By George Slaughter
The Katy Independent School District Board of Trustees Monday approved a $1.1 billion budget that will include a property tax decrease for the fourth consecutive year.
In a presentation to trustees, Chief Financial Officer Chris Smith said the property tax rate would be $1.35 per $100 property valuation, a 4-cent decrease from last year’s $1.39 rate. The district has been able to reduce property tax rates as commercial and residential growth increase the district’s tax base. For the adopted budget, the maintenance and operation rate is $0.9617, while the debt service rate is $0.39.
Since 2019, the maintenance and operations rate has dropped from $1.4466 to $0.9988 last year. Meanwhile, the debt service rate has increased from $0.37 in 2019 to $0.39 last year.
Smith said the district’s revenues come from three sources: property taxes and other local revenues ($655.9 million), state program revenues ($401.2 million), and federal program revenues ($46.8 million).
Principal expenditures are payroll ($785.5 million) and debt payments ($186.3 million). Other budgeted expenses include supplies and materials ($64.6 million), purchasing contracted services ($43.6 million), other operating expenses ($19.2 million) and capital outlay ($1.3 million).
Smith said trustees can expect to consider amendments to the budget as conditions change due to the coronavirus pandemic and possible changes in state funding due to online learning considerations. The district, like several others across the state, have institute temporary online learning programs to accommodate K-6th grade students who have not received coronavirus vaccines.