The Bowie Independent School District will finalize its 2024-25 budget when the board of trustees meet for a pair of early morning meetings on Aug. 31, the last day of the fiscal year.
The public hearing for the proposed tax rate and budget will be at 7 a.m. on Aug. 31.
The proposed budget projects expenses of $18,186,973 and revenues of $17,649,586. It includes a 2% pay increase for teachers and paraprofessionals, and all would move to the next step. Non-step employees would get a 2% raise.
Calculations for the budget have been difficult to narrow down as the State Legislature will have a special session on school funding in October and there is a special election to increase the homestead tax exemption from $40,000 to $100,000, which is expected to pass on Nov. 7. The state template for the school year funding has not been finalized and BISD has not received its final two state funding payments for the present fiscal years, which leaves the end-of-year figures in questions.
The proposed tax rate is .887180, which is lower than the 2022 rate of $1.03460 per $100 in property value. Maintenance and operation would receive .69180 cents and .18 for debt service. Per the district’s tax rate publication the average market value of a home in the district is $180,509 this year and with the proposed tax rate taxes for that value will go down $459.71.
Taxable revenue will change significantly if the homestead exemption changes to the higher amount and those adjustments will have to be made after those results are known. The legislature has indicated it will help make up any funding loss, but no specifics have been made public.
In a second meeting at 7:15 a.m. the board will make any amendments to the 2022-23 budget, designate the committed fund balance, approve the salary schedule and budget for 2023-24 and the 2023 tax rate.