On Monday, the Grapevine-Colleyville ISD board of trustees unanimously approved the 2018-19 school year budget, which will include a 2.5 percent pay raise for all staff and raise the starting teacher salary.
Trustees adopted the 2018-19 general operating budget in the amount of $187 million, which is a $15 million increase from last year’s budget.
GCISD Chief Financial Officer DaiAnn Mooney said the budget adjusts the beginning annual salary for new teachers from $50,000 to $51,500 for the 2018-19 school year. Existing teachers will receive additional pay scale adjustments to ensure they meet or exceed the hire-in salary for their years of service.
This budget has no change in tax rates. The maintenance and operations tax rate remains at $1.04 per $100 valuation and the debt service tax rate rests at $0.3567 per $100 valuation.
The budget also shows the district will be sending a $53.7 million recapture payment to the state, which is a $9.7 million increase from last year’s $44 million recapture payment.
Revenue for the general operating budget is $181.5 million, which leaves a deficit of $6.5 million.
The debt service budget includes overall revenue of $55,690,990; expenditures of $53,054,739; and an increase to fund balance of $2,636,251.
To look through the GCISD 2018-19 school year budget book click here: 2018-19 Grapevine-Colleyville ISD budget.
To learn more about recapture and how the school finance system works at GCISD, click here.