2010- 2011 Greenville ISD 3504 King St/P.O. Box 1022 Greenville, Texas 75403 www.greenvilleisd.org Greenville Independent School District.

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Presentation transcript:

Greenville ISD 3504 King St/P.O. Box 1022 Greenville, Texas Greenville Independent School District

State Budget Update  The Senate passed its version of State Budget. Now goes into House/Senate Conference committee to debate differences.

School Finance Legislation Update  CSSB 22 – Senator Shapiro  CSHB 2485 – Rep. Hochberg (may be dead in current form, however, could attach to another bill)

Comparing Bills w/Same Reduction  CSSB 22, funded at House Level  CSHB 2485, funded at Senate Level Current Proposals CSSB 22 - $1,343,781 CSHB $1,390,087 Senate Funding Level CSSB 22 - $1,343,781 CSHB $557,011 House Funding Level CSSB 22 - $1,703,070 CSHB $1,390,087 $4.0B $6.5 B

CSSB 22 w/Deuell Amendment  Beginning in FY 2014, phases out Target Revenue over six years ending in FY Uses savings to increase Basic Allotment. FY FY $1,268,955 FY $3,570,071 FY $3,943,747

No Finance Legislation Passes ?  PRORATION  If no School Finance Legislation is passed to allocate budgeted appropriations, then current law obligations would remain in effect : o FY 2011 – No change in funding ($-0-); o FY 2012 – Commissioner petitions 83 rd legislature for $4.0 Billion appropriation to fund current law obligations to districts (i.e. use rainy day fund);  if approved no change in funding ($-0-);  If not, then prorate shortfall to districts ($1-3 mil.).

Education Jobs Fund Update  To pay salaries of school-level employees, including; teachers, principals, assistant principals, aides, counselors, etc.

Parameter Bond Refunding Update Outstanding Principal - $1,505,000 Bonds became callable – 2/15/2011 Series 2001 I&S ParameterActual Maximum Interest Cost< 4.0 %3.638 % Minimum PV % Savings> 6.0 % % Final Maturity Date2026 Maximum Principal$1,505,000 OriginalActual Avg. Interest Cost %3.638 % Final Maturity Date2026 Maximum Principal$1,505,000 Estimated Total Savings$225,131.81

QUESTIONS FROM BOARD OF TRUSTEES Greenville Independent School District prepares, inspires, and empowers students in a safe and nurturing environment to become responsible citizens who successfully compete in a global society. GISD Mission Statement