MFISD's 2018-2019 budget includes $7.6 million 'Robin Hood' payment

By Richard Zowie
The Highlander •

Marble Falls Independent School District trustees on June 25 approved the 2018-2019 budget, which includes an overall surplus of $1.5 million with a General Fund deficit of $416,000.

Included in the budget is a sizable chunk of money to be paid to Texas' Chapter 41 Recapture, also known as “Robin Hood.” MFISD is considered a “property-rich” district, while their money gets distributed to districts considered “property poor.”

2018-2019 Fiscal Year

The General Fund balance is projected to be approximately $12.3 million by the end of the 2017-2018 fiscal year on June 30.

The 2018-2019 fiscal year begins July 1, and the General Fund balance for the end of the year to be around $11.8 million.

“This is approximately three months of operating expenditures, which is an ideal fund balance,” said Melissa Lafferty, the MFISD executive director of finance. “We will receive our certified property values in late July and amend our budget for any revenue increases. We will adopt our 2018-2019 tax rate in August.”

The district's 2018-2019 General Fund budget is consists of $46.3 million in revenues and $46.7 million in expenditures (this includes $7.6 million in Chapter 41 Recapture).

The fund balance is projected to be approximately $12.3 million at the end of the 2017-18 fiscal year. This fund balance in addition to the $416,000 deficit in 2018-19 would result in $11.8 million fund balance at the end of 2018-19.

The School Nutrition budget is $2.4 million in revenues and $2.4 million in expenditures resulting in a balanced budget.

Debt Service budget is $8.6 million in revenues and $7.08 million in expenditures resulting in a $1.5 million surplus.

Included in the budget are property tax values of $3.2 billion, an increase of 6.8 percent, along with a 7.6-percent state property value increase. MFISD's average daily attendance is 3,905 students.

Lafferty said part of the district's problem is that while values are increasing, student growth is not..

2017-2018 Fiscal Year

The 2017-2018 final General fund budget is $43.2 million in revenues and $45 million in expenditures (this includes $5 million in Chapter 41 Recapture), leaving a $1.8 million deficit.

“Most of the deficit is comprised of approved technology equipment and facility projects being paid from fund balance,” Lafferty said, pointing out the transportation facility (paid for out of the fund balance) that needed to be built.

The School Nutrition final budget is $2.46 million in revenues and $2.48 in expenditures leaving a $22,000 deficit.

Debt Service final budget is $8.05 million in revenues and $6.7 million in expenditures leaving a $1.3 million surplus.