1 / 23

2008-2009 Tax Rate Adoption

2008-2009 Tax Rate Adoption. North East ISD August 11, 2008. 2008-2009 Certified Tax Roll. $2.52 Billion increase in taxable value (10.1%) 2007: $25.06B taxable value 2008: $27.58B taxable value Approximately $950M in new growth

arden-daniel
Download Presentation

2008-2009 Tax Rate Adoption

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. 2008-2009Tax Rate Adoption North East ISD August 11, 2008

  2. 2008-2009 Certified Tax Roll • $2.52 Billion increase in taxable value (10.1%) 2007: $25.06B taxable value 2008: $27.58B taxable value • Approximately $950M in new growth • Approximately $1.57B in increased values on existing properties (6.3%) Source: NEISD Finance

  3. Assessed Property ValueTax Years 1988-2008* * Preliminary Certified for 2008 Source: NEISD Finance, Kavoussi & Associates

  4. Residential Property Tax Increases 2007-2008 Average NEISD Home Value: $154,320 NEISD Tax Rate: $1.4029 Property Taxes Due to NEISD: $2,165 2008-2009 Average NEISD Home Value: $163,622 NEISD Tax Rate: $1.4029 (proposed) Property Taxes Due to NEISD: $2,295 Tax rate is $1.4029 per $100 of appraised home value. $1.04 is used for M&O (General Fund); $.3629 is only to pay debt. Average home value increased 6% -- Average property tax will increase $130 Source: NEISD Finance; Bexar County Appraisal District

  5. The New ABCs of Property Taxes A Taxpayer writes property tax check for $130 more than they paid last year… $96 $34 C B …$96 goes to the State. …$34 comes to NEISD but can only be used to pay off bonds… For every $1 in M&O property tax paid due to higher home values, the State takes away $1 in aid to the District. Source: NEISD Finance

  6. Target Revenue • Combined local property tax revenue & state aid revenue is “locked in” to a specific amount per Weighted Average Daily Attendance (WADA) • The target is both a floor & a ceiling • If local property values decline (& property tax revenue declines accordingly), state aid increases to ensure $5,349 total per WADA • If local property values increase (& property tax revenue rises accordingly), state aid decreases to ensure $5,349 total per WADA Source: NEISD Finance

  7. Target Revenue • No additional funding available for inflationary costs; examples: • Salary increases to keep pace with cost of living • Fuel & Utilities • Additional funding only possible if: • WADA increases due to enrollment growth • WADA increases due to an improvement in the attendance rate • Electorate votes to raise M&O taxes above $1.04 Source: NEISD Finance

  8. General Fund State Local Funding Reduction to tax rate/ new “hold-harmless” rules Source: NEISD Finance

  9. 2008-2009General Fund Adopted Budget

  10. 2008-2009 Budget General Fund Revenue (in 000s) $9,245 increase, 2.0% Source: NEISD Finance

  11. 2008-2009 Budget General Fund Expenditures (in 000s) $6,159 increase, 1.3% Source: NEISD Finance

  12. 2008-2009 Budget General Fund Summary Source: NEISD Finance

  13. Fund Balance • Fund Balance = Cash • Fund Balance = Savings • Fund Balance = Net difference between total assets and total liabilities at a given point in time Source: NEISD Finance

  14. 2007-2008 Cash Flows Cash Amount (in/out) in 000s Source: NEISD Finance

  15. 2008-2009 Cash Position Source: NEISD Finance

  16. 2008-2009Debt Service FundAdopted Budget

  17. 2008-2009 BudgetDebt Service Fund In ($000s) Source: NEISD Finance

  18. Debt Service Fund BalanceBy Month ($000s) • BUDGETED Source: NEISD Finance

  19. 2008-2009Proposed Tax Rates

  20. Proposed 2008-2009 Tax Rates Tax Rate 2007-08 General (M&O) $1.0400 2008-09 General (M&O) $1.0400* Change in Tax Rate $0.0000 2007-08 Debt Service (I&S) $0.3629 2008-09 Debt Service (I&S) $0.3629* Change in Tax Rate $0.0000 2007-08 Total Tax Rate $1.4029 2008-09 Total Tax Rate $1.4029* Change in Tax Rate $0.0000 *Recommended Source: NEISD Finance

  21. M&O Tax Rate History • M&O Tax Rate 08-09 Proposed Rate = $1.04 Property Value Declines State Proration Source: NEISD Finance

  22. I&S Tax Rate History Source: NEISD Finance & ME Allison

  23. Questions?

More Related