 and an I & S rate of $0.2363. The M & O rate is used for the daily operation of the district. The I & S rate is used to pay for voter approved bonds. The total proposed rate for 2010-2011 is $0.0183 higher than the 2009-2010 rate of $1.2580.
The I & S rate for 2009-2010 was $0.2180. We anticipated receiving some state aid to help pay for our bonds. This state aid is called the Existing Debt Allotment. EISD has qualified for the EDA for the past several years. Two factors are combining to decrease the amount of funding that EISD receives through the EDA: increased property values and decreased enrollment. During the 09-10 school year, EISD did not receive as much funding through EDA as was projected because of these two factors. Right now, for the 10-11 school year, EISD is not anticipating receiving any funding through EDA. Because we are losing this EDA funding, we now must set an I & S tax rate that pays for our entire bond payment through local taxes. We are hoping that our enrollment will increase during the 10-11 school year and that EISD will once again start receiving EDA funds.
In the coming days, there will be a notice published in The Monitor. This notice will contain certain information about our budget and tax rate. It will also state when the public hearing to discuss the tax rate and budget for the 10-11 school year. The public hearing will take place at 6:30 PM on August 17, 2010. The public hearing will take place in the HS library.
State law requires that the public notice contain certain information and be published at least 10 days before the public hearing and no more than 30 days prior to the public hearing. The information that must be contained in the notice includes:
- Comparison of property tax rates
- Comparison of the proposed budget and last year’s budget
- Comparison between last year and current year property taxes on an average residence; and
- Unencumbered fund balances
The notice must also include information about the total appraised and taxable value for all property and all new property for last year and this year and it must contain a section listing the district’s total outstanding and unpaid bonded indebtedness. If you have any questions about the notice, please do not hesitate to contact me at email@example.com; or, feel free to come by the administration building to discuss any questions.