COPPERAS COVE — The Copperas Cove Independent School District Board of Trustees on Monday got a glance at the district’s proposed $82 million, fiscal year 2014 budget that keeps the same property tax rate.
Tonight the board may set a public hearing on the proposed budget and property tax rate of $1.217 per $100 of assessed property value.
Residents living inside the district would still experience an increase to their tax payments, because of increased property values.
“The increase to the resident averages to about $24 because of the increasing property values,” said Dina Edgar, the district’s finance director.
Of the proposed rate, $1.04 will consist of maintenance and operations revenue, while 17.7 cents will generate revenue for debt service funds.
An estimated $13.3 million in revenue is projected for maintenance and operations from the proposed tax rate, stated 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.
This year’s district fund balance also will pay for another $6.6 million in expenses not covered by revenue sources next year, stated the presentation.
About $53 million of the budget will be spent on instruction and instructional support, and staffing makes up about 77 percent of the budget, Edgar said.
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.
The proposed budget is a $4.7 million increase from fiscal year 2013.
The board members on Monday seemed to be in favor of the proposed rate.
Board President Joan Manning said the situation was not ideal but it was good.
“The better (option) would be to lower it, but this is a good thing,” Manning said.