Details for MIDWAY ISD

NOTICE OF PUBLIC MEETING TO DISCUSS
BUDGET AND PROPOSED TAX RATE

The Midway ISD will hold a public meeting at 7:00 PM, August 21, 2018 in Midway Administration Building Board Room 13885 Woodway Dr. Woodway, TX 76712. The
purpose of this meeting is to discuss the school district's budget that will determine the tax rate that will be adopted. Public participation in the discussion is invited.
The tax rate that is ultimately adopted at this meeting or at a separate meeting at a later date may not exceed the proposed rate shown below unless the district publishes a revised
notice containing the same information and comparisons set out below and holds another public meeting to discuss the revised notice.
Maintenance Tax

$1.040000/$100 (proposed rate for maintenance and operations)

School Debt Service Tax

$0.280000/$100 (proposed rate to pay bonded indebtedness)

Approved by Local Voters

Comparison of Proposed Budget with Last Year's Budget
The applicable percentage increase or decrease (or difference) in the amount budgeted in the preceding fiscal year and the amount budgeted for the fiscal year that begins
during the current tax year is indicated for each of the following expenditure categories.
Maintenance and operations

5.49 % increase

Debt Service

10.90 % increase

Total expenditures

6.41 % increase

Total Appraised Value and Total Taxable Value
(as calculated under Section 26.04, Tax Code)
Preceding Tax Year

Current Tax Year

Total appraised value* of all property
$5,793,010,696
Total appraised value* of new property**
$104,465,560
Total taxable value*** of all property
$4,417,327,907
Total taxable value*** of new property**
$100,803,852
*Appraised value is the amount shown on the appraisal roll and defined by Section 1.04(8), Tax Code.
** "New property" is defined by Section 26.012(17), Tax Code.
*** "Taxable value" is defined by Section 1.04(10), Tax Code.

$6,322,497,779
$133,874,970
$4,747,996,307
$124,585,198

Bonded Indebtedness
Total amount of outstanding and unpaid bonded indebtedness* $93,222,873
*Outstanding principal.

Comparison of Proposed Rates with Last Year's Rates

Last Year's Rate
Rate to Maintain Same Level of Maintenance &
Operations Revenue & Pay Debt Service

Maintenance &

Interest &

Local Revenue

State Revenue

Operations

Sinking Fund*

Total

Per Student

Per Student

$1.040000

$0.280000*

$1.320000

$8,184

$1,053

$1.208320

$0.322150*

$1.530470

$8,607

$841

$8,711

$915

Proposed Rate

$1.040000
$0.280000*
$1.320000
*The Interest & Sinking Fund tax revenue is used to pay for bonded indebtedness on construction, equipment, or both.
The bonds, and the tax rate necessary to pay those bonds, were approved by the voters of this district.

Comparison of Proposed Levy with Last Year's Levy on Average Residence
Last Year

This Year

Average Market Value of Residences

$219,630

$240,984

Average Taxable Value of Residences

$192,084

$210,117

Last Year's Rate Versus Proposed Rate per $100 Value $1.320000

$1.320000

Taxes Due on Average Residence

$2,773.54

$2,535.51

Increase (Decrease) in Taxes
$238.03
Under state law, the dollar amount of school taxes imposed on the residence homestead of a person 65 years of age or older or of the surviving spouse of such a
person, if the surviving spouse was 55 years of age or older when the person died, may not be increased above the amount paid in the first year after the person
turned 65, regardless of changes in tax rate or property value.
Notice of Rollback Rate: The highest tax rate the district can adopt before requiring voter approval at an election is $1.320000. This election will be automatically
held if the district adopts a rate in excess of the rollback rate of $1.320000.

Fund Balances
The following estimated balances will remain at the end of the current fiscal year and are not encumbered with or by a corresponding debt obligation, less estimated funds
necessary for operating the district before receipt of the first state aid payment.
Maintenance and Operations Fund Balance(s)

$22,591,339

Interest & Sinking Fund Balance(s)

$6,189,398

13885 WOODWAY DRIVE, WACO, TX 76712

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