Grapevine-Colleyville trustees recently approved budget plans for 2016-17, but it will be a while before taxpayers will know how much more they will pay to fund the $249 million bond package.
At a June 20 meeting, board members approved a $154 million operating budget that includes a $30 million “Robin Hood” payment and a 2 percent of midpoint raise for all school district employees. As a property wealthy Chapter 41 district, Grapevine-Colleyville sends money back to the state each year for redistribution.
The raise will cost about $1.75 million. Employees did not get a cost of living adjustment for 2015-16.
The budget is based on an 8 percent growth in values and includes a deficit of $3.3 million.
The tax rate for maintenance and operations is fixed at $1.04 per $100 of assessed value. Because of the $249 million bond package favored by voters in May, GCISD property owners will see an increase in the tax rate for debt.
DaiAnn Mooney, chief financial officer, said the tax rate will be determined after officials receive the late July values from Tarrant Appraisal District and bonds are sold in early August. The rate for bond debt, currently at 28 cents, could go reach almost 41 cents. Administrators estimate the increase will likely be lower because of growth in property values.