Grapevine-Colleyville ISD staff examine budget shortfalls

Chief Financial Officer Derick Sibley updated Grapevine-Colleyville ISD board members on the fiscal year 2023-24 and FY 2024-25 budgets during their regular meeting May 20, saying the district is looking at shortfalls for both budgets.

In a nutshell

Sibley said there is a $5.46 million shortfall in the projected FY 2023-24 budget. While the proposed FY 2024-25 budget contains a $454,453 budget shortfall, Sibley said there are still several things in play, including updated property values from the Tarrant Appraisal District, and that, “We will have a balanced budget before it’s over.”

Zooming in

School districts depend on property taxes for the majority of their overall revenue for maintenance and operations. From a percentage standpoint, GCISD’s revenue can be broken down as follows:

• Property taxes: 84%
• State revenue: 8%
• Other local revenue: 7%
• Federal revenue: 1%

Sibley said total projected revenue for FY 2023-24 is $175.17 million, and total projected expenditures is $180.63 million. He added that total proposed revenue for FY 2024-25 is $184.37 million, while total proposed expenditures is $184.83 million.

Sibley’s presentation was for information purposes only, and no action was taken.