Belton Independent School District Special Meeting Tuesday, July 29, 2014 5:00 PM
Agenda of Special Meeting The Board of Trustees Belton Independent School District A Special meeting of the Board of Trustees of Belton Independent School District will be held July 29, 2014, beginning at 5:00 PM in the Magnolia House at Cathedral Oaks, 1312 Waco Road, Belton, Texas. The subjects to be discussed or considered or upon which any formal action may be taken are as listed below. Items do not have to be taken in the order shown on this meeting notice. 1. Call to Order 2. Consider, Discuss, and Take Appropriate Action Regarding the Budget and Tax Rate Proposal for 2014-2015 Presenter: Eric Banfield 3. Governance Team (Board and Superintendent) Team Building and Goal Setting Presenter: Dr. Susan Kincannon/Dr. Bill Rutherford, TASB 4. Adjourn 3 The Board may not discuss any issues or act upon any issues that are not posted on the agenda for this meeting. If an issue mentioned is listed on this agenda, the Board will defer discussion of the issue until the appropriate time during the meeting.
Belton Independent School District Board of Trustee Special Meeting Agenda Item July 29, 2014 RE: Consider, Discuss, and Take Appropriate Action Regarding the Budget and Tax Rate Proposal for 2014-2015 Presented for: Action Report Only Supporting Documents: None Attached Provided Later District Goal or Objective Addressed: Goal 1: Implement and monitor well designed processes, including long-range planning and budgeting, to address future growth, changing student needs, and the maintenance of effective and efficient operations. Background Information: Certified values for the 2014 tax year have been provided by the Tax Appraisal District of Bell County and have been used to update the District s projections for next year s budget. The District is anticipated to reduce its total tax rate from $1.450 to $1.440. The Maintenance & Operating tax rate will remain at $1.170 and the Interest & Sinking (I&S) tax rate will decrease from $0.280 to $0.270. A 1.0 cent reduction in the District s I&S tax rate is a result of growth in property values and the use of $246,625 of I&S fund balance. Debt service balances collected through the Tax Appraisal District s frozen collections calculation have increased the Debt Service fund balance significantly. The projected year-end I&S fund balance total is $2,180,000. The following schedules are included for the Board s review: I&S Debt Service Fund Budget Comparison Preliminary Notice of Public Meeting to Discuss Budget and Proposed Tax Rate 2014 Certified Property Tax Values The Board takes action each year to propose the tax rates that will be published in the Notice of Public Meeting to Discuss Budget and Proposed Tax Rate. This notice is expected to be published on August 5. The Board also sets a time and place for the required public meeting to discuss the budget and proposed tax rates. 3
Fiscal Implications: Tax rates are $1.170 for Maintenance and Operating and $0.270 for Interest and Sinking (Debt) for a total tax rate of $1.440. This tax rate will not exceed the calculated rollback tax rate of $1.440. Administrative Recommendation(s): Propose the tax rate for the 2014-2015 school year at $1.170 for the Maintenance and Operating fund and at $0.270 for the Interest and Sinking fund for a total tax rate of $1.440. Set the meeting for the required public hearing on the budget and proposed tax rates for August 18, 2014, at 6:00 p.m. in the District Board Room. Eric Banfield Contact Person Approved by Superintendent 4
Budget and Tax Rate Proposal July 29, 2014 5 2014-2015 School Year
Truth-In-Taxation Laws Truth-In-Taxation laws have two purposes: o To make taxpayers aware of tax rate proposals o To allow taxpayers, in certain cases, to roll back or limit a tax increase. 6 The District follows a calendar through to budget and tax rate adoption to meet these requirements. Certified values are required to perform the necessary calculations for the required notices.
Truth-In-Taxation Laws 7 For School Districts: oproperty owners have the right to know of increases in their properties appraised value and to be notified of the estimated taxes that could result from the new value. oa school district must publish its proposed tax rate, rollback rate, and other specific information about its property taxes. oa school district must publish a budget and proposed tax rate hearing notice and hold that public hearing to provide an opportunity for citizen input concerning the issues. oa school district must hold an election to ratify a tax rate adopted above its rollback rate.
Property Tax Values o Certified taxable values from the Tax Appraisal District increased $78,261,959 over the preliminary values. Adjusted total of $2,158,028,117 8 o Assessed Value $3,188,494,431 o Total Exemptions (699,385,432) o Net Taxable 2,489,108,999 o Freeze Taxable(65+) (330,273,742) o Adjustments (807,140) o Adjusted Taxable $2,158,028,117
Assumptions 9 o M&O and I&S budgeted collections on levy are projected using a 99.4% collection rate (including delinquent taxes) o M&O tax rate remains at $1.1700 o I&S tax rate will decrease $0.0100 to $0.2700 o Budgeted Average Daily Attendance (ADA) of 10,000 includes an increase of 320 ADA over the previous year
Debt service budget comparison o..\..\..\..\desktop\b2.jpg 10
Notice slide..\..\..\..\ 3 notice 1.jpg o Notice paper 11
Notice slide..\..\..\..\ 3 notice 1.jpg o Notice paper 12
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Discussion o o Questions Comments 14
BELTON ISD - 2014-2015 School Year Interest & Sinking, Debt Service Fund 511 Budget Comparison By Function Annual Budget Amended Proposed Difference Percent 2013-2014 2014-2015 Increase Revenues-By Object Local Sources 6,298,087 6,460,901 162,814 2.6% State Sources 3,521,836 3,322,758-199,078-5.7% Federal Sources 0 0 0 1,970,173 9,819,923 9,783,659-36,264-0.4% Expenditures-By Function Function 71 9,750,846 9,507,830-243,016-2.5% Total Expenditures 9,750,846 9,507,830-243,016-2.5% Operating Transfers Other resources 0 0 Other uses 0 0 Total Operating Transfers 0 0 Fund Balance - September 1 1,901,096 1,970,173 Fund Balance, Ending (Budget Basis) 1,970,173 2,246,002 15
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