Elgin ISD board approves drop in tax rate, sets budget

The Elgin ISD school board has voted to adopt the district's budget for the new school year. The board also unanimously approved a tax rate drop during Monday's meeting.

Elgin ISD will operate with a 2022-23 fiscal year budget that includes $72.2 million in total expenditures across three funds. The district is anticipating $72.45 million in total revenue in these same funds, leaving $221,783 in excess funding.   

The tax rate drop lowers the district’s maintenance and operations (M&O) rate from 96.03 cents per $100 property valuation to 94.29 cents. The district’s debt service tax rate remained steady at 46.82 cents per $100, placing the total tax rate at $1.4111.

This vote marks the fourth consecutive year Elgin ISD has decreased its tax rate. The district says this was aided by a 39 percent growth in certified freeze-adjusted taxable property values. In comparison, certified values were up only 21 percent this fiscal year, and less than 8 percent the previous two years. Certified values in the district, at $2.64 billion, climbed past $2.5 billion for the first time ever.

The maintenance and operations budget is based on an estimated enrollment of 5,350 students, and an average attendance rate of 93.5%. 

The 2022-23 Elgin ISD fiscal year begins on Sept. 1.