I think we can all agree that this week has truly been an experience to learn and grow from. I have also discovered that "it takes a village" to attempt a school finance assignment. Thanks for all of the posts and information added to help us tackle this monster!
Part 4- Week 3 Lockhart ISD
Lockhart ISD is a rural school district serving 4,612 students. It is the largest employer in Lockhart. There are a total of 366 teachers, librarians, and counselors on staff. The district’s demographics break down as follows:
African American 6.5%
Hispanic 61.5%
White 31.2%
Native American 0.4%
Asian/PI 0.5%
Econ. Dis. 65.7%
Lockhart ISD’s M&O tax rate is $1.04 with a collection of $8,702,467. The DPV for the district is $867,477,724. The Target Revenue for the district is $29,991,825.765. The majority of the M&O budget is from target revenue. The I&S collections are $1,536,869. The state compensatory allocation for the district is $3,328,269 due to the fact that 65.7% of the student population is categorized as economically disadvantaged.
In the past 10 years, Lockhart has built a few new buildings- a junior high and an elementary school. The current high school’s main buildings were built back in 1964. There have been a few additions made over the years, but it is definitely time to start looking at plans for a new high school. With the current Ch. 46 allocations in the budget at $1,004,368, combined with the uncertain economic times, the district is currently looking at the options to try and remodel and repair existing facilities. Currently, the district is not taking advantage of the “golden penny” source with their M&O set at 1.04.
Lockhart ISD is in sound financial position at this time. They practice the “balanced budget” accounting when planning for the school year expenditures. They have more than enough money in their account to cover operating expenses for up to 6 months, well over state requirements. In addition, there are no staff cuts being considered currently.
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