The Mineola School Board wrapped up the budget year on the last day of the fiscal year Wednesday, Aug. 31.

Trustees approved an $18.7 million budget for 2022-23 along with a property tax rate to fund it of $1.165.

Although that rate is up by 20.5 cents, it is lower than the $1.20 advertised when voters approved a school bond of almost $30 million in May, and is even lower than the rate of $1.17 just three years ago.

The district benefited from an increase of $107 million in property tax values.

The district anticipates construction to begin in December on a new primary campus at NE Loop 564 and FM 1254.

An architect’s layout of the tract shows the campus located in the northwest quadrant of the district’s acreage, with entrances off Loop 564 and Shady Lane, which will connect to the west near the Autumn Wind retirement properties.

In the mean time the district is earning interest on its construction funds, $30,000 for August.

Trustees also approved year-end budget adjustments and designated funds to include $5 million in public improvements and $500,000 should the district see reduced state funding.

MISD has $7.6 million in the bank, according to Business Manager William Bjork, who said he is working on his 29th budget for the district.

The second round of federal COVID relief funds will again assist the district in the coming year, he noted.