COPPERAS COVE — The school board will hold a special meeting today to vote on the district’s proposed tax rate and budget for the 2014-2015 fiscal year.
Board members proposed the same tax rate as last year, according to district documents, $1.217 per $100 of assessed property value.
This falls slightly above the larger, neighboring Killeen Independent School District’s proposed tax rate of $1.128 per $100 of assessed property values.
The Cove district’s total property tax rate is a combination of two rates: maintenance and operations and debt services, sometimes referred to as the interest and sinking rate. The district was able to maintain its tax rate thanks to an increase in the area’s assessed property values.
The district’s current debt service stands at $26.6 million, with Cove ISD paying off about $4.7 million of that amount each year. The district’s interest and sinking rate is $1.07 per $100 of assessed property value.
“Currently, $71.5 million (about) is projected revenue for the 2014-2015 school year, an increase of nearly $1 million from last year due to increased property values,” Joe Burns, superintendent of the district, said at a previous meeting.
But while the projected general revenue increased, board members proposed a budget of $78.2 million after adding its nutrition and debt service fund to the total. The new total projected revenue is about a $3 million increase from last year’s proposed $75.6 million.
The district’s total proposed expenditures, however, are less compared to last year. For the 2014-2015 fiscal year, Cove ISD plans to spend $78.1 million, whereas last year they proposed spending $82.2 million.
The largest expenditures both years were instruction costs, which total $36.2 million this year.
Burns said the district planned the budget conservatively just in case the district is hit with more federal funding cuts this year, according to workshop minutes.
Today’s meeting will begin at 6:30 p.m. in the district administration building, 703 W. Avenue D.