GISD approves tax rate and adopts budget
The Gatesville Independent School District Board of Trustees gave final approval at their Aug. 29 meeting for the 2019 tax rate and the 2020 fiscal year budget.
Trustees voted unanimously to set the 2019 total tax levy at $1.107 per $100 valuation, which is a decrease of seven cents from the 2018 total tax rate of $1.177 per $100 valuation. The decrease was the result of HB 3 approved this year by the Texas Legislature.
The bill required school districts to lower the rate for maintenance and operation (M&O) from $1.04 per $100 valuation to $0.97.
The district's interest and sinking (I&S) tax rate will remain the same as last year’s rate of $0.137 per $100 valuation.
This year, the budget is almost balanced with revenues amounting to $28,770,055 and appropriations of $28,757,633. The budget shows a $12,422 surplus despite an 11 percent increase from the previous year's budget.
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