The budget includes the general fund, the food service fund and the debt service fund.
For revenues, the district anticipates bringing in a total of $174.56 million, including local, state and federal funding. That is broken down into $130.14 million for the general fund, $5.44 million for the food service fund and $38.98 million for the debt service fund.
The budget has an anticipated $167.98 million in expenditures. The general fund has $71.87 million in instruction, $7.66 million in school leadership, $13.01 million in maintenance, $3.99 million in general administration, $4.7 million in transportation and $2.05 million in curriculum and staff development.
The net revenue over expenditures is budgeted at $6.58 million, which will be assigned to fund balance, which can be used for a specific purpose at the discretion of the board.
The district also plans to use $5 million to sell bonds early and save taxpayers $4 million in interest costs over 20 years, said GISD Chief Financial Officer Pam Sanchez.
Sanchez also broke down the general fund expenditures by function.
For example, 61% of the budget is dedicated to instruction with 8.8% dedicated to instruction and school leadership, 3.2% to general administration and 5.6% to student services.
The district also broke down the general fund by object: 86.9% will go to payroll costs, 8.5% to professional contracted services and 3.1% to supplies.
The board will still need to approve its tax rate, which is anticipated to be done in August rather than July due to delays related to the novel coronavirus pandemic. District officials said the board plans to vote on the rates at its August monthly meeting.
The board also approved a $143,000 discretionary fund to be used for additional instruction. The amount is already part of the approved 2020-21 budget but needed to be voted on separately, Sanchez said.
The budget also includes the previously approved increase in salary for teachers and staff.
FY 2020-21 begins July 1.
