Financial Transparency
Our mission is to support Midway ISD and our community. One way we can achieve this is providing transparency through accounting, accounts payable, budget, business systems, cash management and payroll. Financial transparency is an ongoing goal for Midway ISD. Midway ISD operates on a fiscal year beginning September 1 for the 2023-24 school year, and will transition to a July 1 fiscal year for 2024-25.
Where Does Our Money Come From?
Local
Local sources of revenue generated more than half of all sources of revenue. Local revenues include property taxes, earnings on investments, and tuition and fees. Midway ISD households benefit from the funds generated by the Texas Industrial Park location in our tax base.
State
State sources of revenue that support the general fund fill in after local taxes. State revenues account for 16% of the general fund. If local taxes bring in more revenue, state revenue decrease inversely.
Federal
Revenues received from federal sources constitute 1.1% of total revenues.
Highest Integrity Rating Earned
For the ninth year in a row, Midway ISD is being recognized for meeting the highest standards set by the Texas Education Agency (TEA) in financial integrity and transparency.
How Is The Money Spent?
Payroll
Compensation includes the gross salaries or wages and benefit costs for employee services.
Contracted Services
Contracted Services costs are used for services rendered by firms, individuals, utility companies, and/or other organizations.
Supplies and Materials
Supplies and Materials include testing materials, fuel to transport children, and other general supplies and materials.
Debt Service
Debt Service covers principal and interest payments related to a capital lease obligation or bond repayment.
Capital Outlay
Capital costs fund building improvements, furniture, and other equipment.
Other Operating Costs
There are many other costs, including student and staff travel fees, property insurance, and more.
Financial Summary
Reports
Annual Reports
Financial statements, auditor reports, and federal funding information
Monthly Reports
General fund revenue, expenditures, and other changes to fund balance
Budgets
Adopted budgets for general fund, food service, and debt service
Check Registers
Records of individual expenses
Debt Service
Summary of district debt and payment schedules
Other Reports
Other Financial Reports
Bids & Proposals
The Midway ISD purchasing department will place current bids here.
Tax Information
School District Tax Rate
The Midway ISD Board of Trustees sets two tax rates each August:
• The M&O rate funds salaries and operations. This is like your checking account.
• The I&S rate funds facilities and major purchases. This is like your mortgage.
Any increases to either tax rate must be approved by voters. The current combined tax rate is $0.9392 (set August 2023).
Frozen Taxes for Ages 65+
TAX RATES ARE FROZEN FOR SENIORS 65+. All Texas residents 65 and older have "frozen" school district taxes. The amount paid (for school taxes only) will never increase no matter the tax rate or property value.
How Property Appraisals Affect School Taxes
Although MISD's tax rate is at a historic low, you may be paying a higher actual tax amount. This is due to increasing property values, measured by an appraisal from the McLennan County Appraisal District to meet State thresholds. The State conducts a Property Value Study, and the Appraisal District must be within 5% of their values.
Midway ISD does not receive more M&O funding due to local higher property appraisal values. Local and state M&O funding have an inverse relationship. If local tax income increases due to property values, the State decreases their share of school funding.
School districts are funded per student. In fact, we are not even funded per student enrolled, but as a percentage of enrollment based on student attendance rates. The only mechanism for increasing funding for Maintenance & Operations (M & O) without changing the tax rate is student enrollment growth.
Tax Rate History
Tax Rate Comparisons
Required Postings
Board of Trustees
Click here to read more about each School Board member. You may also contact each member through their official Midway email address: Pete Rusek (pete.rusek@midwayisd.org), Susan Vick (susan.vick@midwayisd.org), Pam Watts (pam.watts@midwayisd.org), Jonathan Green (jonathan.green@midwayisd.org), Rick Tullis (rick.tullis@midwayisd.org), Brad Alford (brad.alford@midwayisd.org), and Colin Witt (colin.witt@midwayisd.org).
District Contact Information
Midway ISD's mailing address is 13885 Woodway Drive, Woodway, TX 76712. Emails can be sent to webmaster@midwayisd.org or comments@midwayisd.org. The main phone number is 254-761-5610.
District Budget
The current year proposed or adopted budget, as well as at least two years' previous budgets are linked here.
Financial Reports
Each financial report linked here includes an independent auditor's report.
Tax Rate History
2023 tax rate: $0.6992 M&O + $0.24 I&S = $0.9392
2022 tax rate: $0.8546 M&O + $0.27 I&S = $1.1246
2021 tax rate: $0.89 M&O + $0.27 I&S = $1.16
2020 tax rate: $0.97 M&O + $0.27 I&S = $1.24
2019 tax rate: $0.97 M&O + $0.28 I&S = $1.25
Panther Nation News
Midway Earns Superior Financial Integrity Rating for 9th Consecutive Year
