L-K CISD adopts deficit budget, sets tax rate

Submitted by Casscounty1 on

 

School district adopts budget

 

By Bobby Horn Jr.

Sun Editor

 

LINDEN—The Linden-Kildare CISD Board of Trustees, on Aug. 24, adopted the ad valorum tax rate and budget for the 2015-2016.

Trustees maintained the same property tax rate as last year, with a $1.17 per $100 valuation. School district tax rates are divided into two parts: maintenance and operations (M&O) and interest and sinking and (I&S). The M&O funds are used for the district’s daily operations while the I&S can only be used for debt service. Since the school district currently has no outstanding bond debt, the entire $1.17 will be used for M&O.

The school district says that expenditures for 2015-2016 had been budgeted for $7,747,265. This is $34, 704 less than the 2014-2015 budget. The district anticipates revenue to come in at $7,621,279. This would create a $125,986 deficit.  By comparison, the 2014-2015 budget was set with a $408,203 deficit.

Read full story in Sept. 2, 2015 edition.

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