Shiner approves funding new school construction
Thursday, September 1, 2005
Barry Halvorson, Victoria Advocate Sports Editor

VictoriaAdvocate.com Article   |   Shiner School Construction News   |   Construction Watch Home Page

SHINER - After months of debate concerning the Shiner public school board's decision to fund the construction of a new school campus through a lease-purchase arrangement, the board approved taking $660,000 from its fund balance to pay the first loan payment Wednesday.

In the special meeting, the board also approved its tax rate and budget, which goes into effect today.

The tax rate of $1.50 per $100 valuation, the state maximum, is the same rate adopted for the past two years. The district has no bonded debt.

While the rate stays the same, property owners will likely pay more because of increases in property values.

Last year, the average value of a home was $46,729 while the new value is $51,445. Based on a $1.50 rate, last year's taxes due on an average home were $700.94, before exemptions, while this year's taxes due will be $771.68, an increase in taxes of $70.74.

Superintendent Trey Lawrence said the budget includes $4,731,904 for operation and $4,413,212 for expenses.

The estimated fund balance for the 2004-2005 year was $1.4 million. The $660,000 loan payment will be taken from this fund balance, not the budgeted revenues.

Lawrence said if the district spends 100 percent of budgeted expenditures, the district will finish the year with a $318,692 surplus before having to make the next loan payment.

If the district spends only 90 percent of the budget, the same amount spent in 2004-2005, it would finish with a reserve of $760,014 and would still show a fund balance increase of $105,814 after making a loan payment.

"I think the 90 percent figure is a fair estimate," Lawrence said. "When we were doing the budget, I tried to be as conservative as possible in the projections both for expenditures and revenues.

Earlier this year, the trustees approved a lease-purchase agreement to build a new pre-kindergarten through 12th grade-campus adjacent to the district's football stadium on the west side of the city. The project has an estimated $7 million budget.

Barry Halvorson is a reporter for The Victoria Advocate.
Contact him at 361-798-3888, or by e-mail at hvilladv@vicad.com.

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