The Bryan school board unanimously approved a deficit budget of $1.7 million and a tax rate of $1.27 per $100 valuation Tuesday.
The approved tax rate is 7 cents lower than the current rate because of a state-mandated compressed maintenance and operations tax. The $1.27 tax rate, which will support the approved deficit budget of $1,709,265, is made up of a 99-cent maintenance and operations tax rate and a 28 cent interest and sinking — or debt service — tax rate.
The approved budget includes expected general fund revenues of $152 million and anticipated general fund expenditures of $153 million. The general fund is where the deficit appears.
The district’s debt service and food service budgets are both balanced.
In total, the district’s FY20 expenses are expected to be $187,043,071 with $188,752,336 in anticipated expenses.
The district’s estimated revenue assumes an increased enrollment of 100 students, property value growth of 9.2% and a maintenance and operations tax rate of 99 cents per $100 value.
The board and district hosted a public hearing on Aug. 19, but the approval had to be pushed back to Tuesday due to an error in posting the agenda.
Also during Tuesday’s meeting, the board approved the final budget amendment for the 2019 fiscal year, which will end Aug. 31. Assistant Superintendent of Business Services Kevin Beesaw noted the final amendment shows the district was able to close its deficit budget gap by about $2 million.
Last year, the board approved a deficit budget of $3.4 million, but the final budget amendment showed the district ended with a final deficit budget of $1.4 million, he explained, noting throughout the fiscal year he and district personnel look for ways to get the budget closer zero.