The gist
FISD’s new budget calls for about $65.8 million in expenditures and $63.36 million in revenue, leaving a gap of about $2.45 million to fill, according to district documents.
That shortfall could be larger if the district’s voters pass a voter-approval tax rate election, also called a VATRE, in November.
If approved, the district’s tax rate would land at $1.08 per $100 valuation of a home and produce $1.2 million in additional revenue.
If the VATRE fails, the district would face about a $3.65 million shortfall, according to district documents.
By the numbers
Inflation, lack of state funding and a decrease in enrollment are creating budgetary constraints for the district, officials have said in recent months.
Despite those challenges, the FY 2023-24 budget is expected to have $5 million more in expenses and nearly $7 million more in revenue when compared to the revised FY 2022-23 budget, according to district documents.
According to district documents, some key increases in expenditures compared to last year include:
- $2.7 million more in facilities acquisition and construction
- $840,150 more in plant maintenance
- $207,464 increase in security and monitoring services
- $345,080 more in debt services
What else?
With its current fiscal year wrapping up Aug. 31, district officials are expecting to end the year with a $3.1 million deficit, according to documents from the board’s Aug. 21 meeting. That will put the district’s fund balance at about $15.5 million.
The fund balance for the new year amounts to about 72 days worth of reserves, according to district documents.
