The district’s 2024-25 compensation plan was approved by the board of trustees May 15.
A closer look
Eligible employees will receive a raise that is either 3% of the midpoint of their pay grade or 3% of their base wages, whichever is higher. Employees who received a satisfactory evaluation at the end of their contract year in 2023-24 are eligible for the pay raise, according to the plan.
Starting teacher salaries will increase from $59,000 in the 2023-24 school year to $60,500 in the 2024-25 school year.
The background
Raises cost about $5 million for every 1% increase, said Kimberly Smith, FISD chief finance and strategy officer. The 3% raise approved by trustees will cost about $15 million.
District leaders are considering the use of a tax rate election to cover operational expenses. A tax rate election is planned for 2024, but the board will not vote on it until August, an FISD spokesperson said.
If approved, the election would raise $12 million of the $15 million needed for staff raises.
What else?
FISD's budget for fiscal year 2024-25 was approved by trustees May 15. Here is a breakdown of what is included in the $963.78 million budget:
- $752.51 million in the general fund
- $32.02 million in the child nutrition fund
- $179.26 in the debt services fund
- $30.81 million potential shortfall in the general fund
