CISD trustees talk budget, construction
Photo by Britne Hammons
The Canton Education Foundation officially presented grant funds to the CISD board of trustees June 27.
The Canton ISD Board of Trustees met June 27 and hit the books concerning the 2016-’17 budget.
CISD Business Director Denise Stone navigated the course through the proposed budget, reflecting that the district will take a “conservative approach,” in regards to the budget.
“We have always had a conservative approach for the last six years which has been a proven success with our healthy fund balance,” Stone said.
Stone informed the district that revenue sources within the district derive from 52 percent local taxes; 8 percent federal; and 40 percent state revenue.
Local income is derived from 98 percent property tax collections with a minimal percent to gate receipts/miscellaneous revenue.
Stone said that the tax rate set at $1.471 has been the same for the last nine years, and is proposed to stay the same.
The estimated budget is balanced with revenues set at $15,943,414 and expenditures also at $15,943,414.
The school district also has bond debt in the amount of $37,739,152.55
We have paid off the remaining amounts left in the 2003 bond series and portions of the 2006 bonds,” Stone said. “We implemented a debt management plan in Fall 2015 and we will to continue with that.”
Stone also said that all bonds will be paid off by 2037.
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