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LISD adopts budget, tax rate
By Chris Roark, croark@starlocalnews.com
The Lewisville ISD Board of Trustees on Monday approved the budget for the 2012-13 school year and adopted the tax rate.
The proposed interest and sinking (I&S) tax rate is 41.3 cents per $100 valuation. This is two cents less than the tax rate for this coming year projected in the 2008 bond package approved by voters. It’s also about 2.7 cents more than this year’s rate.
The maintenance and operations (M&O) rate remains the same at $1.04 per $100 valuation, making the total tax rate $1.453 per $100 valuation.
Last year’s budget is being balanced by using $5.3 million from the fund balance despite officials predicting $17.5 million would have to be used to accomplish that.
This year’s budget is expected to begin with a fund balance of $128 million, which includes $23 million more in expenditures than revenue.
One reason for the shortfall is that LISD is set to receive $10 million less in state funding. In fact, state funding has decreased from $138 million in 2010-11 to $114.4 million in 2012-13.
Also helping LISD is taxable values, which have increased by 1.8 percent, or $2.2 million, and increased student enrollment.
District officials also continue to propose operational cost reductions.
With those plans in place, LISD was able to implement $8.9 million in salary increases for employees.
The projected ending fund balance is expected to be $105 million, still above its standard balance of $45 million.
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