COPPERAS COVE — The Copperas Cove Independent School District Board of Trustees approved an $82 million budget for the 2014 fiscal year that will keep residents’ property tax rate the same.
The budget, which is a $4.7 million increase from the previous fiscal year, “will get us through the 2013-2014 year,” Superintendent Joseph Burns said.
The board also approved a property tax rate of $1.217 per $100 of assessed valuation.
“This will be the third consecutive year where we have no tax (rate) increase,” said Dina Edgar, the district’s executive director of business services.
Of the proposed rate, $1.04 is for maintenance and operations, while 17.7 cents goes toward debt service funds.
An estimated $13.3 million in revenue is projected for maintenance and operations from the property tax rate, according to a district presentation.
Other projected revenues for district operations included $11.5 million in federal Impact Aid funds, $37.2 million in state funding, $2 million from other local funding sources and $6.7 million in federal grants.
Another $6.6 million of the district’s fund balance will be used to cover expenses.
About $53 million of the budget will be spent on instruction, instructional support and staffing, which is about 77 percent of the budget.
The debt service rate will produce about $2.24 million, which will combine with about $2.94 million in federal and state funding to pay the $4.89 million debt expenses.
Another $360,000 of this year’s fund balance will cover the remainder of the debt.
Contact Mason W. Canales at email@example.com or (254) 501-7474