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NOTICE OF PUBLIC MEETING TO DI...
NOTICE OF PUBLIC MEETING TO DISCUSS BUDGET AND PROPOSED TAX RATE The BULLARD INDEPENDENT SCHOOL DISTRICT will hold a public meeting at 6:00 PM, August 26, 2024 in the Bullard ISD Administration Building at 1426B S. Houston St., Bullard, TX 75757. The purpose of this meeting is to discuss the school district's budget that will determine the tax rate that will be adopted. Public participation in the discussion is invited. The tax rate that is ultimately adopted at this meeting or at a separate meeting at a later date may not exceed the proposed rate shown below unless the district publishes a revised notice containing the same information and comparisons set out below and holds another public meeting to discuss the revised notice. Maintenance Tax $0.7469 /$100 (Proposed rate for maintenance and operations) School Debt Service Tax Approved by Local Voters $0.5000 /$100 (proposed rate to pay bonded indebtedness) Comparison of Proposed Budget with Last Year's Budget The applicable percentage increase or decrease (or difference) in the amount budgeted in the preceding fiscal year and the amount budgeted for the fiscal year that begins during the current tax year is indicated for each of the following expenditure categories:5.0038 Maintenance and operations ___________% increase or ___________% (decrease) 0.2652 Debt service ___________% increase or ___________% (decrease) 3.9393 Total expenditures ___________% increase or ___________% (decrease)Total Appraised Value and Total Taxable Value (as calculated under Tax Code Section 26.04)Total appraised value* of all property Total appraised value* of new property** Total taxable value*** of all property Total taxable value*** of new property** * ?Appraised value? is the amount shown on the appraisal roll and defined by Tax Code Section 1.04(8). ** ?New property? is defined by Tax Code Section 26.012(17). *** ?Taxable value? is defined by Tax Code Section 1.04(10). Preceding Tax Year Current Tax Year 2,947,647,800 3,337,664,677 $________________ $________________ 139,277,377 113,322,462 $________________ $________________ 1,796,809,335 2,029,962,997 $________________ $________________ 128,757,386 109,982,184 $________________ $________________Bonded Indebtedness Total amount of outstanding and unpaid bonded indebtedness* $__________________________ * Outstanding principal.152,800,000 50-280 (Rev. 4-22/6) (Back) Comparison of Proposed Rates with Last Year's RatesMaintenance Interest Local Revenue State Revenue Per Student Per Student&Operations&Sinking Fund* Total $ 1.2492 $ 1.25124 $ 1.2469Last Year's Rate $ Rate to Maintain Same Level of Maintenance&Operations Revenue&Pay Debt Service $ Proposed Rate $ 0.7492 0.74843 0.7469 $ $ $ 0.5000 * 0.50281 * 0.5000 * $ $ $ 7,582 $ 8,421 $ 8,267 $ 5,556 5,048 5,099 * The Interest&Sinking Fund tax revenue is used to pay for bonded indebtedness on construction, equipment, or both. The bonds, and the tax rate necessary to pay those bonds, were approved by the voters of this district.Comparison of Proposed Levy with Last Year's Levy on Average ResidenceLast Year This Year $ 381,247 $ 242,771 $ 1.2469 $ 3,027.11 $ 350.22Average Market Value of Residences $ Average Taxable Value of Residences $ Last Year's Rate Versus Proposed Rate per $100 Value $ Taxes Due on Average Residence $ Increase (Decrease) in Taxes 362,573 214,288 1.2492 2,676.89 Under state law, the dollar amount of school taxes imposed on the residence homestead of a person 65 years of age or older or of the surviving spouse of such a person, if the surviving spouse was 55 years of age or older when the person died, may not be increased above the amount paid in the first year after the person turned 65, regardless of changes in tax rate or property value.Notice of Voter-Approval Rate: The highest tax rate the district can adopt before requiring voter approval at an election is ___________1_.2_4_6_9___________. This election will be automatically held if the district adopts a rate in excess of the voter-approval rate of ___________________________. 1.2469Fund Balances The following estimated balances will remain at the end of the current fiscal year and are not encumbered with or by a corresponding debt obligation, less estimated funds necessary for operating the district before receipt of the first state aid payment: Maintenance and Operations Fund Balance(s) $ 7,800,000 Interest&Sinking Fund Balance(s) $ 3,850,000 A school district may not increase the district's maintenance and operations tax rate to create a surplus in maintenance and operations tax revenue for the purpose of paying the district's debt service.Visit Texas.gov/Property Taxes to find a link to your local property tax database on which you can easily access information regarding your property taxes, including information about proposed tax rates and scheduled public hearings of each entity that taxes your property. The 86th Texas Legislature modified the manner in which the voter-approval tax rate is calculated to limit the rate of growth of property taxes in the state.
Posted 94 weeks ago
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