In a meeting that consisted mostly of budget amendments and financial details last night, Lampasas ISD’s Board agreed to a $35, 381,133 expense budget for the 2018/19 fiscal year. The budget’s expenses are funded by projected revenues of $34,737,538, leaving a sizeable deficit. The General Operating Fund (M&O) expense budget is $30,744,306, which is a deficit of $816,569 this year but it was passed with an eye to adjusting as needed during the year.
The important thing to most citizen property owners here is “What about my property tax?” The answer is, according to what we see so far, the “Tax Rate” will remain the same. In the case of the school district that number is $1.43 per hundred dollar valuation, the same as it was last year.
But, what we are actually charged in tax dollars is the product of the Tax Rate X Value of Property. In the case of the Lampasas ISD, it seems the value of all appraised property, less the various deductions, has increased by 2.58%. The new budgeted tax rate of $1.43/hundred, even though it is the same as last year, will bring in more money for the district, and it is therefore seen as an “effective tax increase” of 2.58%. That is the budget and tax rate that was passed by the School Board last night. How that affects your tax debt for the year will be revealed to you by the Central Appraisal District. Many, if not most, property owners will find that the appraised value of their property has increased.
The $1.43/hundred tax is divided into two parts. $1.17 of it is for purposes of general operation (M&O) and $.26/hundred of it is for debt service, most of that for construction of new school buildings.
Other activity at last night’s board meeting included a lengthy executive session where the board and administrators worked with Police Chief Sammy Bailey and some of her staff on a potential “Safety” contract between the P.D. and the School. Afterward, Supt. Chane Rascoe said they were getting closer to finalizing an agreement and hoped to get it done soon.