At the April regular meeting, RISD presented the third phase of the 2023-24 budget planning process, including results of the recent survey of RISD employees related to benefits and compensation.
Assistant Superintendent for Finance and Support Services David Pate said decreasing enrollment coupled with inflation present substantial challenges for the district. He also said RISD is below market in compensation, and this makes it difficult to recruit and retain staff.
“RISD is working on a multi-faceted strategy to address the current budget challenges, including strategies to address efficiencies, increase enrollment and advocate for legislative changes,” Pate said.
Assistant Superintendent for Human Resources Dr. Chris Goodson shared the results of an employee survey about benefits and compensation. The survey received about 1,430 responses for a response rate of about 25%.
“It’s very helpful to get that input and insight from staff about what really matters,” Superintendent Tabitha Branum said.
More than 90% of respondents indicated better compensation as their top priority, according to Goodson, with nearly 76% saying a higher base salary was their most important priority. Employees who responded to the survey also indicated lower insurance premiums as an important priority. Additional stipend considerations and advanced degree stipends were also listed as priorities for employees, Goodson said.
Pate presented comparison data with peer school districts related to health insurance premiums and benefits, as well as different financial scenarios related to a raise for teachers and staff, and the budget impacts. Stratified-raise scenarios from 4% to 8.25% for teacher-type employees and raises of at least 3% for all other employees were also presented. Pate said current revenue and expenditure projections show a narrowing in the adopted budget deficit of nearly $11 million.
Pate said increased state revenue and stable property tax revenue have helped narrow the deficit. He said rising interest rates led to more interest income while strong athletic revenue and other revenue also helped narrow the deficit. Lower expenditures due in part to attrition and vacancies also contributed to an overall budget deficit of slightly less than $15 million.
Trustees will continue 2023-24 budget planning throughout the spring, and are expected to pass the operating budget in June. Trustee Megan Timme said it is important to ask staff these questions, and she wants staff to know this data informs the board’s decision-making.
Superintendent Branum said the formation of a commission to review the budget after it is presented in June would be a good complement to the process.
Click here to learn about previous budget planning discussions.
Click here to see the April 13 budget presentation, or watch the discussion.
