Budget outlook improves for Grapevine-Colleyville schools

Instead of operating in the red at the end of the 2016-17 budget year, Grapevine-Colleyville school district officials expect to have a surplus.

At the Jan. 23 board meeting, DaiAnn Mooney, chief financial officer, said both property tax revenues and the amount the district received per student from the state were higher than expected.

Since Grapevine-Colleyville schools begin their budget year July 1, officials don’t have all the final amounts from the county tax office or the Texas Education Agency, so they base their numbers on conservative estimates, Mooney said.

She told trustees that officials estimated tax growth at 8 percent, and the actual growth was close to 11 percent. Tax revenues were $3.6 million higher, which also increased recapture (the district’s Robin Hood payment back to the state) by about $1.5 million.

The district also received almost $200 more per student from the state, which resulted in an additional $2.5 million.

Administrators also estimate lower payroll and utility costs. The payroll budget looks to be about $1.4 million lower because of some vacant positions, new hires coming in at lower salaries and other efficiencies.

Half way through the budget cycle, officials are looking at a $3.4 million surplus instead of an almost $3.6 million deficit. If the projections hold through the end of the year, the district’s fund balance, or savings, would grow to almost $56.7 million.

This story was originally published January 31, 2017 at 5:00 PM with the headline "Budget outlook improves for Grapevine-Colleyville schools."