COPPERAS COVE — The Copperas Cove Independent School District Board of Trustees set an Aug. 29 date to hold a public hearing and vote on its proposed property tax rate and fiscal year 2014 $82 million budget.
“It is the district’s recommendation at this time that the date of the public hearing be Thursday, Aug. 29 ... and that the district’s (property) tax rate be kept the same,” said district Superintendent Joseph Burns.
The public hearing and meeting are scheduled to begin at 6:30 p.m.
The current and proposed property tax rate is $1.217 per $100 of assessed property value.
Of the proposed rate, $1.04 will consist of maintenance and operations revenue, generating $13.3 million, while 17.7 cents will generate $2.24 million in revenue for debt service funds.
While the rate isn’t changing, residents will still see an increase in their tax payments.
“The increase to the resident averages to about $24 because of the increasing property values,” said Dina Edgar, the district’s finance executive director, on Monday.
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.
Debt service expenses are projected at $4.89 million. About $2.94 million in federal and state funding will help pay the district’s debt in the upcoming year.
Another $360,000 of this year’s fund balance will cover the remainder.
Cove ISD may hold a workshop meeting about the proposed budget on Monday.