FORNEY, Texas – The Forney Independent School District (ISD) approved the 2014-15 tax rate at their August 11, 2014, meeting. The rate will remain unchanged at $1.54 per $100 assessed home valuation.
FORNEY, Texas – The Forney Independent School District (ISD) approved the 2014-15 tax rate at their August 11, 2014, meeting. The rate will remain unchanged at $1.54 per $100 assessed home valuation.
The $1.54 tax rate includes a maintenance and operation tax of $1.04 for maintenance and operations and an interest and sinking tax rate of $0.50 for debt payments. The proposed tax rate was presented to the Forney ISD Board of Trustees during a required proposed tax rate public hearing on August 11, 2014, and was approved prior to their regularly scheduled board meeting that same night.
The 2014-15 budget was approved by the board on June 24, 2014.
The budget proposed revenues of $80,800,000 and expenditures of $77,300,000 which results in a surplus of $3,500,000. The budget accounts for a three percent raise for all district employees, employing 22 additional educator positions, and improving the district's fund balance levels including a 60-day operating reserve goal set by the board.
The district has two more Texas Education Agency repayments, of a total $13.6 million, the district owed due to financial misstatements from 2007 to 2011. Those payments are in September 2014 and in September of 2015. This September's payment is included in the district's budget.
The tax rate has remained unchanged since the 2012-13 budget when it was increased from a total tax rate of $1.50 per $100 assessed home valuation. Ten years ago, in the 2004-05 fiscal year, the district's tax rate was $1.67 and in 2005-06 the rate was at $1.74 per $100 assessed home valuation.
