Education
BY HANNAH JOHNSON
Prosper ISD officials project $18.02M shortfall in FY 2024-25 The budget shortfall is the district’s worst-case scenario, Seese said in a June 17 meeting. She explained the budget shortfall reflects if every staff position was filled and if every budget dollar was spent, which typically does not happen. 2024-25 expense breakdown 2023-24 original budget Projected increases Payroll expenses: $298.36M total
Prosper ISD may be facing a multimillion-dollar shortfall in the fiscal year 2024-25 budget. Expenses for the budget are expected to be $363.17 million, while revenue is expected to reach $345.15 million—leaving a shortfall of $18.02 mil- lion—according to a preliminary budget discussion during a July 22 board meeting. District officials expect to mitigate the shortfall through its reserve fund balance, which is similar to a savings account the district has set aside. In spite of budget restraints, district officials approved a 3% raise for teachers and staff in FY 2024-25. The gist Here is a breakdown of the preliminary budget: • $345.15 million in revenue • $363.17 million in expenditures • $18.02 million shortfall
$248.3M
$50M
The district’s tax rate for FY 2024-25 is estimated to be $1.2552 per $100 valuation. This is a decrease from the FY 2023-24 rate of $1.2575 per $100 valuation. Budget explained School district budgets are based on the state’s funding formula, which has not changed since 2019, Seese said. The basic allotment for schools is $6,160 per student. Inflation is also affecting the budget as the costs for some services are reaching 22% in price increases. Expenditures for the FY 2024-25 budget are $57.43 million higher than FY 2023-24. This is due in part to the district adding 584 staff positions since the FY 2023-24 budget was adopted.
Non-payroll expenses: $65.07M
$57.2M $7.36M
Total expenses: $363.4M
SOURCE: PROSPER ISD/COMMUNITY IMPACT
Next steps District officials will continue to monitor enroll- ment numbers and staffing vacancies. The district expected to receive the certified property values of Collin and Denton counties on July 25. Trustees are set to adopt the budget and tax rate in August.
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