August 21, 2019 at 6:00 PM - Special

Description: 
Background:  The adopted budget provides authority to expend funds for the purposes indicated in accordance with state law, Board Policy, and the District’s approved purchasing procedures.

Public funds of the District may not be spent in any manner other than as provided for in the budget adopted by the board of trustees, but the board may amend a budget or adopt a supplementary emergency budget to cover necessary unforeseen expenses. Education Code 44.006(a).

Each year in August, the business office performs a final review of estimated expenditures and proposes a final budget amendment for board consideration and approval.

Recommendation: It is the recommendation of the Superintendent that the Board of Trustees approves the 2018-2019 Final Budget Amendment Report as presented.  

Description: 
Background: The Governmental Accounting Standards Board (“GASB”) has adopted Statement 54 (“GASB 54”), a standard for governmental fund balance reporting and government fund type definitions that became effective in governmental fiscal years starting after June 15, 2010. The 2018-19 fiscal year will be the ninth year of the implementation of GASB 54 for CFBISD. The five categories of fund balance are defined in CE(Local).

Recommendation: It is the recommendation of the Superintendent that the Board of Trustees approves the resolution to implement GASB 54 and to commit a portion of the District’s unassigned fund balance.

Description: 
Background: Sections 44.002 through 44.006 of the Texas Education Code establish the legal basis for budget development in Texas School districts. The President of the Board of Trustees must call a public meeting of the Board of Trustees, giving ten (10) days public notice in a newspaper, for the adoption of the district budget. Any taxpayer in the district may be present and participate in the meeting.

Recommendation: It is the recommendation of the Superintendent that the Board of Trustees conducts a public meeting and allows any taxpayer in the district to participate in the meeting.

Description: 
Background:  After all requirements have been met, the board of trustees, at a meeting called for that purpose, shall adopt a budget to cover all expenditures for the school district for the next succeeding fiscal year for the following funds:

• Maintenance and Operations;
• Debt Service; and
• Food Service.

The Maintenance and Operations (General Fund) and the Debt Service budget proposals result in a balanced budget. The Food Service Fund budget proposal results in an estimated $1,269,378 deficit.

Recommendation: It is the recommendation of the Superintendent that the Board of Trustees execute the resolution adopting the 2019-2020 budget.

Description: 
Background: After meeting all requirements, the proposed Resolution sets the 2019 tax rate in 2 component parts:
Maintenance and Operations tax rate of $1.06835
Interest and Sinking tax rate of $0.20000

Recommendation: It is the recommendation of the Superintendent that the Board of Trustees adopts the tax rate and executes the resolution setting the tax rate for tax year 2019.