Board Agenda - May 15, 2007

2. Authorize Advertisement to schedule budget and tax rate hearing

Presenter: Richard Matkin

Purpose: A - Request decision - closure required

Time: 5 minutes

Description:

The Board of Trustees is required by law to schedule a Budget and Tax Rate Hearing. When scheduling the meeting the Board of Trustees votes on a proposed tax rate that will be published in the notice for the public meeting.

Attached for your review are a Budget Summary and Tax Rate Calendar. The District has not received the new legislative notices at this time; however, TEA calculation templates have been received and the District is moving forward using this as a basis for advertising a tax rate and setting a budget. The budget will be submitted for your approval on June 5, 2007.The tax rate is scheduled to be adopted at the September 4, 2007 meeting.

The tax revenue for 2007-08 includes two cents of the four-cent local option that is not subject to recapture. This will allow the District two cents of future taxing capacity. The local tax rate for 2007-08 will decrease 31 cents, giving local tax payers a 19.6% reduction in tax rate.

The payroll increase includes a $2,300 raise for Teachers, Librarians and Nurses. It includes a 4.5% raise for all other support personnel.

Recommendation:

The administration recommends that the Board of Trustees authorize the administration to advertise a Budget and Tax Rate Hearing at 7:00 p.m., June 5, 2007, at the Plano ISD Administration Building board room. The Board also authorizes the advertising of a tax rate consisting of:

Maintenance and Operations Rate - $1.02
Interesting and Sinking Rate - $0.2484
Total Proposed Tax Rate - $1.2684

Business Impact:

Summary:

Appendix:

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