Midland ISD Board approves 2022-23 budget
MIDLAND, Texas (KOSA) -The Midland ISD Board of Trustees approved the district’s 2022-23 budget at their June board meeting Monday evening.
The 2022-23 budget of $480,314,060 is composed of a general fund, food service fund, and debt service fund. The new general fund budget of $436,944,747 allocates 37.06% of the fund directly toward classroom instruction.
The approved budget estimates a lower maintenance and operations property tax rate: from $0.9534 in 2021-22 to $0.8446 in 2022-23. The interest and sinking tax rate holds steady at $0.0702, meaning the estimated new combined property tax rate is estimated at $9.148 per $100 valuation, down nearly 11 cents from last year. The tax rate will be approved at the September board meeting after the district receives its certified property values in August.
“This budget supports the work of teachers and academic leaders who are focused on doing what’s right for students,” Chief Financial Officer Darrell Dodds said.
As previously reported, the new budget provides teacher pay raises across all levels, including increasing the pay for first-year teachers to $58,500. The budget also includes a $1,000 annual retention and incentive bonus for employees and an increase to the minimum wage for hourly employees.
This year’s budget also allocates additional funding specifically to meet the needs of all students. The budget allows for adding 27 special services employees, eight counselors, and six social workers.
“From supporting students with disabilities to meeting students’ basic and mental health needs, these are positions that will work directly with students to support their success,” Dodds said.
The second-highest expense in the general fund is 35.15% to Chapter 49, or recapture, which is mandated by the state. This year, Midlanders are estimated to pay $153,589,939 to the state in the form of recapture.
MISD’s 2022-23 fiscal year runs from July 1, 2022, through June 30, 2023. Classes resume on August 8.
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