The Bridgeport ISD Board of Directors on Monday approved the school district’s tax rate for the 2024-2025 fiscal year.
Maintenance and operating costs (M&O) are 66.69 cents per $100 valuation and interesting and drops to 26.279 (I&S) at a newly implemented tax rate of 92.969 cents per $100. The tax rate for FY 24-25 is a decrease of approximately 13 cents from the previous year’s rate of 1.06117.
The decreased rate is largely due to a reduction in I&S after the board approved a valuation rate of 39.197 cents per $100 last year.
“The rate reduction and the decrease in interest rates are due to the remaining amount of debt in bonds,” said Sheri Staszewski, BISD’s chief financial officer. “At this point, that is the maximum amount (26,279) that we can go forward with and pay down those bonds in the current fiscal year.”
With an I&S rate of just over 26 cents, the county has approximately $90 million in bond capacity over a 30-year term if a referendum were put to the vote and the adopted rate passed.
While many school districts adopt tax rates and budgets simultaneously, BISD adopted its FY 24-25 budget in June because the district’s fiscal year runs June 30-July 1.
As already mentioned in the Wise County MessengerThe district passed a deficit budget of $1.3 million, with total revenues of $21,503,740 and expenses of $22,867,016.
