During the August 2 budget workshop, the board proposed a decrease of 8.7 pennies in the ISD tax rate which is a 7% decrease in the current ISD tax rate. The proposed ISD tax rate is $1.1872 which is the lowest tax rate in over 20 years. Even though the average homeowner’s taxable value increased in value, Magnolia ISD’s proposed ISD tax rate decrease will give the average homeowner an approximate savings of $60 a year.
Assistant Superintendent Dr. Erich Morris also presented a balanced budget for the 2021-2022 school year which includes an aggressive bond defeasance plan. For the past five years, this aggressive approach has saved the distinct over $35 million in interest. This approach has allowed the district to have the lowest debt per student when compared to surrounding districts.
Magnolia ISD continues to remain competitive with first-year teacher salaries along with other benefits including:
- Alternative medical insurance plan that is $0 cost to the employee
- Employee child daycare ($50/month for support staff; $180/month for teachers/admin)
- Free transportation child daycare
- Free early morning child care
- Competitive stipend pay
- Competitive supplemental insurance options
- Trend of substantial retention pay
The Board approved a $1,000 retention pay for all employees which employees will see on their August 15 paycheck.
The budget and tax rate hearing is set for August 23.