At the Lubbock ISD Board of Trustees meeting Thursday, members approved a $182.7 million budget for 2008-09 and adopted a tax rate that stays at the same rate as last year.
The general fund tax rate will be $1.04 per $100 of property valuation and the debt service rate will be 19.5 cents per $100 valuation. The combined rate is $1.235. With budget reductions, and the infusion of reserve funds, trustees were able to balance the budget and provide a three percent cost of living adjustment for employees.
Unlike other taxing entities, school districts do not gain any additional revenue from the increase in property appraisals. As rising property values generate more local tax revenue, the state takes away state funding, dollar for dollar.
Superintendent Wayne Havens said, "This is the tightest budget year in which I have been involved. We will provide classrooms with what they need for student success, but we will also be justifying every expense against our goals for student success."
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