NOTICE OF PUBLIC MEETING
TO DISCUSS BUDGET AND PROPOSED TAX RATE
The Howe Independent School District will hold a public meeting at 6:00 PM on June 20, 2016 in the Howe ISD Board Room located at 105 W. Tutt Street, Howe, TX. The purpose of this meeting is to discuss the school district's budget that will determine the tax rate that will be adopted. Public participation in the discussion is invited.
The tax rate that is ultimately adopted at this meeting or at a separate meeting at a later date may not exceed the proposed rate shown below unless the district publishes a revised notice containing the same information and comparisons set out below and holds another public meeting to discuss the revised notice.
Maintenance Tax $ 1.17 / $100 (Proposed rate for maintenance and operations)
School Debt Service Tax $ 0.25 / $100 (Proposed rate to pay bonded indebtedness)
Approved by Local Voters
Comparison of Proposed Budget with Last Year's Budget
The applicable percentage increase or decrease (or difference) in the amount budgeted in the preceding fiscal year and the amount budgeted for the fiscal year that begins during the current tax year is indicated for each of the following expenditure categories:
Maintenance and operations ___4.54___% increase or ____________% (decrease)
Debt Service __________% increase or ____7.79_____% (decrease)
Total expenditures ___3.42____% increase or __ ________% (decrease)
Total Appraised Value and Total Taxable Value
(as calculated under Section 26.04, Tax Code)
Preceding Tax Year Current Tax Year
Total appraised value* of all property $ 267,145,239 $ 310,745,991
Total appraised value * of new property** $ 2,407,733 $ 7,483,518
Total taxable value***of all property $ 216,140,466 $ 247,657,430
Total taxable value***of new property** $ 2,357,063 $ 7,458,066
* "Appraised value" is the amount shown on the appraisal roll and defined by Section 1.04(8), Tax Code.
** "New Property" is defined by Section 26.012(17), Tax Code.
*** "Taxable value" is defined by Section 1.04(10), Tax Code.
The amount of outstanding and unpaid bonded indebtedness* $8,819,753.20
* Outstanding principal
Comparison of Proposed Rates with Last Year's Rates
Maintenance Interest Local Revenue State Revenue
& Operations & Sinking Fund* Total Per Student Per Student
Last Year's Rate $1.17000 $0.28000* $1.45000 $3,131 $7,045
Rate to Maintain Same
Level of Maintenance &
Operations Revenue &
Pay Debt Service $1.13914 $0.31627* $1.45541 $3,438 $7,063
Proposed Rate $1.17000 $0.25000* $1.42000 $3,264 $7,116
*The Interest & Sinking Fund tax revenue is used to pay for bonded indebtedness on construction, equipment, or both.
The bonds, and the tax rate necessary to pay those bonds, were approved by the voters of this district.
Comparison of Proposed Levy with Last Year's Levy on Average Residence
Last Year This Year
Average Market Value of Residences $124,204 $143,958
Average Taxable Value of Residences $ 96,246 $107,003
Last Year's Rate Versus Proposed Rate per $100 Value $ 1.45 $ 1.42
Taxes Due on Average Residence $,1,395.57 $,1,519.44
Increase (Decrease) in Taxes $ 123.87
Under state law, the dollar amount of school taxes imposed on the residence homestead of a person 65 years of age or older or of the surviving spouse of such a person, if the surviving spouse was 55 years of age or older when the person died, may not be increased above the amount paid in the first year after the person turned 65, regardless of changes in tax rate or property value.
Notice of Rollback Rate: The highest tax rate the district can adopt before requiring voter approval at an election in 1.42955. This election will be automatically held if the district adopts a rate in excess of the rollback rate of 1.42955.
The following estimated balances will remain at the end of the current fiscal year and are not encumbered with or by a corresponding debt obligation, less estimated funds necessary for operating the district before receipt of the first state aid payment:
Maintenance and Operations Fund Balance $ 2,888,882
Interest & Sinking Fund Balance $ 472,534