The board unanimously adopted the general fund, child nutrition fund and debt service fund budget, and approved an ordinance to set the tax rate, during its regular meeting Aug. 15.
The breakdown
Per agenda documents, $289 million in revenues from local, state and federal taxes will go toward the general fund. However, some of the district’s $297.5 million in expenditures contributing to the shortfall include:
- $177 million for instruction
- $25.5 million for facilities maintenance and operations
- $16.4 million for school leadership
- $13.3 million for guidance and counseling services
- $11 million for student transportation
Also adopted was the district's debt service fund, which goes toward repaying the district’s long-term debt obligations including principal and interest payments on bonds issued to finance capital projects, such as construction or renovations of schools.
With $88.2 million collected in local, state and federal taxes, there will be $463,393 contributed to the fund balance.
Another thing
The board also adopted the ordinance to set the 2024-25 tax rate at $1.1069, consisting of $0.7869 for maintenance and operations and $0.3200 for the payment of principal and interest on debts.
The rate is the lowest tax rate in the district in over 30 years and is a 0.0023 cent reduction over last year’s tax rate, per agenda documents.
Remember this?
In April, the board approved a 2% salary increase for staff and a new minimum wage of $17 an hour.
The Texas Association of School Boards previously recommended PfISD increase teacher and registered nurse starting salaries, special education teacher stipends, and bus driver and monitor hourly rates.
District officials said employee salaries make up 86% of the annual budget, and Chief Financial Officer Jennifer Land said the salary increase equated to an increase of about $5.6 million to the budget.
