AUSTIN, Texas — Early Friday morning, Austin ISD's (AISD) Board of Trustees unanimously approved a more than $2.1 billion budget for the 2023-2024 school year that includes a $52 million deficit.
The budget includes a 7% raise for teachers, counselor and librarians and a $4 per hour increase for hourly employees, bringing the minimum wage to $20 per hour in the district.
AISD's Interim Superintendent Matias Segura said during the Board of Trustees meeting that it is always a challenge to put the budget together, but this plan reflects the district's values.
"Early on in the process, we identified compensation and the need to support and invest in our staff as one of the highest priorities," Segura said.
AISD has been facing teacher shortages and inflation. The district hoped to receive more money from the State of Texas, but the regular legislative session ended May 29 without an increase to the basic allotment, or the minimum amount of funding per student that school districts receive from the State.
About 87% of AISD's new budget is dedicated to teacher and staff salaries.
Here is a breakdown of the 2023-24 budget:
- $1,824,343,721 for general fund
- $45,481,774 for food service fund
- $236,509,831 for debt service fund
Of the overall budget, $940,481,763 will be paid to the state's recapture system, sometimes called "Robin Hood." The program requires the State to take funding from school districts with higher property values within their boundaries and give it to districts that can't raise much money.
According to the Texas Education Agency, AISD pays more into the recapture system than any other district in the state.
AISD's new budget goes into effect on July 1.