Education
BY HANNAH JOHNSON
FISD officials expect to use rainy day funds for 2024-25
Frisco ISD officials may use funds set aside for unexpected expenses to help balance the budget for fiscal year 2024-25. These funds would be used to balance finances until the next legislative session, said Kimberly Smith, FISD’s chief finance and strategy officer, during a Feb. 29 budget workshop. The creation of the 2024-25 budget will be discussed by district staff and the board throughout the year. Rainy day funds are used to cover unexpected expenses, such as emergencies. For example, the funds were used after a 2022 hail storm damaged district buildings. After this school year, the district will have $66 million available in rainy day funds and would use about $13 million in 2024-25, Smith said. By the numbers Projections for the FY 2024-25 budget, as of Feb. 29, include: • $622 million in available revenue • $650.2 million for a baseline budget • $8.6 million in identified cost
savings • $19.6 million shortfall The district expects a $4.6 million decrease from the school funding formula due to a decline in expected enrollment, Smith said. The 2023-24 budget was created with the expectation of 900 more students to be enrolled, she said. A $23 million increase in local revenue is expected from facility rental fees, earning invest- ment income and athletics camps in the summer, Smith said. Sorting out details Further money savings are being recommended through: • Eliminating positions through attrition • Balancing class loads through master schedule review • Scrutinizing nonpayroll budgets • Identifying ways to increase revenue The district has identified $8.6 million to be saved in staffing efficiencies. Other savings are to be determined through additional staff turnover and future central office restructuring.
More getting down on their level.
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Determining a budget Frisco ISD board members have discussed the budget since January.
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March: Salary revenue information received by the Texas Association of School Boards.
May: A budget workshop will be held May 2. A public hearing for the budget will be held May 13, with the board vote May 15.
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2024
January: First budget workshop held for FY 2024-25.
November: Tax rate election held if called by the board.
April: Budget recommendations and compensation plans to be finalized. A budget workshop is scheduled for April 18.
August: Board may decide to call for a voter- approval tax rate election.
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SOURCE: FRISCO ISD/COMMUNITY IMPACT
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