Austin ISD issued the following announcement.
Austin ISD Pays $618.2 Million—46.6 percent of local tax revenue—to State of Texas/Austin ISD paga $ 618.2 millones, 46.6 por ciento de los ingresos fiscales locales, al estado de Texas.
Austin ISD Pays $618.2 Million—46.6 percent of local tax revenue—to State of Texas
Last week, Austin ISD sent $618.2 million of the taxes the district collects in Austin to the State of Texas. This payment is almost half of the district's annual budget of $1.6 billion.
AISD is the single, largest payer into the state finance system, which is called local revenue in excess of entitlement, also known as recapture.
Although Austin's local property values are increasing, the increases in taxpayers’ annual property tax bills do not necessarily translate into more revenue for the district. For fiscal year 2020-21, the district projects that about 46.6 percent of the local tax revenue it collects will be sent to the state’s general fund for recapture.
AISD continues to maintain the lowest overall property tax rates among area school districts. The district also earns the highest ratings for strong fiscal management, saving taxpayers millions of dollars due to lower interest rates.
In 2018, AISD served on the Texas Commission on Public School Finance, which informed last year's legislative package of $11.5 billion in tax cuts and public education spending that included pay raises for educators.
This year, AISD is expected to send $46.7 million less due to the legislative changes, but AISD's recapture payment remains the highest in the state at $618.2 million.
Original source can be found here.
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