The Denison Independent School District board of trustees approved a number of finance related items at its most recent regular monthly meeting.
The Denison ISD school board met on Tuesday at the Administration Building, located at 1201 S. Rusk Ave.
Here are three things to know about the meeting.
1. Tax revenue is increasing
The district is expected to levy $27,700,000 in property taxes for the 2019-2020 school year. This represents an increase in revenue of 1.5 percent from the previous year. The total tax rate was set at $1.39755. The maintenance and operation portion is $1.06835 and the portion from interest in sinking, or debt service, is $.32920.
2. Majority of budget comes from local revenue
Out of the total $59,194,500 in the budget approved Tuesday night, $29,125,500 is from local revenue.
The portion from the state is $26,657,500 with the remaining 3,411,500 coming from federal funding. Of the local revenue $21,815,000 goes towards the general fund, $715,500 is food service and $6,595,000 is for debt service.
3. District to redeem some bonds
In order to save money the school board approved a resolution calling for the district to redeem $950,000 in principal amount of the outstanding 2011 bonds.
This move is expected to save the district $1,757,500 in future debt service payments.
Denison ISD Assistant Superintendent of Business Randy Reid presented each of the measures to the school board for consideration saying the district would save money redeeming the bonds similar to how a person might refinance their mortgage.
The budget that was passed was the same as presented at last month’s meeting along with the tax rate.
The board conducted public hearings before each item was passed.