Despite a $10 billion state deficit and higher education costs, Lubbock Independent School district manages to stay on track financially.
The budget is balanced without cutting any services, pay or raising the tax rate. L.I.S.D. will receive $1.3 million less this year than last year in state funding. So, with less state funding, how was the school able to balance the budget?
"Essentially, the local tax payers. As property values go up, we maintained our tax rate. The local tax payers will be contributing more to public education as the state contributes less," said Art Martin, with the L.I.S.D's Finance Department.
For the next school year, Martin says the district will rake in around $92 million from property taxes as the tax rate remains at $1.60 per $100 valuation. The school board is expected to approve the budget next week.