The gist
LISD is expecting nearly $491 million in revenues in the FY 2023-24 general fund, while the district has allocated $494.6 million in expenditures. This includes a 4% raise for all district staff, which the board approved in May. An additional $2.7 million will be transferred to LISD’s health care fund, leaving a projected $6.5 million deficit in the district’s end-of-year balance.
Chief Financial Officer Pete Pape said the district tries to follow a parameter when approving a budget so expenditures do not exceed 3% of its revenue.
Quote of note
“With very little new revenue from the state, we are excited to be able to bring this budget to the board,” Pape said.
The breakdown
The majority of LISD’s projected revenue comes from tax collections, while it also receives state and federal funding.
- Local tax collections: 85%
- State funding: 12%
- Federal funding: 1%
- Other local sources: 2%
- Payroll: 88%
- Supplies/materials: 5%
- Contracted services: 4%
- Utilities: 2%
- Travel costs: 1%
- Capital outlay projects: 0.28%
- Debt service: 0.12%
In addition to the general fund, the LISD board approved the balanced debt service budget of $152.86 million and the child nutrition budget, which includes $16.1 million in projected revenue and $15.6 million in expenditures.
The budget’s revenue was based on the property tax rate of $1.2644, compared to FY 2022-23’s adopted tax rate of $1.2746. Pape said he expects the rate to be slightly lower when the board decides to adopt it in either August or September.
