Rate approved, $1.185, is two cents below the effective rate
Mauricio Julian Cuellar Jr., Orange Grove Journal
Orange Grove ISD board members approved a tax rate of $1.1895, which was two cents below the effective rate from last year and approved the district budget for 2008.
The total amount in the general fund budget was $15,301,189, which is a five- percent increase over last year.
"I reviewed the budget with the board, which had not changed from the last budget workshop," Luce said.
Last year's tax rate was set at $1.4593 per $100 worth of property valuation. This year the proposed rate was $1.1865, which was two cents below the effective tax rate of $1.2062. The effective rate is the rate necessary to collect the same amount of tax revenue as last year.
The approved tax rate includes $1.04 for maintenance and Operation, and 0.1465¢ for the interest and sinking fund.
The I&S tax revenue is used to pay for bonded indebtedness construction, equipment of both.
This year's amended budget includes $14,860,603 in revenues and $14,823,203 in expenditures.
The approved budget for 2007-2008 projected revenues at $15,301,189 and expenditures at $15,271,396.