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McKinney ISD CFO reports $1.6 billion rise in certified value, flags fund-balance uncertainty
Summary
Chief Financial Officer Marlene Harbison told the board the district's certified value is up about $1.6 billion year-over-year, that the current tax rate totals 1.1043 (M&O 0.7343; I&S 0.37), and that preliminary projections show a roughly $7.5 million potential loss to the fund balance before final April–June updates.
Chief Financial Officer Marlene Harbison presented the district’s current budget snapshot and preliminary projections on March 23.
Harbison said the district’s total certified property value is up about $1,600,000,000 from the prior year, while new construction is down about $21,000,000. She reported the district’s current maintenance and operations (M&O) tax rate at 0.7343 and an interest and sinking (I&S) rate of 0.37 for a combined total tax rate of 1.1043.
On revenue, Harbison said local property tax revenue is roughly $6,400,000 higher than last year and state aid increases—driven in part by the teacher retention allotment and special-education weightings—are currently estimated at about $21,600,000. She cautioned that those and other numbers remain “moving targets” and said certified estimates will be available on April 7.
Harbison listed a projected fund-balance figure of approximately $93,400,000 but noted a highlighted projection showing about a $7,500,000 loss in the coming budget cycle; she said multiple variables—student average daily attendance, vacancies and continued changes to the state funding template—could shift that result before year-end. On debt, Harbison said the district’s bond issuance is complete (approximately $507,500,000 outstanding) and that a planned refunding in August could save an estimated $3 million to $4.5 million in interest. She also said historic bond strategies have produced roughly $170,000,000 in savings to date.
Ending: Harbison concluded by inviting board questions and noting that numbers are preliminary and expected to change as the legislature’s final funding template and certified values firm up; the board did not take action beyond receiving the report.
