| NOTICE OF PUBLIC MEETING TO DISCUSS | |||||||||
| BUDGET AND PROPOSED TAX RATE | |||||||||
| The Forsan Independent School District will hold a public meeting at 6:30 P.M., August 14, 2006, | |||||||||
| in the Forsan High School Board Room, 411 W. 6th Street, Forsan, Texas. 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 | $1.3700 / $100 (Proposed rate for maintenance and operations) | ||||||||
| School Debt Service Tax | |||||||||
| Approved by Local Voters | $0.1300 / $100 (Proposed rate for bonded indebtedness) | ||||||||
| 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 | 27.39% | increase | |||||||
| Debt Service | 0.45% | increase | |||||||
| Total Expenditures | 27.84% | 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 | $ | 318,599,904 | $ | 397,259,716 | |||||
| Total appraised value * of new property ** | $ | 169,700 | $ | 235,098 | |||||
| Total taxable value *** of all property | $ | 280,036,001 | $ | 348,081,738 | |||||
| Total taxable value *** of new property ** | $ | 104,809 | $ | 163,420 | |||||
| * | "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. | ||||||||
| Bonded Indebtedness | |||||||||
| Total amount of outstanding and unpaid bonded indebtedness * | $ | 4,800,000 | |||||||
| * | Outstanding principal. | ||||||||
| Comparison of Proposed Rates with Last Year's Rates | |||||||||
| Maintenance | Interest & | Local Revenue | State Revenue | ||||||
| & Operations | Sinking Fund * | Total | Per Student | Per Student | |||||
| Last Year's Rate | 1.50000 | 0.16880 | 1.66880 | 7179 | 1005 | ||||
| Rate to Maintain Same | |||||||||
| Level of Maintenance & | |||||||||
| Operations Revenue & | |||||||||
| Pay Debt Service | 1.33010 | 0.12640 | 1.45650 | 7454 | 1175 | ||||
| Proposed Rate | 1.37000 | 0.13000 | 1.50000 | 7505 | 1453 | ||||
| * | 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 | $41,727 | $42,025 | |||||||
| Average Taxable Value of Residences | $18,382 | $18,620 | |||||||
| Last Year's Rate Versus Proposed Rate per $100 Value | $1.67 | $1.50 | |||||||
| Taxes Due on Average Residence | $306.75 | $279.30 | |||||||
| Increase (Decrease) in Taxes | ($27.45) | ||||||||
| Under state law, the dollar amount of school taxes imposed on the residence homestead of a person 65 | |||||||||
| years of age or older or 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. | |||||||||
| Note of Rollback Rage: The highest tax rate the district can adopt before requiring voter approval at | |||||||||
| an election is $1.50. This election will be automatically held if the district adopts a rate in excess of | |||||||||
| the rollback rate of $1.50. | |||||||||
| 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) | $2,148,630 | ||||||||
| Interest & Sinking Fund Balance(s) | $46,121 | ||||||||