Members of the Killeen Independent School District’s Board of Trustees voted to approve a budget and tax rate for the 2014 fiscal year at a special meeting Thursday night.
It took a little more than 30 minutes for the board’s seven members to unanimously approve both the budget and tax rate after no members of the public chose to comment.
Under the approved budget, the district will spend $377 million from all funding sources, excluding capital outlay projects, for the new fiscal year to educate an estimated 42,000 students.
Just more than $232 million of that money will be spent on instruction, which includes compensation and benefits for Killeen ISD’s 2,791 classroom teachers, 955 educational aids and 47 librarians.
In total, the district will spent nearly 74 percent of its budget on instruction and instruction related expenses.
The FY 2014 budget also shows a decline in federal revenue, mostly because of uncertainty surrounding federal Impact Aid. The district included a $6 million decrease in Impact Aid in the budget passed Thursday night.
The board also approved a property tax rate of $1.128 per $100 of assessed valuation. That total tax rate includes a maintenance and operations tax rate of $1.04, and debt service rate of 8.8 cents. While the total tax rate is lower than last year’s, the district is projecting an increase of about $3.3 million in property tax revenue from the previous year.
“Our tax rate is lower, but property values have increased,” said Megan Bradley, the district’s chief financial officer.
Superintendent Robert Muller thanked staff for their work on the budget, which began several months before Thursday’s vote.
“Tonight is a big step,” said Muller. “And it’s also where (staff) start their work again” for the next budget cycle.
By the numbers: Killeen ISD 2014 budget and tax rate.
- $377 million spent from all funding sources, excluding capital outlay projects.
- $329.2 million in general fund revenue
- $326 million in general fund expenditures
- $269.1 million in general fund spent on payroll
- $1.128 total property tax rate per $100 assessed property value
- $68.8 million estimated property tax revenue for 2013-2014