Elgin ISD board approves drop in tax rate, sets budget

ELGIN, Texas - 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.