Lewisville ISD Board Meeting Notes and Video - 6/21/2010
Date 2010/6/23 17:00:00 | Topic: Lewisville ISD Notes
As we wrote before, this past Monday night, 6/21/2010, the Lewisville ISD Board of Trustees met in open workshop to discuss the budget for the upcoming fiscal year - the 2010/2011 school year.
In a 4.5 hour workshop and meeting, Board members were presented with what appears to be a fairly lean budget based on a tax increase from $1.04 per $100 valuation to $1.17. There may be a few little areas that can still be trimmed without cutting jobs, but in order to achieve a balanced budget without a tax increase, there would have to be some massive cuts of personnel.
A rate of $1.06 would be a 2 cent raise that would bring the most bang for the buck, since the State of Texas would kick in additional money on top of what we collect. It would mean about $7 million in additional revenue. Additional cents beyond $1.06 actually net a bit less than the tax we collect, since some of that would go to the state under recapture rules. A tax rate of $1.12 would balance our budget.
In addition to the $1.06 - $1.17 the board might seek for maintenance and operations (M&O), the rate for interest and sinking fund (I&S) - basically bond payments, would be $0.3867.
Now, tonight on a 6 - 1 vote (Latham against), the board decided to publish the proposed $1.17 rate. This doesn't mean they'll vote for that, but they want to give notice of the highest possible rate they might choose. The rate they end up will likely be lower, if they want the voters to pass it.
Since the proposed rate would exceed what is called our "rollback rate" of $1.04 (this year's rate), a Tax Ratification Election (TRE) would be called - most likely for September. Voters could vote for the proposed rate, or against it, which would set the rate at $1.04 and cause the board to have to redo the budget and start making cuts or dipping into reserves.
You don't get to vote on the I&S fund rate, because you already voted for that tax increase when you approved the bond packages. (You knew those were tax increases, right?)
Videos are in the process of uploading, and will be available below when complete.
The presentation being discussed in the video is available in PDF format, so that you can follow along if you want. (258 pages - 5.6mb) The preliminary budget is also available in PDF format. (305 pages - 8.1mb) Note that the presentation and budget assumes that the tax rate will be $1.17 for M&O.
The video from this meeting is broken into 14 segments, some larger than others. For some reason, segment 1 is not yet processed, but there are others available, so I'm going to post them now. Although the video sometimes shows the presentation screens, you can follow along with the PDF version of the presentation in another window, and probably read it better than trying to read it from the video. The entire proposed budget is here.
Segment 1: Basic explanation of how the budget and tax rate setting / election process goes.