Saturday, May 25, 2024

LISD board talks tax swap, staff raises at budget meeting

The Lewisville ISD school board met last week to discuss the district-wide budget moving forward.

Facing an impending crunch due to state recapture, they discussed a two cent tax swap that would raise the M&O tax rate, which would require an election, and lower the I&S tax rate, as well as whether to approve a 2 percent or 3 percent raise for district staff. The swap would shift tax dollars from funding construction and facilities into paying for instruction.

District CFO Mike Ball presented updated three-year projections on the district’s funding. Over the course of the next three years, the district projects to see its fund balance bleed from $165.5 million at the end of this fiscal year to $144.9 million to $96.7 million, accounting for employee raises and increasing expenditures and local property values.

Click here for the full story from The Lewisville Texan Journal.

Mark Smith
Mark Smith
Mark Smith is the Digital Editor of The Cross Timbers Gazette.

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