The Weatherford School District Board of Trustees approved a new tax rate and budget for the 2024-25 fiscal year at a special meeting on Thursday, Aug. 29.
The tax rate was set at $1.0342, a slight decrease from $1.0365. The district has now lowered the tax rate by 43.5 cents combined over the past nine years, district officials noted.
The budget for the 2024-25 fiscal year includes $122,311,412 in revenue and $123,431,480 in expenditures for a deficit of $1,120,268. In a time when school districts all over the state are battling financial challenges, Board President Mike Guest praised the budget and those who put it together.
"What an amazing job with cut, cut, cut and finding ways to be effective," Guest said.
"I'm looking forward to putting this budget to bed and beginning a new year," Assistant Superintendent of Business and Operations Lori Boswell said as she presented the final budget to the board.
Within the new budget is a cut in child nutrition services from $1,669,960 to $871,344. Boswell explained the reduction, stating the 2023-24 fiscal year included some additional funding through such areas as grants and federal programs that are no longer available. As to whether they will become available again, Boswell said it was better to adjust the budget than take the chance.
"I'd always rather be low and be surprised than be high and in a crisis," Boswell said.
Superintendent Beau Rees also had praise for the budget, saying, "We still have a very sound budget to educate kids. It was not easy getting there."
In addition, the board approved the defeasement of the district's debt service by $11,100,000, reducing the district's overall debt obligations. Since implementing a bond defeasance plan in 2021, the district has realized a savings of more than $7 million.
"We work to make sure we're continuing to save the community in our budget," Guest said, adding that Weatherford is one of the lowest Class 6A bond indebted school districts in Texas.
"We've got a lot of business people on this board and you've got to run a school district like a business," Guest said. "We continue to use our budget for capital improvements so there's not a huge bill at the end."
Boswell said the Weatherford ISD has not presented a bond election to the public since 2015.
“We are proud to continue our track record of responsible financial management while maintaining our commitment to providing a high-quality education for all students," Guest added.
Rees stated that, overall, the goal is to ensure that every dollar is maximized for the benefit of students, while being mindful of the community's financial burden.
"The board’s decision to lower the tax rate and continue the bond defeasance plan is a testament to their shared commitment to fiscal responsibility and being good stewards of taxpayer dollars,” he said.
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