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Lake Dallas ISD adopts $1.2552 tax rate, 2024–25 budgets and approves bond redemption
Summary
The Lake Dallas ISD Board on Aug. 26 adopted the district's 2024'1 General, Food Service, Debt Service and Compensatory Education budgets, set a total tax rate of $1.2552 per $100 valuation and approved a partial redemption of refunding bonds expected to save about $1.01 million in interest.
The Lake Dallas Independent School District Board of Trustees voted unanimously Aug. 26 to adopt the district's 2024'1 budgets and to set the total tax rate at $1.2552 per $100 of assessed value.
Deputy Superintendent Wes Eversole presented the budget package and a proposed tax rate split of $0.7552 for maintenance and operations and $0.5000 for debt service. The board approved the General Fund, Child Nutrition (Food Service), Debt Service and Compensatory Education budgets on a 7'0'0vote; the record motion and supporting materials were presented during the public hearing portion of the meeting.
Eversole also explained the district had an opportunity to prepay a portion of outstanding refunding bonds. Based on current property values and an I&S rate of $0.50, the district could prepay approximately $5,085,000 of bonds, yielding an estimated reduction in future interest costs of about $1,009,351. The board approved an order authorizing the defeasance and redemption of a portion of the Lake Dallas ISD Unlimited Tax Refunding Bonds, Series 2015 and Series 2016.
Board members recorded a unanimous vote on the ordinance setting the tax rate; trustees Scott Baird, Bruce Smith, Ginger Collier, Greg Bartley, Aaron Appleby, Mark Tucker and President Lance Stacy were all recorded as voting "Yea." The motion stated that the adopted $1.2552 rate was effectively a 5.3% percent increase in the tax rate as presented to the board.
The budget presentation included the budget calendar, a 10'year taxable values table, and high-level revenue/expenditure summaries; materials were provided to trustees for review but contained no additional public questions during the hearing. The adopted budgets and the bond redemption order take effect as recorded in board action minutes.
What's next: the board will publish the adopted budgets and tax ordinance per state requirements and proceed with the administrative steps necessary to process the approved bond defeasance.
