The RISD Community Budget Steering Committee convened for its fifth monthly meeting this week. Charged with assessing and prioritizing RISD’s current and long-term financial needs, the group is expected to provide recommendations to the RISD Board in December, as trustees begin the 2024-25 budget planning process that is projected to include a major operating deficit.
The meeting began as a full group and Assistant Superintendent of Finance and Support Services David Pate updated members on the variances between the adopted 2022-23 budget and actual revenue and expenditures for the fiscal year ending June 30, 2023. The district had positive variances in SHARS (School Health & Related Services) revenue, xPlore tuition revenue, indirect grant cost revenue, payroll costs, property tax collections, state revenue, and interest income; while the district had a negative variances in non-payroll expenditures and one time capital projects.
Overall, the net positive operating variances from the 2022-23 fiscal year will provide RISD with additional one-time funds to address the adopted operating deficit in the current 2023-24 fiscal year and the $47.5 million projected deficit for the 2024-25 fiscal year. The additional one time funds will not allow RISD to address the systemic issues that are contributing to inefficient operations and utilization of resources. See more information about the 2022-23 budget variances here.
The committee then divided into subcommittees and work continued in the following four areas:
- Facility Utilization: Committee members are reviewing current facility usage to arrive at recommendations related to improving utilization.
- Staffing and Compensation: Members are reviewing campus and central staffing ratios and compensation schedules to make recommendations on appropriate staffing levels.
- Central Administration: This subcommittee is reviewing departmental expenditures to arrive at recommendations related to further reducing central costs.
- Revenue Generation: Committee members are evaluating opportunities for increasing district revenue.
Additional information about each subcommittee, including November presentation information, is available on the Community Budget Steering Committee website.
The RISD Community Budget Steering Committee is expected to meet one more time to finalize recommendations to be presented to RISD trustees at the December regular board meeting.
