In a nutshell
David Johnson, assistant superintendent for financial services, presented a $131.18 million general fund budget to board members. Johnson said the tax rate will not be adopted until August, after the district receives certified property values from the Tarrant Appraisal District on July 25.
He added both the proposed general fund and debt service fund budgets will most likely require minor amendments after the certified values are received and tax rates are adopted.
The specifics
On the revenue side of the budget, district documents state funding will come from the following sources:
- $107.13 million from the local level
- $13.03 million from the state level
- $8.53 million from the sale of district property
- $1.82 million from the federal level
- $669,561 from other sources
District documents state the highest three expenditures of the general fund budget are as follows:
- $48.85 million for instruction
- $25.38 million in recapture
- $12.48 million in facilities maintenance and operations
“That is about 125 days [of operating funds] in cash, and the board policy is 75 days in cash,” Johnson said. “So the board has got the district in a good financial position.”
Johnson said the district’s fund balance in terms of the percentage of the district's expenditures is 34%. He added that typically two to three months' worth of expenditures is recommended in a fund balance, which would be between 17% and 25%.
Johnson said the 11% increase from the previous budget is largely due to recapture payments. He added that recapture payments drove 54% of the increased budget.
“Even though we collect more tax, we don’t get to keep any of that money,” Johnson said.
