District approves balanced budget

Bridgeport ISD adopted its fiscal year 2022-23 tax rate of $1.06 per $100 valuation Tuesday.

Trustees also approved a balanced budget of $21.2 million, which included a 3 percent general pay increase for all full-time employees, retention incentives and an increased monthly contribution for employee health insurance.

The compensation plan raises Bridgeport ISD’s starting teacher salary to $47,595 and increases the district’s insurance contribution to $295 a month.

The 2022-23 tax rate is the same as last year’s rate, with slightly more than 85 cents per $100 valuation committed to maintenance and operations and a debt service rate at just above 20 cents. While the rate is the same, taxpayers will pay on average $114 more a year due to rising property values. Bridgeport ISD’s average home value increased from $190,000 to $254,000 last year, with an average taxable value increasing from $165,000 to $175,000.

The adoption comes as Bridgeport ISD plans to close out its 2021-22 budget with a deficit following a drop in enrollment. The deficit will be addressed later this school year but is not factored into the 2022-23 budget.

Bridgeport’s local revenue increased by about 9 percent from $14.7 million to $16.1 million. It’s state revenue decreased by approximately 29 percent from $6.3 million to $4.4 million.

The change in part resulted in Bridgeport reducing its payroll by 5 percent through staff reductions.

The district is budgeting more conservatively following the shortfall from last year, with more modest average daily attendance estimates. Bridgeport is projecting an enrollment of 2,043 students but an average daily attendance of 1,836. On the first day of school, 1,984 students were enrolled. That number increased to 2,026 after the first week, with the district anticipating more students to enroll before Labor Day.

The district is projecting year-end reserves at $10 million.