Carroll ISD trustees were set to approve an $89.8 million budget for the 2015-16 school year and discuss the district’s proposed property tax rate of $1.04 per $100 valuation at their regular meeting Aug. 17.
The budget includes a projection of $80.3 million in revenue from local, state and federal sources. However, with expenditures outweighing revenue, if the district adopts the proposed budget, there will be a $9.5 million deficit, which is almost $3 million more than the current budget deficit.
The budget deficit is projected at $5.5 million after revenue from rebates is received by the district.
“The district’s fund balance will be used to offset the deficit that cannot be managed out of next year,” said Julie Thannum, assistant superintendent for board and community relations. “However, officials budget conservatively throughout the year to reduce the deficit.”
Although there is a funding gap, the budget includes $1.9 million in wage and salary increases for the upcoming school year.
Other notable expenditures include an increase in district’s recapture payment to the state from $14 million to $17.2 million.
The district is expecting $6 million extra in revenue from the state from a recapture settlement in which the district overpaid the state.
An extra $2 million will be also be spent in this year’s budget for the installation of a solar panel array at Carroll High School. However, the district will receive $565,038 back in a rebate.
Carroll ISD trustees were set to approve an $89.8 million budget for the 2015-16 school year and discuss the district’s proposed property tax rate of $1.04 per $100 valuation at their regular meeting Aug. 17.
The budget includes a projection of $80.3 million in revenue from local, state and federal sources. However, with expenditures outweighing revenue, if the district adopts the proposed budget, there will be a $9.5 million deficit, which is almost $3 million more than the current budget deficit.
The budget deficit is projected at $5.5 million after revenue from rebates is received by the district.
“The district’s fund balance will be used to offset the deficit that cannot be managed out of next year,” said Julie Thannum, assistant superintendent for board and community relations. “However, officials budget conservatively throughout the year to reduce the deficit.”
Although there is a funding gap, the budget includes $1.9 million in wage and salary increases for the upcoming school year.
Other notable expenditures include an increase in district’s recapture payment to the state from $14 million to $17.2 million.
The district is expecting $6 million extra in revenue from the state from a recapture settlement in which the district overpaid the state.
An extra $2 million will be also be spent in this year’s budget for the installation of a solar panel array at Carroll High School. However, the district will receive $565,038 back in a rebate.
