After recently completing an annual financial audit, Richardson ISD officials have allocated several million dollars to the district’s ongoing and upcoming budgets to address operating shortfalls.
RISD trustees approved the audit results, known as the annual comprehensive financial report, during their Nov. 9 meeting. The results revealed several positive variances from fiscal year 2022-23, which provide RISD with additional one-time funds to address the $15 million operating shortfall in FY 2023-24 and the projected shortfall for FY 2024-25.
The details
These are some of the positive variances found between the FY 2022-23 budget and actual revenue and expenditures, according to the news release:
- $11.4 million: payroll costs, due mainly to vacant positions during the 2022-23 school year
- $8.5 million: School Health and Related Services revenue related to services provided by qualified staff to Medicaid-eligible students
- $7.4 million: interest income, due to interest rates increasing faster and to higher levels than anticipated
- $5.9 million: property tax collections, due to value changes as protests settled
- $4 million: indirect grant cost revenue, which is the overhead costs of administering a grant
- $3.6 million: state revenue, due to an increase of about 200 students more than what was projected
- $1.5 million: xPlore tuition revenue, due to more students than projected participating in the district’s before- and after-school care program
