Jun. 20—The Ector County ISD Board of Trustees approved the 2023-24 budget with $345,173,500 million in expenditures.
About $13,920,249 million will come out of fund balance.
Anticipated total revenue for 2022-23 is $319,895,612. But anticipated expenditures are $330,050,000. Chief Financial Officer DeborahOttmers said they anticipate using $10 million of fund balance to make up the difference.
The anticipated fund balance at end of this year is $100,495,046.
For 2023-24, it is anticipated it will be $86,574,997.
In addition, trustees improved the debt service budget at $46,520,000 and an $18 million food service budget are balanced.
Ottmers said included in this budget is $35 million to prepay some of the district's outstanding bonds. ECISD has $107 million in outstanding debt.
Paying down the debt is expected to save about $15 million in interest costs, Ottmers said.
"The reason we'd want to do this is to keep the tax rate level. That's what we've been trying to do for several years. ... When we can save future interest, it is financially smart and prudent to do so," she added.
Trustees also approved the compensation plan.
A salary study by the Texas Association of School Boards recommended a 3 percent increase for all campus and central office professionals; starting salary for new teachers at $60,600; and a 3-percent increase for hourly employees.
All central office staff shall be included in a 3-percent increase of the new midpoint of their pay grade.
There are additional areas for compensation in 2023-24 such as stipends, supplemental pay and a principal incentive, which is in the works.
Associate Superintendent-Athletics, Human Capital & Operations Anthony Sorola has said the raise is about $2,000 a year for teachers.
Midland ISD recently increased their starting teacher salary to $60,500 and bus driver hourly rates to $25 per hour.
Superintendent Scott Muri said the basic allotment paid per student of $6,111 hasn't changed in four years.
"We have to maintain our edge in every level of the organization ... We have to remember that we can only do and make these investments based on the amount of money" available, Muri said.
He added that with the legislature not acting on funding, the district is "incredibly handicapped."
The total tax rate is the same at $1.7792 per $100 valuation. That includes $.92350 per $100 valuation for maintenance and operations and .25442 per $100 valuation for debt service.
The average market value of residences is $236,650.
Last year, the average market value of residences $226,046, Ottmers said.