What you need to know
CCISD officials are expecting revenues of around $398.55 million compared to $403.33 million in expenses, resulting in a roughly $4.05 million shortfall, according to budget documents. Not included in the revenue total is $725,000 from other sources.
“On a close to $400 million budget, this is a very close, small deficit,” Chief Financial Officer Alice Benzaia said at the meeting.
The latest projections represent a shortfall that is roughly $9 million less than originally projected in June.
The key differences from the last budget update in June are more than $12 million in added revenues, and an additional $3 million in expenses, according to budget documents. The bulk of that increase in revenue comes from state funds, which saw an $11 million increase.
On expenses, the new $3 million is all expected to go into payroll, documents show.
Some budget assumptions include:
- Declining enrollment of 319 students
- Student counts in special programs remaining at FY 2023-24 levels
- 5% growth in taxable values
- Salary increase of 3% for staff
Diving in deeper
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The district over the last three years has made several adjustments to reduce expenses and increase revenue, board documents show. Some areas that netted money for the district include:
- Reducing staff, saving $11.6 million
- The voter approval tax rate election in 2023, which produced $18 million
- Using other state and federal revenue sources, which produced $26.1 million
- Student attendance increases, providing $2 million more
Meanwhile, with the district’s fiscal year set to end Aug. 31, Benzaia said the district can expect a nearly $14 million surplus for the FY 2023-24 budget.
Benzaia said about $6.6 million of that will go to the general fund’s fund balance, giving the district roughly two months worth of reserves, according to budget documents. The remainder will go into the district’s capital and contingency fund balance.
What else?
The latest budget projection includes roughly $11 million as part of the district’s newest compensation plan, which was approved at the meeting as well.
The plan calls for a 3% salary increase to the teacher pay scale, and a 4% increase to nonexempt staff, which are traditionally hourly workers, Community Impact previously reported.
Stay tuned
Going into August, CCISD officials will give another update at a workshop meeting. At its regular meeting, it will have a hearing before taking a vote on the latest budget.
Another item approved at the July 22 meeting was the schedule for the budget’s public hearing, which will be at 6 p.m. Aug. 26.
In September, officials will adopt the district’s newest tax rate, according to district documents.
