At KISD’s streamed public meeting Tuesday night, Superintendent Mark Foust and Chief Financial Officer Jarrett Jachade presented details on the proposed budget and tax rate that will be presented to the board of trustees Aug. 17, noting that the proposed tax rate will be lower than it has been in previous years.
In 2019, the tax rate went down by a penny, from $1.18 to $1.17 per $100 of taxable valuation.
This year, the proposed tax rate will go down to a total tax rate of $1.11.
The total anticipated revenue for the 2020-21 school year will amount to $42.2 million, with 67 percent coming from local sources, 32 percent coming from state sources and 1 percent from federal. This amounts to an additional $450,000 in projected revenue for this school year.
Major expenditures are projected to include payroll, contracted services, supplies, other operating costs and capital outlay, leaving no surplus or deficit.
“Our goal as a district is always to be financially conservative and bring a balanced budget,” Jachade said.
This year, the KISD administration will recommend the following three budgets to the board of directors for adoption Monday night: Fund 199, the general fund, to include payroll, salaries and bus expenditures; Fund 240, the child nutrition fund, which is the food service that takes care of KISD students; and the Fund 599 debt service fund, to pay any outstanding debts the district has.
Jachade said the district has also continued to closely monitor student enrollment, since so many budget considerations are tied to enrollment and average daily attendance.
Foust noted that TEA essentially assigns maximum compressed tax rates for a given period based on certified appraisal values and estimates of property values, so the community no longer fully controls or sets its own tax rate.
“We’re excited to be able to decrease the tax rate,” Jachade added. He said that there will also be increased special education (SPED) staffing as well as a 1 percent midpoint raise for all staff.
“We’re making sure we’re doing right by our employees, because they’re our greatest asset along with our students,” said Jachade.
A public hearing will be held Aug. 17 on the proposed budget and tax rate, and the KISD board of directors will have the opportunity to vote on budget and tax rate as action items later in the week, Foust said.