The budget’s general fund plans for nearly $131.2 million in revenue and nearly $131.2 million in expenses, according to a budget presentation. The budget also anticipates an increase in recapture payments by the district. David Johnson, assistant superintendent for financial services, said recapture payments drove much of the 11% increase in expenses this year.
Read further for a breakdown of CISD’s FY 2024-25 budget.
Budget explained
The FY 2024-25 budget is made up of two separate budgets that present an overall financial plan for CISD in the coming year.
- General fund
- Debt service fund
The general fund’s largest expenses will be used for instruction costs, recapture payments and facility maintenance, according to the presentation. The district expects to collect nearly $131.2 million in revenue from a mix of local, state and federal sources.Both the general fund and debt service fund budget will most likely be adjusted after the district’s tax rates are adopted in August, Johnson said. Local revenue contributes the bulk of CISD’s overall revenue compared to the state and federal funds the district receives.CISD’s general fund revenue increased about 10.8% compared to the previous fiscal year. While the general fund is projected to break even, the district’s budget overall is projected to end the year with a $20.6 million surplus.One more thing
CISD’s proposed tax rate for the upcoming fiscal year is $0.9969 per $100 valuation. The tax rate is composed of two separate rates that contribute to the general fund and debt service fund, which make up the total tax rate. This year’s proposed rate is about half a percent lower than the last fiscal year.The CISD board of trustees is expected to adopt the tax rates in August after the district receives certified property values from the Tarrant Appraisal District later this summer.
