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NOTICE OF PUBLIC MEETING TO DISCUSS BUDGET AND PROPOSED TAX RATE The Pine Tree Independent School District will hold a public meeting at 06:00 PM, June 08, 2020 in Pine Tree ISO Administration Building Board Room, 1701 Pine Tree Road, Longview, Texas. The purpose of this meeting is to discuss the school district's budget that will determine the tax rate that will be adopted. Public participation in the discussion is invited. The Tax rate that is ultimately adopted at this meeting or at a separate meeting at a later date may not exceed the proposed rate shown below unless the district publishes a revised notice containing the same information and com- parisons set out below and holds another public meeting to discuss the revised notice. Maintenance Tax School Debt Service Tax Approved by Local Voters $1.0547/S100 (proposed rate for mainte- nance and operations) S0.3450/S100 (proposed rate to pay bonded indebtedness Comparison of Proposed Budget with Last Year's Budget The applicable percentage increase or decrease (or difference) in the amount budgeted in the preceding fiscal year and the amount budgeted for the fiscal year that begins during the current tax year is indicated for each of the following expenditure categories Maintenance and operations Debt Service Total Expenditures -1.16% decrease -39.16% decrease -7.01% decrease Total Appraised Value and Total Taxable Value (as calculated under Section 26.04, Tax Code) Total appraised value" of new property* Total taxable value*** of all property Total taxable value* of new property* Preceding Tax Year $2.075,282,862 $9,199,270 $1,602,184,030 $8,102.975 Current Tax Year $2,026,427,453 $14,303,360 $1,571,183.942 $13,636,311 "Appraised value is the amount shown on the appraisal roll and defined by Section 1.04(8), Tax Code Property" is defined by Section 26.012(17), Tax Code **** Taxable Value" is defined by Section 1.04(10), Tax Code Bonded Indebtedness Total amount of outstanding and unpaid bonded indebtedness" $48,330,000 "Outstanding principal. Comparison of Proposed Rates with Last Year's Rates Maintenance & Operations State Rev- enue Per Student Interest & Sinking Fund S0.3550 $1.4233 $0.3442 $1.3954 Total Local Revenue Per Student Last Year's Rate $1.0683 $5,189 $5,495 Rate to Maintain Same Level of Maintenance & Operations Revenue & Pay Debt Service $1.0512 $5,194 $5,468 Proposed Rate $1.0547 $0.3450 $1.3997 $5,021 $5,772 "The Interest & Sinking Fund tax revenue is used to pay for bonded indebtedness on construction, equipment, or both. The bonds, and the tax rate necessary to pay those bonds, were approved by the voters if this district. Comparison of Proposed Levy with Last Year's Levy on Average Residence Average Market Value of Residences Average Taxable Value of Residences Last Year's Rate Versus Proposed Rate per $100 Value Taxes Due on Average Residence Increase (Decrease) in Taxes Last Year $155,398 $55,416 $1.4233 $788.74 This Year $157,754 $5,838 $1.3997 $781.56 -$7.17 Under state law, the dollar amount of school taxes imposed on the residence homestead of a person 65 years of age or older or of the surviving spouse of such a person, if the surviving spouse was 55 years of age or older when the person died, may not be increased above the amount paid in the first year after the person turned 65, regardless of changes in tax rate or property value. Notice of Voter-Approval Rate: The highest tax rate the district can adopt before requiring voter approval at an election is $1.4220. This election will be automatically held if the district adopts a rate in excess of voter-approval rate of $1.4220. Fund Balances The following estimated balances will remain at the end of the current fiscal year and are not encumbered with or by a corresponding debt obligation, less estimated funds necessary for operating the district before receipt of the first state aid payment. Maintenance and Operations Fund Balancejs) Interest & Sinking Fund Balancejs) $11,812,240 $5,430,882 A school district may not increase the district's maintenance and operations tax rate to create a surplus in main- tenance and operations tax revenue for the purpose of paying