Killeen Independent School District board members voted Thursday to decrease the district’s 2012-13 property tax rate and approved a budget of more than $344 million.
The property tax rate for the upcoming fiscal year will drop by about a penny, going from the current $1.14119 per $100 of assessed property value to $1.131.
Because of the change, residents who own a home appraised at the district’s average value will see their tax bills reduced by about $5, said Megan Bradley, Killeen ISD’s chief financial adviser.
Action taken earlier this year to refinance debt led to the reduction, she said.
Portions of the district’s debt service’s property tax rate were decreased from 11 cents to 9.1 cents per $100 of property valuation.
“No one has a (debt service rate) as low as we do,” said Bradley, comparing the district to Copperas Cove, Temple, Belton and several other school districts.
The new debt service rate will generate about $5.6 million to pay a little less than half of the district’s debt service-projected expenses of about $12 million. State funds will make up the difference.
The remaining $1.04 per $100 of property valuation will help the district generate about $65.5 million locally for its general fund and about $5.8 million for its school nutrition fund.
District officials estimate the state will contribute $202.3 million for general operations and about $125,000 for school nutrition. Federal funds should add another $52.7 million for general operations and about $14.1 million for school nutrition.
Total revenue for the 2012-13 fiscal year is projected to be about $352.6 million while expenditures are estimated to be about $344.5 million.