The Tuloso-Midway Independent School District's Board of Trustees on Monday approved the district's 2009-10 Fiscal Year budget and tax rate.
The $32.2 million budget is a slight increase from last year's $31.5 million budget, with the district's tax base growing at a lower rate this fiscal year than last.
The district saw a 2.9 percent increase in its overall tax base, compared to a 6.9 increase in the 2008-09 budget cycle, which helped to generate $15.1 million in property tax revenue for the district. An additional $4.3 million was received from the district's debt service tax, which gives the district $19.4 million in total tax revenue for the new fiscal year.
The remaining $12.9 million is comprised of state and federal program funding and food service revenue. The district saw a decline in state funding, from $8.2 million in 2008-09 to just under $8 million this school year.
The district's tax rate of $1.3322 per $100 valuation was left unchanged from the 2008-09 Fiscal Year. However, it is still considered a tax increase since it is higher than the effective tax rate of $1.3264.
The effective tax rate is what the district would have to approve in order to bring in the same amount of tax revenue as the previous fiscal year.
The 2009-10 tax rate will provide the district with a four percent increase in tax revenue.