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PISD to hold Aug. 21 budget meeting

by | Aug 17, 2023 | Education, Latest, News

Trustees of the Princeton Independent School District will hold a public meeting to discuss an increased 2024 budget but a proposed reduction of the tax rate. The meeting will be at 6:30 p.m., Monday, Aug. 21, during the school board’s regular meeting.

The proposed budget would increase total PISD expenditures 17.20% with the amount spent for maintenance and operations increasing 13.02% and the amount used for debt service increasing 38.40%. 

To pay for the budget, the district proposes a tax rate for maintenance and operation (M&O) of $0.757500 per $100 of property valuation and a proposed debt service tax rate (I&S) of $0.500000 per $100 for a total of $1.2575. 

That amount is the highest total the district an adopt before requiring voter approval in an election. 

It would equal $6,103 in local revenue for student along with $6,786 in state revenue per student for a total of $12,889.

Last year’s tax rate of $0.942900 for M&O and $0.500000 I&S totaled $1.4429900 with local revenue per student of $6,294 and state revenue per student of $6,046 for a total of $12,340.

The tax rates required to maintain the same level of M&O and I&S would be $0.688610 and $0.268010 for $4,829 local revenue per student and $6,531 state revenue per student totaling $11,360.

The total appraised value of all property in the school district was $3,897,091,521 in the previous tax year and $5,263,118,391 in the current year.

The total appraised value of new property was $353,374,052 compared with $603,709,476 this year.

The total taxable value of all property was $3,242,849,073 last year, increasing this year to $4,033,486,267, with the total taxable value of new property increasing from $450,597,540 to $566,746,891.

The total amount of the district’s outstanding and unpaid bonded indebtedness (outstanding principal) is $349,772,209.

The average market value of a residence in the Princeton ISD was $287,946 with an average taxable value of $209,261, increasing this year to an average market value of $340,270 and average taxable value of $194,033.

The taxes due on the average residence last year were $3,019.43 and will drop this year by $579.47 to $2,439.96.

The estimated maintenance and operations fund balance would remain $23 million at the end of the current fiscal year and the interest and sinking fund balance would be $6 million, not encumbered with or by a corresponding debt obligation, less estimated funds becessary for operating the district before receipt of the first state aid payment.

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