EL PASO, Texas (KTSM) — The Socorro Independent School District (SISD) is now looking for ways to overcome a projected $8.5 million deficit for next year.
During a board meeting on Wednesday, district officials said that an expected decline in student enrollment and no increase in state funding are putting the district in a tough decision.
“Our immediate goal is to stabilize our financial position. But looking ahead, the bigger question is how do we rebuild our fund balance, especially with enrollment declining and the potential for no increase in state funding? This is going to require a combination of sustained financial, this is going to require a combination of sustained financial discipline,” said David Solis, SISD chief financial officer.
District officials also discussed the potential of adding a Voter Approval Tax Rate Election (VATRE) to the November ballot as a potential solution for the district to acquire some much-needed funding.
“We continue to explore the possibility of a Voter Approval Tax Rate Election, or VATRE. If approved by voters, they could bring in up to $28 million in additional funding, resources that would be vital in meeting both our immediate financial needs and long-term goals,” Solis said.
If approved by voters, the VATRE will increase property taxes for residents, however, the school district will need to hire an auditor by July 4 to start the process of adding it to the ballot.
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