POSTED: Tuesday, August 14, 2012 - 7:30pm
UPDATED: Wednesday, August 15, 2012 - 9:23am
Longview, TX — Longview ISD trustees received welcome news at their Monday night meeting.
Local tax revenues have increased, based on certified taxable values, rather than decreased as estimated values had indicated, said Lynn Marshall, assistant superintendent of finance.
That means the district’s budget deficit will be about $400,000 less than expected.
“You’ve got to take a little bad with the good, and despite the increase in local revenue, our state funding is still down, but overall the district is in better financial shape than we thought it was a month ago,” Marshall said.
The district is also losing $1.4 million from a one-time federal grant it received for the 2011-12 fiscal year.
The budget includes pay raises for hourly auxiliary and paraprofessional district employees, such as janitors and cafeteria workers, but does not include raises for faculty and administration.
“I don’t feel great about the fact that I’m presenting a deficit budget, but it’s a $1.6 million deficit, which is better than the $2 million deficit we were looking at in July,” Marshall said.
The district will dip into its reserve fund to cover the deficit.
The total budget for the district is estimated at about $62 million. The proposed tax rate will remain the same at $1.513 per $100 of valuation. A special meeting to adopt 2012-13 budget and tax rate has been set for noon Aug. 29.
Board President Ted Beard said he appreciated the frugal philosophy of the staff.
For more information visit KETK newspaper partner the Longview News-Journal.