The Caddo Mills ISD Board of Trustees approved a 9 cent tax rate decrease at the August 10th board meeting. School board members are tasked with adopting a budget and tax rate each year. The adopted Maintenance and Operation Rate went down to $.971 and the Interest and Sinking Rate remained unchanged at $.285 for a total tax rate of $1.2566 per $100 valuation.
Maintenance and Operations funds are used for day to day operations of the schools with the majority going to staff salaries. Interest and Sinking funds can only be used to pay for long term debt previously approved by CMISD taxpayers.
CMISD Board Members take adopting the budget and tax rate very seriously and they know personally what property values have done in CMISD over the past 10 years. While values have gone up, tax rates have went from $1.54 in 2013 to $1.2566 in 2019. School districts do not benefit from growing local property values on the M&O side of the budget. As local property values grow, the share of state funding decreases.
The state legislature passed HB3 and it provides help in the way of increasing the share of state funding for our schools across the state and did help provide for local tax relief. CMISD was fortunate to get a boost in state aid and students will benefit. Around 40% of CMISD funding comes from local revenues while about 60% comes from state aid.
The May Bond election was moved to November due to COVID-19. The board called for the $90 million to address student growth. The primary focus will be building a new high school. Design is underway and will be available for public viewing prior to early voting in October. Some of the $90 million will also go towards renovations and upgrades on other campuses. The current high school is at capacity and the middle school is over capacity leading to the district moving in portable classrooms over the summer. Many subdivisions are in full swing and the district is expected to reach the 3000 student mark by 2026. At the end of the 19-20 school year, there were 1950 students enrolled. The district plans to have bond meetings in September to present plans and to address tax impact.
Our school board is committed to making decisions on what is best for kids while listening to our community. The district formed a visioning committee in 2019 and through the work of that committee a bond was recommended to the school board for a new high school in February of 2020. As our district continues to grow, we have many opportunities that we will meet head on. This is a very exciting, yet challenging time for our school district. Celebrate the Past, Create the Future.