Prior to our regular monthly board meeting, the Board held a public hearing on the proposed budget and proposed tax rate for 2018-2019. During the hearing, the Board reviewed several different documents related to our tax rate and to the amount of state and local revenue that might be generated for the school year.
During the regular board meeting, the Board approved the proposed budget of $13,666,741. This amount is made up of state and local funds. For 2018-2019, EISD is estimating that we will earn $6,921, 261 in state aid. To get this value, the district estimates attendance numbers based on prior year attendance data. These numbers are then entered into a spreadsheet that allows districts to estimate the amount of state aid they will receive for the school year.
In addition, we are estimating that EISD will generate around $6.2 million in local funds for the 2018-2019 school year. The vast majority of this ($5.7 million) will come from the taxes generated by the Maintenance and Operations (M & O) tax rate. For 2018-2019, the M & O tax rate for the district is $1.04. Other sources of local revenue include gate receipts for athletics, entry fees for volleyball, basketball, and baseball tournaments, entry fees for track meets, tuition, interest earned on investments, etc.
Compared to last year’s budget, the budget for 2018-2019 has an increase of about $149,000. In terms of percentages, it would be a 1.1% increase over last year’s budget.
The M & O rate is not the only tax rate for EISD. In order to pay for voter approved bonds, the district also levies an Interest and Sinking (I & S) tax rate. The proposed I & S rate for 2018-2019 was $0.19. However, this was based on an estimate of our taxable value. When the actual values were received, it was determined that and I & S rate of $0.18 would be sufficient for the 2018-2019 school year. So, EISD’s total tax rate is $1.22 ($1.04 + $0.18).
The district is also expecting to receive approximately $2.1 million in federal and activity funds. This will combine to create a total budget of about $16.7 million for the district.
Next week, I will breakdown how these funds will be expended for the 2018-2019 school year. I hope everyone has a great weekend!