August 22, 2024 at 6:00 PM - Budget Meeting
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1. Call to Order
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1.A. Pledge of Allegiance
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1.B. Welcome Visitors
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2. Public Meeting to Discuss the 2024-2025 Budget and Proposed Tax Rate
Description:
Priority #5: Optimize All Available Resources
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. Art Martin will provide a report to the Board summarizing the final budget information.
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3. Audience for Guests - Limited to Posted Agenda Items for this Meeting
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4. Consent Agenda
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4.A. Consider/Approve Financial Reports for the Month Ended June 30, 2024
Description:
Priority #5: Optimize All Available Resources
This report includes the following items: 1. Budget Amendments Year-to-Date as of August 22, 2024 a. Proposed Budget Amendments for Official Budgets 2. Budget Summary Year-to-Date as of June 30, 2024 a. Unaudited Revenue Summary including: i. Adopted Budget ii. Current Amended Budget iii. Realized to-date Revenue iv. Unrealized Revenue v. Percentage Revenue Realized b. Unaudited Expenditure Summary including: i. Adopted Budget ii. Current Amended Budget iii. Cumulative to-date Expenditures iv. Unencumbered Balance v. Percentage of Budget Expended for the following funds: 1. General Funds 2. Special Revenue Funds 3. Debt Service Funds 4. Capital Projects Funds c. Construction Summary including: i. Remaining Project Plan ii. 2023-24 Expenditures iii. Encumbrances iv. Balance w/ Encumbrances v. Percentage of Budget Expended 3. Outstanding Investments as of June 30, 2024 4. Tax Office Reports for the month of June 2024 a. Year-to-Date Collection 2023-2024 Report for June b. Refunds of over $500 for Board Approval for June - None Recommendation: It is recommended that the Board of Trustees approve the Financial Report as presented.
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4.B. Consider/Approve All Matters Related to the Certification of the 2024 Appraisal Rolls and Certification of the Estimated Debt Collection Rate
Description:
Priority #5: Optimize All Available Resources
The Texas Property Tax Code, under Section 26.04(a) and (b), requires the District’s Registered Texas Assessor/Collector to submit to the Board of Trustees each year the sworn certified appraisal rolls from the Dallas Central Appraisal District and the Denton Central Appraisal District. The Certification of Appraisal Rolls summary sheet will include the total appraised, assessed and taxable value of all property by the school district, as well as the total taxable value of new property in the District. The Board of Trustees is to adopt a resolution to approve the 2024 Tax Roll calculated from the District’s Tax Assessor/ Collector previously presented report. The District’s Registered Texas Assessor/Collector is also required to estimate the debt collection rate for the tax year. This total includes current taxes, delinquent taxes, rollback taxes, penalties, interest, and the additional penalty under Sections 33.07 and 33.08, Property Tax Code. The Board is to adopt a resolution to approve the District’s Tax Assessor/ Collector certification of the anticipated collection rate previously presented report. Recommendation: It is recommended that the Board of Trustees approve the report as presented.
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4.C. Consider/Approve the 2023-2024 Final Budget Amendment for CFBISD
Description:
Priority #5: Optimize All Available Resources
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. Texas 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 recommended that the Board of Trustees approve the 2023-2024 Final Budget Amendment Report as presented.
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5. Items for Discussion and/or Action
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5.A. Items Removed from Consent
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5.B. Consider/Approve the 2024-2025 Proposed Budget
Description:
Priority #5: Optimize All Available Resources
The District has met all notice requirements as prescribed in Texas Education Code Sections 44.004 and 44.0041. On August 22, 2024, the District held a meeting at which the public had an opportunity for comment. 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) results in a deficit of $19.3M. The Debt Service results in a balanced budget, and Student Nutrition results in a deficit of $2.0M. Recommendation: It is recommended that the Board of Trustees approve the adoption of the Proposed 2024-2025 Budget.
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5.C. Consider/Approve a Resolution Providing for the Defeasance and Calling for Redemption of Certain Currently Outstanding District Obligations; Directing that the Board Secretary, or her Designee, Effectuate the Redemption of These Obligations; Authorizing the Execution of an Escrow Agreement; and Other Matters in Connection Therewith
Description:
Recommendation: It is recommended that the Board of Trustees approve and adopt a resolution providing for the defeasance and redemption of certain currently outstanding district obligations.
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5.D. Consider/Approve All Matters Related to the Proposed Tax Rate for the Tax Year 2024 Including a Resolution Setting Said Tax Rate
Description:
Priority #5: Optimize All Available Resources
The District has met all notice requirements as prescribed in Texas Education Code Section 44.004 and 44.0041. On August 22, 2024 the District held a meeting at which the public had an opportunity for comment. The proposed Resolution sets the 2024 tax rate in two (2) component parts: Maintenance and Operations (M&O) tax rate of $0.7552 Interest and Sinking (I&S) tax rate of $0.2284 This vote will be recorded listing those voting for and against this Resolution. Recommendation: It is recommended that the Board of Trustees adopt the tax rate and execute the Resolution setting the tax rate for the tax year 2024.
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6. Comments from the Board Members Regarding Posted Agenda Items
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7. Adjournment
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