Although the Taylor Independent School District projects to spend more money than it will receive during the 2023-2024 school year, officials say the move is a calculated one. Taylor ISD expects to receive $45 million in total revenue this coming academic cycle, which is about $1.3 million less than its expenditures.
The school board passed the budget unanimously during its last meeting June 29.
Jina Self, Taylor ISD’s chief financial officer, said the school district is mainly looking at its general operating budget.
The operations budget, one of three funding categories, is projected to be balanced, she added.
“We are very confident with the budget that we have,” Self said. “We are glad that it is going to be a budget that is balanced.”
The other two fund balances, which are the food-service and debt-service funds, show projected deficits. However, Self said the food-service fund was intentionally left that way due to excess from the previous year.
Meanwhile, the debt-service fund stands at about a $500,000 deficit.
That figure largely is because of an increase in the amount the district has to spend to satisfy bond debts.
The district has roughly $4.5 million more tied up in debt service than last year.
Taylor is dipping into its fund balance budget to prepare for an upcoming bond debt payment next August. By doing that rather than using its debt service funds, officials said the district is in a better position to make future payments.
Self also said the budget numbers are just estimates until future appraisals officially value the properties, meaning the district could reach a balanced budget in the debt-service fund category down the road. Essentially, the district went with a lower value on local property due to a high fluctuation in Williamson County.
“It’s those curves we are trying to avoid,” Self said. “Make sure the waves aren’t too high. We want to keep it pretty solid and straightforward.”
In August 2022, trustees voted 7-0 to set a tax rate of about $1.28 per $100 propety valuation, lowering the rate from years past. The school board is expected to discuss any changes in the near future.
Within the general operating budget, Taylor ISD expects to pay roughly $2.8 million more on classroom instruction this year. That figure encompasses teacher salaries, school supplies and teaching assistants.
In June, the board approved a $2,000 raise for teachers with less than 10 years of experience and a $4,000 raise to teachers with a decade or more service.