the district's debt service. NOTICE OF PUBLIC MEETING TO DISCUSS BUDGET AND PROPOSED TAX RATE The Pine Tree Independent School District will hold a public meeting at 06:00 PM, June 08, 2020 in Pine Tree ISO Administration Building Board Room, 1701 Pine Tree Road, Longview, Texas. The purpose of this meeting is to discuss the school district's budget that will determine the tax rate that will be adopted. Public participation in the discussion is invited. The Tax rate that is ultimately adopted at this meeting or at a separate meeting at a later date may not exceed the proposed rate shown below unless the district publishes a revised notice containing the same information and com- parisons set out below and holds another public meeting to discuss the revised notice. Maintenance Tax School Debt Service Tax Approved by Local Voters $1.0547/S100 (proposed rate for mainte- nance and operations) S0.3450/S100 (proposed rate to pay bonded indebtedness Comparison of Proposed Budget with Last Year's Budget The applicable percentage increase or decrease (or difference) in the amount budgeted in the preceding fiscal year and the amount budgeted for the fiscal year that begins during the current tax year is indicated for each of the following expenditure categories Maintenance and operations Debt Service Total Expenditures -1.16% decrease -39.16% decrease -7.01% decrease Total Appraised Value and Total Taxable Value (as calculated under Section 26.04, Tax Code) Total appraised value" of new property* Total taxable value*** of all property Total taxable value* of new property* Preceding Tax Year $2.075,282,862 $9,199,270 $1,602,184,030 $8,102.975 Current Tax Year $2,026,427,453 $14,303,360 $1,571,183.942 $13,636,311 "Appraised value is the amount shown on the appraisal roll and defined by Section 1.04(8), Tax Code Property" is defined by Section 26.012(17), Tax Code **** Taxable Value" is defined by Section 1.04(10), Tax Code Bonded Indebtedness Total amount of outstanding and unpaid bonded indebtedness" $48,330,000 "Outstanding principal. Comparison of Proposed Rates with Last Year's Rates Maintenance & Operations State Rev- enue Per Student Interest & Sinking Fund S0.3550 $1.4233 $0.3442 $1.3954 Total Local Revenue Per Student Last Year's Rate $1.0683 $5,189 $5,495 Rate to Maintain Same Level of Maintenance & Operations Revenue & Pay Debt Service $1.0512 $5,194 $5,468 Proposed Rate $1.0547 $0.3450 $1.3997 $5,021 $5,772 "The Interest & Sinking Fund tax revenue is used to pay for bonded indebtedness on construction, equipment, or both. The bonds, and the tax rate necessary to pay those bonds, were approved by the voters if this district. Comparison of Proposed Levy with Last Year's Levy on Average Residence Average Market Value of Residences Average Taxable Value of Residences Last Year's Rate Versus Proposed Rate per $100 Value Taxes Due on Average Residence Increase (Decrease) in Taxes Last Year $155,398 $55,416 $1.4233 $788.74 This Year $157,754 $5,838 $1.3997 $781.56 -$7.17 Under state law, the dollar amount of school taxes imposed on the residence homestead of a person 65 years of age or older or of the surviving spouse of such a person, if the surviving spouse was 55 years of age or older when the person died, may not be increased above the amount paid in the first year after the person turned 65, regardless of changes in tax rate or property value. Notice of Voter-Approval Rate: The highest tax rate the district can adopt before requiring voter approval at an election is $1.4220. This election will be automatically held if the district adopts a rate in excess of voter-approval rate of $1.4220. Fund Balances The following estimated balances will remain at the end of the current fiscal year and are not encumbered with or by a corresponding debt obligation, less estimated funds necessary for operating the district before receipt of the first state aid payment. Maintenance and Operations Fund Balancejs) Interest & Sinking Fund Balancejs) $11,812,240 $5,430,882 A school district may not increase the district's maintenance and operations tax rate to create a surplus in main- tenance and operations tax revenue for the purpose of paying the district's debt service.