Plano Independent School District will hold a public hearing at 5:30 p.m. on June 24 to discuss its proposed budget and tax rate for the upcoming fiscal year. The meeting will take place in the Board Room of the district’s Administration Building at 2700 W. 15th St.
The hearing will cover the district’s financial plan, which includes a proposed maintenance and operations tax rate of $0.80230 per $100 of valuation and a debt service rate of $0.23735, resulting in a total proposed tax rate of $1.03965. The total rate represents a slight decrease from last year’s rate of $1.04245.
Public participation is invited, and while the proposed rate may be adopted at the meeting, the district cannot exceed this rate without publishing a revised notice and holding an additional public meeting.
Under the proposed budget, maintenance and operations expenditures are expected to increase by 4.02 percent, while debt service expenditures will rise by 8.44 percent. Total expenditures are projected to increase by 4.91 percent compared to the previous fiscal year.
The district’s total appraised property value increased from $98.76 billion to $103.97 billion, while the total taxable value rose from $78.15 billion to $80.34 billion. The taxable value of new property decreased from $992.6 million to $663.2 million.
Bonded indebtedness for the district stands at $1.38 billion in outstanding principal. The district’s Interest and Sinking Fund tax revenue is used to pay for this voter-approved debt.
Compared to last year, the average taxable value of a residence increased from $450,412 to $488,740. Taxes due on the average residence would rise from $4,695 to $5,081, an increase of $386, under the proposed rate. However, state law protects residents 65 and older or their surviving spouses from tax increases above the amount paid in the year they turned 65.
The highest rate Plano ISD can adopt without requiring voter approval is $1.03965. If the district adopts a rate above that, an election will automatically be triggered.
Estimated fund balances at the end of the current fiscal year are $89.7 million in the Maintenance and Operations Fund and $67.3 million in the Interest and Sinking Fund. These balances are not encumbered by debt but must be reserved to fund operations until the first state aid payment is received.
From Staff Reports • [email protected]
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