Item Coversheet

MEETING DATE: 8/20/2019
AGENDA ITEM NO.: 7.A.

Action Items

Board of Trustees
Executive Summary of Board Agenda Item


TITLE:
Discuss and Take Appropriate Action on a Resolution Adopting the 2019-2020 Property Tax Rate
JUSTIFICATION STATEMENT:
(Texas Education Code Section 45.002, and Board Policy CCG [Legal] require that the District adopt the tax rate before September 30, 2019)
PURPOSE OF AGENDA ITEM:Action
TO BE HELD IN:Open Session
AUTHORITY FOR ACTION:Law or Rule
STAFF RESPONSIBLE:Carmen Arrieta-Candelaria / Walt Byers
SUMMARY:

The District’s Operating and Interest and Sinking Funds are supported by the levying of an ad valorem tax on property in accordance with Texas Education Code Section 45.002 and Board Policy CCG (Legal).  The District published the “Notice of Public Meeting to Discuss the Proposed Tax Rate” on August 9, 2019. 

 

The proposed Maintenance and Operations (M&O) rate is $1.06835, and the proposed Interest and Sinking (I&S) Fund rate is $0.20 for fiscal year 2019-20.  The $.10165 decrease in the M&O rate is in accordance with the new compressed tax rates in HB 3. The I&S rate increase is due to higher debt payments from the Series 2019 debt issuance  The total tax rate is proposed to be $1.26835 per $100 of assessed value.  This is a reduction in the total tax rate of $.04165.

 

The attached Resolution is required to be adopted to formalize the setting of the rate. 

ADMINISTRATIVE RECOMMENDATION/MOTION:

It is recommended that the Board of Trustees adopt the Resolution Adopting a Tax Rate for the El Paso Independent School District at a tax rate of $1.26835, which consists of $1.06835 for Maintenance and Operations (M&O) and $0.20 for Interest and Sinking (I&S) Fund for the Tax Year 2019. 

FUNDING SOURCE: ACCOUNT NO.: 199.00.5711.000.00.000.000 and 599.00.5711.000.00.000.000 
FISCAL IMPACT AND COST:
  • IMMEDIATE: $207,000,000 in current year tax collections for both M&O and I&S.
  • FUTURE/ONGOING:
CONSEQUENCES OF NON-APPROVAL:

The District must adopt a tax rate in order to levy a tax.

ATTACHMENTS:
Description
Resolution to Adopt the 2019 Tax Rate
Public Meeting Presentation