Chief Financial Officer Derick Sibley presented revisions to Grapevine-Colleyville ISD's initial revenue projections for fiscal year 2024-25 to the board of trustees at their regular meeting on March 25. The revisions include a decrease in estimated state revenue of $1.22 million.

The details

At the board’s Feb. 26 meeting, the amended total revenue for FY 2023-24 was $173.51 million. During the March 25 meeting, Sibley said that amount was adjusted to $175.51 million. The $2 million increase in the FY 2023-24 revenue is due to district officials moving money over from the district’s technology recycling revenue fund. Sibley said officials made that move to decrease the budget shortfall for the FY 2023-24 school year.

In terms of estimates for the FY 2024-25 school year, Sibley said on Feb. 26 revenue projections included the following:

• $161.9 million in local revenue
• $14.05 million in state revenue
• $2.5 million in federal revenue

During his budget presentation at the March 25 meeting, Sibley revised those numbers based upon information that was released on March 22. The revised revenue estimates include:

• $163.02 million in local revenue
• $12.83 million in state revenue
• $2.79 million in federal revenue

Zooming in

Sibley said the FY 2024-25 budget will be adopted in June. Until then, he said numbers provided in the budget's updates remain fluid because they are based upon estimated information.

“These are the initial projections,” Sibley said. “This is a continual process until we adopt a budget. These projections are subject to change as we go forward over the next three months.”

This item was for informational purposes only. No action was taken by the board.