To ensure financial stability while providing relief to local taxpayers, the Hempstead Independent School District Board of Trustees has approved a balanced budget for the 2024-2025 fiscal year. The budget was adopted during a special board meeting on Friday, August 23.
The district adopted a $19,658,539 general operating fund balanced budget.
Additionally, the Board of Trustees approved a maintenance and operations tax rate of $0.7552 per $100 valuation along with an interest and sinking rate of $0.1884 per valuation, making for a total tax rate of $0.9436 per $100 valuation. The newly adopted tax rate is $0.0077 lower than the FY 2023-2024 tax rate.
Despite the tax rate being lower than last fiscal year, the $0.9436 tax rate exceeds the district’s no-new-revenue rate by about $0.1014. The no-new-revenue rate is the tax rate the district would need to adopt to receive the amount of local property taxes as the previous fiscal year assuming the same properties are taxed both years.
The M&O portion of the tax rate funds the day-to-day operations of a district while the I&S rate funds the district’s debt payments, including bonds.
A homeowner with a market home value of $235,877 and an average taxable value of $119,840 can expect to pay $1,130.81 in school property taxes, which is a $103.42 increase from last fiscal year, according to district information.
This comes as the average taxable value of homes in the district rose from $107,999 to $119,840, compared to last year.
Superintendent Herbert O’Neil applauded the Board’s decision, stating, “This budget reflects our district's dedication to being fiscally responsible while continuing to prioritize the needs of our students and staff. By lowering the tax rate, we are benefiting our community without compromising the quality of education our students deserve.”
The balanced budget was achieved through strategic planning, including careful evaluation of district expenditures, efficient use of resources, and prioritization of educational programs. Despite nationwide economic challenges, Hempstead ISD has managed to maintain essential services, enhance academic programs, and invest in the district’s infrastructure.
The approved budget will fund several strategic priorities for the upcoming school year, including:
Enhanced Academic Programs: Increased investment in district programs to prepare students for future success.
Teacher and Staff Compensation: Competitive salaries and benefits to attract and retain high-quality educators and support staff.
Student Support Services: Expanded mental health resources, counseling services, and academic support to ensure the well-being and academic success of all students.
Facility Improvements: Continued maintenance and upgrades to school facilities, ensuring a safe and conducive learning environment.
Hempstead ISD remains focused on its mission to inspire and empower every student to reach their full potential. As the district prepares for the 2024-2025 school year, the Board of Trustees and district leadership team are confident that this budget will support the continued progress and success of all students.
For more information about the 2024-2025 budget, please visit the www.hempsteadisd.org.