District passes deficit budget with 2 percent raise for staff
For the third consecutive year the Lake Travis ISD board of trustees set the property tax rate at $1.4075 per $100 of valuation. The board unanimously approved a fiscal year 2014–15 deficit general fund budget of $93,317,477 on Aug. 19, more than a $6.6 million increase in expenditures from FY 2013–14. The approved budget is a $2.2 million deficit.
"Developing a healthy and fiscally responsible budget proves more and more difficult each year," LTISD Superintendent Brad Lancaster said in a news release. "Despite continued uncertainty in public education funding, this budget will allow us to provide programs and services in an efficient and effective manner districtwide."
About 38 percent of every maintenance and operations tax dollar collected by the school in FY 2014–15 goes toward the recapture payment to the state—about $28.2 million.
The district was able to adopt a deficit budget by managing the use of funds carried over from prior years, said Johnny Hill, LTISD assistant superintendent for Business and Financial Services.
Additionally, the district included a budget reduction plan, which included senior staff identifying and incorporating budget efficiencies into the budget, he said.
The new budget includes a 2 percent staff salary increase, which was approved by the board in June.
"Despite the need for a budget reduction plan over the next two years, the salary increase is possible due to the creation of additional budget reduction items in various administrative areas," Lancaster said. "The board's decision will allow our salaries to remain competitive alongside our area school districts."
