It's budget season, and Grapevine-Colleyville ISD trustees are sharpening their pencils ahead of approving the 2018-19 fiscal year budget in June.

During a school board meeting Monday, trustees scheduled a public meeting for June 18 to discuss the upcoming school year's budget and proposed tax rate.

GCISD Chief Financial Officer DaiAnn Mooney also presented an update of the current fiscal year's budget to trustees.

Mooney said in April the board had seen an ending fund balance decrease of $1.6 million. That deficit is set to decrease to $1.4 million after May, she said.

The slight increase in revenue comes from payroll expenditures projected to be $1.9 million less than budgeted and the Tax Increment Finance payment is projected to be more than budgeted, according to district documents.

Other expenses did continue to chip away at the district's revenue sources, including operating costs and Tax Increment Finance payments.

GCISD records show that the current budget reflects a deficit of $7.6 million. However, current projections show the deficit to be $1.4 million, which is a $6.2 million lower than originally budgeted.

"With the $1.4 million in decrease in fund balance, we are looking at an estimated fund balance of $54.5 million," Mooney said.

The item was for information purposes only and the board took no action.