The Lovejoy ISD will hold a public meeting at 7:30 PM, August 26, 2003 in the Board of Trustees Meeting

room located at 259 Country Club Rd., Allen, Texas 75002. The purpose of this meeting is to discuss the school district's budget that will determine the tax rate that will be adopted. Public participation in the discussion is invited.


The tax rate that is ultimately adopted at this meeting or at a separate meeting at a later date may not exceed the proposed rate shown below unless the district publishes a revised notice containing the same information and comparisons set out below and holds another public meeting to discuss the revised notice.




Comparison of Proposed Rates with Last Year's Rates


Maintenance   Interest &                Local Revenue State Revenue

& Operations Sinking Fund*  Total       Per Student     Per Student

Last Year's Rate           $ 1.450000    $ 0.150000    $ 1.600000    $ 12,302             $ 338


Rate to Maintain Same      $ 1.550000    $ 0.203200    $ 1.753200    $ 12,690             $ 270

Level of Maintenance &

Operations Revenue &

Pay Debt Service


Proposed Rate               $1.500000     $0.203000     $1.703000     $12,185              $270


* The Interest & Sinking Fund tax revenue is used to pay for bonded indebtedness on construction. equipment, or both. The bonds, and the tax rate necessary to pay those bonds, were approved by the voters of this district.




Comparison of Proposed Levy with Last Year's Levy on Average Residence


Last Year   This Year


Average Market Value of Residences                          $ 292,800   $ 298,502


Average Taxable Value of Residences                         $ 248,520   $ 253,652


Last Year's Rate Versus Proposed Rate per $100 Value        $ 1.600000 $ 1.703000


Taxes Due on Average Residence                              $ 3,976.32 $ 4,319.69


Increase (Decrease) in Taxes                                            $ 343.37


Under state law, the dollar amount of school taxes imposed on the residence homestead of a person 65 years of age or older or of the surviving spouse of such a person, if the surviving spouse was 55 years of age or older when the person died, may not be increased above the amount paid in the first year after the person turned 65, regardless of changes in tax rate or property value.



Notice of Rollback Rate: The highest tax rate the district can adopt before requiring voter approval at an election is $1.862854. This election will be automatically held if the district adopts a rate in excess of the rollback rate of $1.862854.



Fund Balances

The following estimated balances will remain at the end of the current fiscal year and are not encumbered with or by a corresponding debt obligation, less estimated funds necessary for operating the district before receipt of the first state aid payment:


Maintenance and Operations Fund Balance(s)      $6,527,590

Interest & Sinking Fund Balance(s)              $157,818