Grapevine-Colleyville school district officials have about $2 million less in revenue than they estimated for the current budget year because of two lower-than-expected funding sources.
According to the Tarrant Appraisal District’s July 25 report, Grapevine-Colleyville had 1.5 percent growth in taxable values. Based on last year’s growth of 5 percent and positive economic indicators, GCISD administrators built the budget that started July 1 on what they viewed as a conservative 2.6 percent growth, Chief Financial Officer DaiAnn Mooney said.
Mooney said that TAD is using a new system and that the school district may get a little bit more in the final September reading. The difference between the TAD and GCISD estimates resulted in a shortage of about $1 million.
The other funding shortfall came from the state’s Available School Fund (ASF) Per Capita payment. Because Grapevine-Colleyville is a property-wealthy, or recapture, school district, it must send tax revenue to the state for redistribution to poorer districts. The ASF payment is about the only state funds the district receives.
According to the Texas Education Agency website, the ASF is primarily made up of revenue from the state's fuel tax and earnings on the Permanent School Fund. Districts and charter schools receive "per capita" payments based on the prior year’s average daily attendance (ADA). The payment rate per ADA is adopted each year by the State Board of Education.
For 2015-16, the adopted rate is $176.14. Last year’s rate was $263.60. In the last 10 years, the rate has fluctuated between a high of $469.22 and a previous low of $258. The last time the rate dipped below $200 was in 1974-75.
Mooney said she estimated the rate at $258 in completing the budget.
“With us being a recapture district, this is really the only piece of funding we get from the state,” she said.
Based on enrollment of about 13,500, Grapevine-Colleyville schools lost more than $1 million with the change.
Mooney shared the information with school board members at an Aug. 17 workshop.
Two months earlier, trustees adopted a $150 million daily operations budget that included a recapture payment of $28.4 million to the state and a $9.8 million deficit. Officials expect to end the year with a much smaller deficit, which they will take from a $55.6 million fund balance, or savings.
Mooney said that administrators would wait for final word from the Tarrant Appraisal District before making any adjustments to the budget.