Though a $3.5 million surplus is anticipated in the projected fiscal year 2023-24 budget, Katy ISD officials said salary increases for teachers and staff will take a direct hit from public education dollars unspent at the state level.
In a nutshell
The district’s chief financial officer, Christopher J. Smith, said that despite an $8 billion surplus originally set aside for schools, low attendance rates and higher property values throughout Texas caused the state to underspend on public education.
“Average daily attendance statewide is down, and property values are up,” Smith said at a June 19special board meeting. “Even though we had the homestead exemption, and we still lowered the maintenance and operations tax rate—it wasn't enough statewide.”