Staff is projecting the upcoming year’s expenditures will total $386.7 million, a 5% increase from the 2019-20 budget. General fund revenue is projected to increase by 2.8% to $379.1 million.
The majority of costs are related to instruction and instruction-related services, Chief Financial Officer David Pate said.
The general fund also includes both recurring and one-time funds for literacy intervention, COVID-19 intervention, pre-K expansion and special education costs.
A 1% raise for all employees and a $750 retention stipend for certain full-time, returning employees who meet requirements outlined in the budget are also included, according to Pate.
Staff is projecting revenue will total $18 million in the child nutrition fund and $89.8 million in the debt service fund.
Pate also presented a potential maintenance and operations tax rate of $1.0547, though he said the estimate is likely off due to a delay in certified property values from the Dallas Central Appraisal District. The current operational tax rate is $1.06835.
If district went with Pate’s estimated rate, it would increase property taxes by roughly $175 per year, he said. However, Pate believes the adopted tax rate will be lower than his estimate.
Several members of the board spoke in support of the budget. Trustee Eron Linn expressed gratitude for what he deemed a sustainable plan.
“We're about to enter a legislative session where we know that there will be significant financial challenges,” he said. “And I think this budget puts us in a very strong position for the future.”
Trustees in Richardson ISD voted unanimously June 15 to adopt a budget for school year 2020-21.
Staff is projecting the upcoming year’s expenditures will total $386.7 million, a 5% increase from the 2019-20 budget. General fund revenue is projected to increase by 2.8% to $379.1 million.
The majority of costs are related to instruction and instruction-related services, Chief Financial Officer David Pate said.
The general fund also includes both recurring and one-time funds for literacy intervention, COVID-19 intervention, pre-K expansion and special education costs.
A 1% raise for all employees and a $750 retention stipend for certain full-time, returning employees who meet requirements outlined in the budget are also included, according to Pate.
Staff is projecting revenue will total $18 million in the child nutrition fund and $89.8 million in the debt service fund.
Pate also presented a potential maintenance and operations tax rate of $1.0547, though he said the estimate is likely off due to a delay in certified property values from the Dallas Central Appraisal District. The current operational tax rate is $1.06835.
If district went with Pate’s estimated rate, it would increase property taxes by roughly $175 per year, he said. However, Pate believes the adopted tax rate will be lower than his estimate.
Several members of the board spoke in support of the budget. Trustee Eron Linn expressed gratitude for what he deemed a sustainable plan.
“We're about to enter a legislative session where we know that there will be significant financial challenges,” he said. “And I think this budget puts us in a very strong position for the future.”
