The gist
In the district’s general fund, the proposed budget projects $186.41 million in revenues for GISD next year. However, the district is expecting to spend $192.24 million in expenditures, an estimated $49.65 million would be for recapture payments to the state. This leaves around a difference of about $5.8 million for next year.
GISD was in a similar position during FY 2022-23 as it was originally projecting to see a shortfall to close out the year. A one-time sale of land for $5.49 million helped increase the district’s ending fund balance by $3.55 million, though.
This year, Chief Financial Officer Jennifer Hanna said the district does not have any land to sell, and there was also no change to the state’s basic allotment of $6,160 per student.
Quote of note
“We did not get any new money this legislative session—we were hoping, ... and it’s very unfortunate,” Hanna said. “There was some talk of an increase in basic allotment, and that did not pass. We still think it might come into special session. They’re continuing to call them all summer, so it’s possible.”
The conditions
The FY 2023-24 proposed budget was calculated based on assumptions in enrollment, tax rates, increases in inflation and more, including:
- No increase in basic allotment
- Maximum compressed tax rate: $0.7246
- Estimated property value increase: 15%
- Enrollment projection: 13,700 students
- Average daily attendance: 12,500
- Overall increase iin compensation and salary adjustments: 4.2%
The GISD board of trustees is expected to take action on the 2023-24 budget at its June 19 board meeting.
