During a special called meeting of the Lewisville ISD Board of Trustees Aug. 29, the board approved the 2013-2014 budget, tax rate and announced a “Superior Achievement” rating under the state’s FIRST (Financial Integrity Rating System of Texas) financial accountability rating system.
The 2013-2014 budget highlights include a three percent salary increase for all LISD employees, increased revenue due to a five percent growth in property valuations and an increase in operational costs.
The approved interest and sinking tax rate of 43.7 cents per $100 of property valuation, up from 41.3 cents– is almost three cents less than what voters were told to anticipate in 2013-2014 when they approved the 2008 Bond package.
This is the result of low interest rates on the bond sales, as well as increased property valuations for 2013, according to a press release from the school district.
“The district is pleased the tax rate can be set at a lower level than what LISD forecasted five years ago during the 2008 Bond election,” said LISD Chief Financial Officer Dr. Quentin Burnett.
“Some very low interest rates and some better than expected growth in tax values will allow the savings to be passed along to the taxpayer.”
The FIRST “Superior Achievement” rating for the distrcit is the state’s highest financial accountability rating.
FIRST was established by the Texas Education Agency to evaluate the quality of financial management and reporting by individual public school systems and charter schools.
LISD has received a superior rating since the inception of the system eleven years ago.
More LISD Budget information here.