Mineola school trustees adopted a lower property tax rate and took care of year-end financial matters Thursday, Aug. 31.

The board approved the 2023-24 budget of $20.9 million for maintenance and operations and $1.7 million for debt service.

The tax rate to support that budget was approved for $.97758 which includes $.7575 for M&O and $.22008 for debts.

The budget includes a three percent pay raise and basic health insurance for employees at no cost.

Trustees accepted fixed assets donated to the district including a grant to purchase 500 Chromebooks and teacher grants from the Mineola ISD Education Foundation.

The board approved designating funds per state guidelines to include $5 million for building improvements and $500,000 for any reductions in state funds.

The property tax rate is 18.54 cents lower than last year thanks to additional state funding that legislators provided as part of the state’s $32 billion surplus.

In addition, homeowners will have the chance to reduce their homestead exemption from $40,000 to $100,000 when voters will be asked to consider a state constitutional amendment Nov. 7.

The rate was based on the reduction passing.

Last year’s tax rate was $1.165. It was $.9631 in 2021 prior to the 2022 school bond election when the district had no debt.