Debt Services Fund
(Interest & Sinking)
Principal and Interest Payments on Debts Issued
For school districts, this includes:
-
New Construction
-
Renovations
-
HVAC Systems
-
Roofing
-
Technology
For the average citizen, this is similar to:
-
Mortgage
-
Home Renovation
-
Major Appliances
-
Land
-
Car
For school districts, this includes:
-
New Construction
-
Renovations
-
HVAC Systems
-
Roofing
-
Technology
For the average citizen, this is similar to:
-
Mortgage
-
Home Renovation
-
Major Appliances
-
Land
-
Car
Public school taxes involve two figures which divide the school district’s budget into two “buckets.” The first is the Maintenance & Operations (M&O) budget, also known as the General Fund. The M&O fund is used to pay for the day-to-day operations of a district and includes items such as salaries, utilities, food, gas, supplies, etc. A majority of Cranfills Gap ISD’s M&O budget is spent on salaries including teacher compensation, benefits, and related costs.
The second is the Interest & Sinking (I&S) budget or Debt Service. This fund is used to repay debt for capital improvements approved by voters through bond elections. As a comparison, this fund is similar to a mortgage or home improvement loan. I&S funds may only be used to repay debt.
Proceeds from a bond issue can be used for the construction and renovation of facilities, the acquisition of land and the purchase of capital items, such as technology and transportation. By law, voter-approved bonds cannot be used to increase salaries or to pay rising costs of utilities or services.
TAX IMPACT
UNDERSTANDING THE TAX RATE
Age 65+
NO TAX INCREASE on homesteads for those with an Age 65 Homestead Exemption Affidavit. For questions on how to apply, contact Bosque CAD at (254) 435-2304 or file online at bosquecad.com.
The Age 65+ Homestead Exemption must be filed by December 31, 2023 to receive the 2023 rate. Otherwise, those newly applying in 2024 will receive the rate adopted by the school board in 2024.
General Operating Fund
(Maintenance & Operations)
Day-to-Day Operations and Expenses
For school districts, this includes:
-
Staff salaries
-
Utilities
-
Supplies
-
Repairs
-
Fuel
For the average citizen, this is similar to:
-
Groceries
-
Utilities
-
Minor Home Repairs
-
Routine Services
-
Car Fuel
For school districts, this includes:
-
Staff salaries
-
Utilities
-
Supplies
-
Repairs
-
Fuel
For the average citizen, this is similar to:
-
Groceries
-
Utilities
-
Minor Home Repairs
-
Routine Services
-
Car Fuel