officials reported a shortfall of over $73.6 million in a
on the district’s 2023-24 budget Feb. 12.
The video above is from ABC13’s 24/7 livestream.
The
was given by CFISD Chief Financial Officer Karen Smith, who said inflation rates increased by 19% from September 2019 to August 2023.
In addition, Smith pointed to a continued lack of adequate funding from the state and said as local property values increase, state funding decreases.
The details
Smith said the state determines how much funding each district receives using a complex formula that uses enrollment, attendance, district size and other factors.
Meanwhile, the district is estimating $1.2 billion in expenses. After receiving an estimated $65 million in federal stimulus funds, the district would still be left with about a $73.6 million shortfall.
What they’re saying
Smith said districts across the state are facing similar issues.
“School districts have no control over state funding other than increasing attendance as the state funding formula is set in statute and districts can only spend portions of the funding in a certain manner,” Smith said. “For example, … the basic allotment is currently $6,160 per average daily attendance, which was last updated in the 86th legislative session. The state funding formula does not include an inflation factor-therefore, increased costs due to inflation are borne by the school district.”