MIDLAND, Texas —
Midland ISD announced Wednesday that their board of trustees approved the 2022-23 budget.
The budget of $480,314,060 is composed of a general fund, food service fund and debt service fund.
The new general fund budget of $436,944,747 allocates 37.06% of the fund directly toward classroom instruction.
This year's budget allocates additional funding specifically to meeting the needs of students, as well as adding 27 special services employees, eight counselors and six social workers.
The second highest expense in the general fund is 35.15% to Chapter 49, or recapture, which is mandated by the state. This year, Midlanders are estimated to pay $153,589,939 to the state in the form of recapture.
The new budget provides teacher and hourly pay increases, as well as employee bonuses.
According to the district, the maintenance and operations tax rate is down, while the interest and sinking tax rate is holding steady, meaning the estimated new combined property tax rate is estimated at $9.148 per $100 valuation. It will be approved at the September board meeting.
MISD's 2022-23 fiscal year runs from July 1, 2022, through June 30, 2023.
