The FY 2023-24 budget is the fourth consecutive deficit budget adopted by RISD, according to the district’s website. The FY 2022-23 budget included a deficit of $25.9 million.
Context
RISD officials previously said the district faced a nearly $16 million shortfall for FY 2023-24. In May, Richardson ISD in collaboration with several other North Texas school districts called for increased state funding for public education to adjust for inflation. However, the Texas Legislature has focused on a school voucher system to help parents pay for private schools without increasing funding for public schools.
The details
The new budget includes a $14.8 million deficit that will be funded through the one-time use of the district’s fund balance, which is similar to a savings or checking account. The fund balance is used to pay district expenses, such as payroll and utilities, every month when property tax collections and state funding are not enough to cover operating costs.
Despite the deficit, the budget does include increases for teacher compensation and incentives. New teachers will be paid a starting salary of $60,000, and “critical needs” teachers will be paid stipends of up to $6,000, depending on their role. Critical needs include secondary math and science, special education, and bilingual classrooms.
Returning teachers will receive a pay increase of 5.75%-8%, depending on experience, according to the budget. Returning nonteaching staff will see a pay increase of 3%-6%.
Quote of note
“This budget achieves our highest priority heading into the budget planning process—retaining and rewarding our teachers and staff,” RISD Superintendent Tabitha Branum said in a news release. “We have made strides to reduce spending in ways that don’t impact the quality of our classroom instruction and will continue with those efforts.”
Get involved
The RISD board of trustees also voted to create a community budget steering committee, which will assist the district in prioritizing resources and guiding decisions for FY 2024-25 budget planning. Those interested in serving on the committee or nominating someone can do so through this online form.
Learn more
RISD's FY 2023-24 will start July 1 and end June 30, 2024. More information on the RISD budget is available on the district’s website.
