The Madisonville Consolidated Independent School District Board of Trustees approved a budget of just under $21 million dollars for the 2017-18 fiscal year.
At a special meeting and public hearing on Monday, the board approved the $20,729,949 budget 5-0, with board member Mike Corley absent, and member Zingara Manning showing up after the vote.
The new budget includes expenditures that are $873,954 more than last year’s budget, and a debt service amount of $1,708,880, which is used to pay down the district’s $20 bond issue.
Business Manager Scott Singletary said the bulk of the increase was attributed to a $1,300 raise in teacher salaries, which amounted to a little more than $500,000.
The board also approved the new property tax rate for the year, which is essentially the same as in the previous year.
Superintendent Keith Smith said that the tax rate levied by the school systems has remained virtually unchanged for the last 11 years.
The new rate will be $1.2187 per $100 valuation, Singletary said; $1.04 for maintenance and operations and $0.1787/$100 for debt service, used to pay off the bonds.
Last year’s tax rate totaled $1.2163.
In other business, the board approved a budget amendment, rearranging funds as necessary but not adding any funds, Singletary said.