| CHISD I&S Fund Growth | ||||||
|---|---|---|---|---|---|---|
| Fiscal Year | Receipts | Expenditures | Surplus/(Deficit) | Balance | I&S Rate | Excess I&S Rate1 |
| 2018-2019 Contingency Budget | $11,426,797 | $12,031,431 | (-$604,634) | $18,268,252 | $0.336 | (-$0.0177) |
| 2018-2019 Adopted Budget | $16,526,619 | $12,031,431 | $4,495,188 | $23,368,075 | $0.476 | $0.129 |
| May 31, 2018 Board Report (est)2 | $15,592,194 | $12,357,001 | $3,235,193 | $18,872,887 | $0.476 | $0.089 |
| June 30, 2017 Final Audit Report (Exhibit C-3)3 | $14,884,324 | $13,415,032 | $1,469,292 | $15,637,694 | $0.476 | $0.047 |
| June 30, 2016 Final Audit Report (Exhibit C-3)4 | $14,107,948 | $9,137,251 | $4,970,697 | $13,925,763 | $0.485 | $0.171 |
| June 30, 2015 Final Audit Report (Exhibit C-3) | $13,142,405 | $12,951,754 | $190,651 | $9,624,473 | $0.485 | $0.007 |
| June 30, 2014 Final Audit Report (Exhibit C-3)5 | $12,391,346 | $12,422,710 | (-$31,364) | $9,176,339 | $0.485 | (-$0.001) |
Some additional insights into the I&S rate
- Moving $0.13 per $100 in assessed value of the I&S tax rate to the M&O tax rate converts what was supposed to be a temporary tax for repaying voter approved Bond Debt into a permanent tax for ongoing operations
- The $0.336 I&S tax rate set by the CHISD Board of Trustees on June 11, 2018 collects $604,634 too little I&S funds for 2019 according to the 2018-2019 Contingency Budget passed by the CHISD Board of Trustees on June 25, 2018
- The $604,634 deficit implies the I&S tax rate should have been set at $0.354 for 2018 to fully fund I&S requirements
- Setting the I&S tax rate at $0.354 and adding the proposed $1.17 M&O tax rate would have created a $1.524 total rate for 2018, $0.008 more than the 2017 total tax rate of $1.516
- Without the "excessive" I&S fund balance amassed over the last several years, CHISD could not afford to "underfund" I&S to allow the "penny back" they are offering to make the 2018 TRE more "palatable"
- DeSoto ISD passed a "Penny Drop" TRE in 2015 where they "dropped" their I&S rate by $0.14 down to $0.29 per $100 assessed value. Two years later, they raised their I&S rate to $0.32 to help reduce the rate at which they were depleting their I&S Fund. They have plans to continue raising the I&S rate over the next several years
1Excess I&S Rate defines how much CHISD could have reduced the I&S Tax Rate and still fully funded their Debt Service requirements (a negative number indicates CHISD set the I&S tax rate too low to fully fund Debt Service)
2The May 31, 2018 I&S fund balance is $9,917,821 greater than the June 30, 2014 I&S Fund balance ($18,872,887 - $8,955,066)
32017 Final Audit Report I&S fund balance includes $242,639 in net proceeds due to the issuance of refunding bonds
46/30/2016 Final Audit report included a “restated starting balance” for the Debt Service Fund from 2015 of $8,955,066. A later note in the Audit Report states there was an error in “accounting for amounts due from the State for Existing Debt Allotment” which reduced the previous balance by $699,407. Again, rather than showing this as a “Prior Period Adjustment”, it was characterized as a “restated balance”
56/30/2015 Final Audit report I&S fund balance includes $257,483 in net proceeds due to the issuance of refunding bonds
This site is a work in progress, check back for updates
Last changed: September 06, 2018, at 11:19 PM