On August 20, the EISD Board of Trustees will hold a public hearing to discuss the 2013-2014 budget and proposed tax rate. One of the requirements of this hearing is that a notice containing specific information be published in a newspaper that is widely circulated in the district. EISD will publish the notice in both the Athens Daily Review and The Monitor.
The actual notice that will be published is attached at the bottom of this post. I encourage everyone to take a few minutes and review this notice. This notice contains a wide variety of information. In the next few paragraphs, I will summarize the information contained in the notice.
In the first part of the notice, the time, date, and location of the public meeting is given. As noted above, the public meeting will be on August 20 at 6:30 PM. The meeting will take place in the High School library.
Immediately below the location is the proposed tax rate for 2013-2014. The proposed tax rate was adopted at the July regular meeting of the Board. The proposed tax rates for 2013-2014 are $1.04 for maintenance and operations and $0.2264 for debt services (or I & S). The total proposed tax rate for 2013-2014 is $1.2664. This proposed rate is $0.0036 less than the 2012-2013 tax rate of $1.27.
Below the proposed tax rate is a section that compares the proposed budget with last year’s budget. In this section, a percent of increase or decrease is shown for the maintenance and operations budget, the debt service budget, and for total expenditures. In the maintenance and operations area, the proposed budget represents a 4.97% increase over last year’s budget. The reason that the proposed budget is greater than last year’s is that the state reinstated funds that were cut from school districts in the last biennium. The debt service shows a decrease of 5.76% from last year. This decrease is due to the refinancing of bonds that the Board approved earlier this year. The total expenditures show an increase of 3.83% over last year’s budget.
Next, is a comparison of Total Appraised Value and Total Taxable Value. I will not reproduce all of the numbers here. I will note that the current year values reflect an increase over last year’s values.
At the bottom of the first page is a section for bonded indebtedness. EISD’s current obligations total $11,885,000. This is the principal amount only.
At the top of the second page, there is a section that compares the proposed tax rates with last year’s rates. Again, because there are so many numbers associated with this section, I will let you view those numbers in the attachment. Overall, this year’s proposed rate is less than last year’s actual rate.
Next is a section that compares the proposed levy with last year’s levy on an average residence. On an average residence, because of increases in property values, tax payers would pay an additional $4.06 in 2013-2014 over what they paid in 2012-2013.
The next section deals with the rollback rate. The rollback rate for EISD in 2013-2014 is $1.2679. Since this rate is greater than the proposed tax rate, there would not be a need for a rollback election.
The final section of the notice contains the estimated fund balances for maintenance and operations and for debt services. At this point, we can only provide estimates. We will not know the exact amount until our audit is conducted later in the year. At this time, we estimate our M & O fund balance to be slightly more than $ 4,000,000. We estimate that our I & S fund balance to be about $317,000.
As always, if you have questions about any part of this notice, please feel free to contact me at email@example.com. Or, feel free to come by and visit with me in person.