At a special meeting Monday (Aug. 28), the Weatherford ISD Board of Trustees held a public hearing before adopting the annual budget and setting a tax rate that continues a trend of being lower than previous years — $1.0365 per $100 valuation.
Over the past six years, WISD has been able to shave off 42 cents and maintain a budget that keeps the district’s goals within reach and lower debt.
The Maintenance & Operation (M&O) side yields the lower rate of .7575 cents (down from .8538 in 2022) and the Interest and Sinking (I&S) remains the same at .2790 cents.
The M&O tax rate provides funds strictly for the maintenance and operations of the district while the I&S tax rate provides funds for payment on any debt that finances a district’s facilities and can only be used for those expenditures.
Expected revenue is valued at $96,833,584 – an increase of $7.1 million from 2022-23 - and expenditures are sitting at $100,031,998, leaving a deficit of approximately $3.2 million. WISD will use its fund balance to make up for the shortage, which was expected.
“That’s due to the completion of the automotive center,” said Lori Boswell, Assistant Superintendent of Business and Operations.
That project, the Grizzard Regional Institute of Technology or GRIT, broke ground in April and accepted its first class of students at the beginning of the 2023 school year.
On the I&S and Child Nutrition fronts, both of those budgets are balanced for the upcoming year.
“I just want to thank [everyone] who was and is involved in the budget process,” said board president Mike Guest. “It’s a huge undertaking every year and we just appreciate all the hard work.”
Prior to approving the budget, trustees held a public hearing without comment. They also accepted the debt management plan that allows the district to reduce debt by essentially refinancing funds and placing them in an escrow account producing a savings of $1.83 million and eliminating the debt early.
Also at the meeting, the board:
The next regular scheduled meeting of the board will be held Sept. 11.
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