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Fact Sheet - Explanation of where funds go after property values increase

INCREASE IN LOCAL PROPERTY TAXES DUE TO INCREASE IN PROPERTY VALUES:

WHERE DID THESE FUNDS GO?

A question was asked about what the district will do with the additional local funding due to the rise in property values.  The table below includes the answer to the first part of the question about the increased tax dollars because of the increase in property values.

SCHOOL YEAR

OPERATING REVENUE

% PAID BY THE STATE

 

LOCAL REVENUE

STATE REVENUE

TOTAL REVENUE

 

2020-21

$8,136,418.00

$3,481,397.00

$11,617,815.00

29.966%

2021-22

$8,378,107.00

$3,272,359.00

$11,650,466.00

28.088%

2022-23

$10,428,778.00*

$2,124,596.00*

$12,553,374.00*

16.925%*

* Estimate because state financing in calculated throughout the year based on student data submitted to the Texas Education Agency.

The table above indicates that local revenue increased by $2,050,671.00!  However, state revenue decreased by $1,147,763.00.  This decrease in state funding amounts to 55.8% of the increase from the local revenue gain.  The district had a net gain of $902,908.00 from the original increase of $2,050,671.00.  The percentage of our annual budget provided by the state dropped significantly from the 2021-22 school year to the 2022-23 school year!

Now, what did the district do with that $902,908.00?  The table below lists the various increases for the district in 2022-2023.

Category

Increase over the 2021-2022 Budget

Salaries (new, substitutes, raises & benefits)

$337,009.00

Cooke County Special Education Cooperative

$303,429.00

First State Bank Financing (1 of 4 annual payments)

$111,134.00

Instructional Supplies

$92,037.00

TASB Property & Casualty Insurance

$43,224.00

CCAD Appraisal & Collections

$37,400.00

Transportation Fuel

$15,384.00

School Resource Officer Increase

$12,344.00

TOTAL OF NEW EXPENCES

$951,961.00

 

The increases of these line items surpassed the additional local revenue by $49,053.00. This explains why it is difficult to repair major items and/or build new facilities using local revenue when the state is reducing their share each year.