School district approves $87M budget, lowers tax rate

Elgin Independent School District leaders last week formally adopted the 2024-25 fiscal year budget and set the district’s lowest tax rate in more than 20 years.

Fol lowing a suc cessful week back at school, trustees approved a budget Aug. 19 with total revenue and expenditures both reaching just over $87 million across three funds – the General Operating Fund, the Child Nutrition Fund and the Debt Service Fund. The Child Nutrition Fund, with an excess fund balance, is expected to spend down an estimated $331,700, according to the district.

The 2024-25 budget is based on a total tax rate of $1.2234, a decrease of $0.0023 from last year’s $1.2257. This marks the sixth consecutive year Elgin ISD has lowered its tax rate for local residents.

The Debt Ser v ice tax rate remains unchanged at $0.4682, while the Maintenance and Operations rate has dropped to $0.7552 from $0.7575. However, the new rate is expected to generate more revenue for Maintenance and Operations due to higher property values, reports said.

The 2024-25 fiscal year begins Sept. 1 and runs through June 30 of next year, due to a planned fiscal year change.