The overview
Chief Financial Officer Darrin Rice and Director of Finance Karen Garza gave an update on the FY 2023-24 budget and a preliminary forecast for the FY 2024-25 budget, which they said could include a $16.62 million shortfall.
Preliminary numbers show the district’s expenditures are expected to be approximately $710.5 million while estimated revenue is only expected to bring in $693.88 million.
The potential $16.62 million shortfall could be created by an increase in expenditures for items such as additional personnel, a teacher pay raise and teacher incentives, they said.
Breaking it down
The $16.62 million includes, among other expenses:
- $7.5 million for additional personnel for growth in FY 2024-25
- $1.6 million for a raise or teacher hiring schedule
- $1.3 million for the virtual academy
- $1 million for teacher incentive allotments
- $3.05 million for other expenses, including utilities, fuel and insurance
- $1.75 million in Teacher Retirement System in-kind contributions
Some preliminary budget assumptions the district made for FY 2024-25 include potential numbers for enrollment, property value and the tax rate.
- Student enrollment growth of 1,550 students for a total of 74,000
- Average daily attendance percentage of 92.5%
- Certified property value growth of 5.75%
- Tax rate of $0.9621 per $100 valuation
More details
The presentation also included possible teacher raise scenarios for FY 2024-25. However, CISD Superintendent Curtis Null said there is no funding in place to provide raises in the new year.
- Scenario 1: teacher hiring schedule changes for a cost of $1.6 million
- Scenario 2: 1% percent raise for a cost of $6.5 million
- Scenario 3: 2% percent raise for a cost of $13 million
- Scenario 4: 2.5% raise for a cost of $16.25 million
In other news
Rice announced he will retire at the end of the 2023-24 school year. He has served as CISD’s chief financial officer for nine years.
