Round Rock Edition | October 2022

Tax rate ROUND ROCK ISD TAX BILL BREAKDOWN

“Our No. 1 objective was to take care of our sta. If you look at the budget, we

2021-22

2022-23 Rate of change

-6.26%

$1.1336

$1.0626

increased the budget by over $18 million for compensation to ease some of the burden that is being put on our sta and families in this area due to the rising cost to live here.” —Dennis Covington, RRISD chief nancial ocer

Average taxable property value

Round Rock ISD’s adopted tax rate for scal year 2022-23 remains one of the lowest compared to surrounding school districts.

+28.59%

$287,101

$369,169

$3,254.58 $3,922.79

+$668.21

Yearly bill

MONEY IN

MONEY OUT

Round Rock ISD is expecting to pay nearly ve times more to the state through recapture. In scal year 2021-22, the district paid $14.5 million and anticipates paying around $72.5 million for FY 2022-23.

The district is expecting to see an increase of $66.27 million in property tax revenue for scal year 2022-23. While the budget itself is balanced, the district decided to absorb increased health care costs without passing them on to employees, creating a $3 million decit from revenues to expenditures. BIGGEST INCREASES IN REVENUE Property taxes are the biggest revenue generator, and home values in the district continue to increase due to growth in population and a competitive housing market, according to district ocials.

BIGGEST EXPENSES Salaries and instruction

$278M

Trustees approved a 5% pay increase for district teachers and librarians, and a 4% increase for administrative and operational support roles. Other positions saw a 3% pay increase for FY 2022-23.

Facilities and maintenance operations

$44.91M

State recapture

$72 million

from $388.6 million in FY 2021-22 to $454.87 million in FY 2022-23.

17.05% Property tax revenue grew

KEY TAKEAWAY

Salaries accounted for 55.58% of the district’s general fund, which is used for daily expenses, in FY 2021-22 but only 50.2% in FY 2022-23.

REVENUES BY SOURCE

Local: $461.7M State: $46.6M Federal: $9.8M

The district increased pay for its sta in the new scal year.

Total: $518.1M

EXPENDITURES BY FUNCTION

YEAROVERYEAR EXPENDITURES CHANGE

YEAROVERYEAR REVENUES CHANGE

Student Services: $53.6M Instructional and School Leadership: $37.8M General Administration: $11.4M

Instruction: $278M

FY 2021-22

$467.4M

$444.5M

Other: $80.1M Support Services: $60.1M

+11.47%

+16.54%

FY 2022-23

$521M

$518M

Total: $521M

For more information, visit communityimpact.com.

SOURCE: ROUND ROCK ISDCOMMUNITY IMPACT

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ROUND ROCK EDITION • OCTOBER 2022