The Mineral Wells ISD trustees unanimously approved adoption of the 2020-21 budget and 2020 tax rate during a special meeting Thursday.
The property tax rate will be increased to $1.4133 per $100 valuation, which is effectively a 7.5% increase. The effect is about $135 on a $100,000 home.
Under the newly-adopted 2020 tax rate, the maintenance and operation rate will decrease from $1.0684 to $1.0427, and the interest and sinking rate will increase from $0.3304 to $0.3076.
"This is basically the same budget we looked at at the budget workshop," MWISD Chief Financial Officer Paul Hearn said. "If you look at other state sources on debt service, [ours] are decreasing this year so we're having to make that up in debt service taxes."
Hearn said there is an overall increase in foundation and per capita funds.
On the expenditures side, regular step raises for teachers, librarians and nurses have been built into the budget.
"We've added the 3% for non-admin and 2% for admin, which added $214,729 total spread among these functions," Hearn said. "Overall, we should still make about a $386,708 cushion built in for the year."
Trustees also approved an amendment to the 2019-20 budget.