Education
BY BROOKE SJOBERG
Georgetown ISD reduces expected shortfall for FY 2024-25 to under $1M
Looking ahead
Hanna also provided a preliminary budget outlook for the upcoming 2025-26 financial year, noting a potential increase to the homestead exemption capping residential value at $140,000 has been floated at the Texas Legislature, which could have funding impacts for the district. For the maintenance and operations part of tax collections, Hanna said, the state provides additional funding to offset the decrease resulting from an increase in homestead exemptions. However, the interest and sinking portion of the rate, revenue from which is used to pay the district’s debts, could be impacted, she said.
Georgetown ISD’s expected shortfall is now expected to come in at just under $1 million, a new financial report from the district shows. This update from the district comes as administrators are tracking the current financial trajectory of GISD as they begin preparing a budget proposal for the 2025-26 school year. A combination of factors have reduced the district’s projected shortfall of $4.5 million to $900,000, GISD Chief Financial Officer Jennifer Hanna said at a Feb. 3 board workshop. The district’s attendance rate is around 94%, about 2% higher than initially projected. Additionally, district documents show enrollment is around 200 students higher than originally projected.
Projected budget shortfall
Initial: $4.5M
Current: $900,000
Reasons for reduction:
Higher attendance and enrollment rates
Additional state revenue
SOURCE: GEORGETOWN ISD/COMMUNITY IMPACT
These factors, combined with $2 million in additional revenue from the Texas comptroller’s 2022-23 fiscal year, helped shrink the gap, she said.
The place for Learn in
Welcome to Georgetown’s African-American history.
In February as we celebrate Black History Month, there are several ways to help honor the lives and achievements of African Americans in Georgetown and Williamson County , including events hosted by the Georgetown Cultural Citizen Memorial Association. The Georgetown Public Library also has age-appropriate reading lists and displays available for library patrons. For more information, visit georgetowntexas.gov.
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