Members of the Gainesville Independent School District Board of Trustees are set to discuss the district’s budget and tax rate for the 2020-2021 fiscal year Monday, July 27, according to school officials.
The specially called meeting is scheduled for 5 p.m. inside the board room of the Gainesville ISD Administration Building, 800 S. Morris St.
At the district’s first budget workshop June 23, members were presented with a proposed “work in progress” budget of about $30 million.
The district’s budget for the 2019-2020 fiscal year was $32,042,922, according to the budget posted to the Gainesville ISD website.
The district’s fiscal year begins Sept.1.
During the specially called meeting last month, board members were provided some possible tax rate scenarios to include the new compressed rate and estimates for interest and sinking.
The new compression rate is $1.05, according to Finance Director Alyce Greer.
The three debt service tax rate scenarios included a reduction of half a cent, one cent and two cents.
Last August, board members approved an overall tax rate of $1.15 per $100 of assessed property value.
According to the district’s website, $1.07 went to the district’s maintenance and operations and eight cents went to interest and sinking.
The M&O tax rate, or compression rate, supports day-to-day operating expenses. The I&S tax funds the district’s debt obligations.
The school board is scheduled to meet again Aug. 24. That meeting would include a public hearing, adopting a tax rate, approving the 2020-2021 budget and amending the final 2019-2020 budget, school officials said.