Board Agenda - May 20, 2008
XI. 2008-09 Budget - Authorize Advertisement to Schedule Budget and Tax Rate Hearing
Presenter: Richard Matkin
Purpose: A - Request decision - closure required
Time: No time limit
Description:
A. 2008-09 Budget Summary
B. 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 the Budget Summaries for the M&O and Debt Service budgets. Also included for your review, is the tax rate calendar. The budget will be submitted for adoption on June 17, 2008. The tax rate is scheduled to be adopted at the September 2, 2008 meeting.
The M & O tax revenue for 2008-09 includes the remaining two cents of the four-cent local option that is not subject to recapture and does not require an election. The debt service rate includes a 1.5 cent increase. The total local tax rate for 2008-09 will increase 3.5 cents.
The payroll increase includes a 3% raise for all staff on pay table 840 or below, which does include Teachers, Librarians, Nurses, Counselors, and all support staff. It includes a 2% raise for all administrative positions above pay table 840.
Attachments: Budget Summary, Debt Service Fund, Budget and Tax Rate Calendar
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 17, 2008, at the Plano ISD Administration Building board room. The Board also authorizes the advertising of a tax rate consisting of:
Maintenance and Operations Rate - $1.04
Interesting and Sinking Rate - $0.2634
Total Proposed Tax Rate - $1.3034
Business Impact:
Summary:
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