Navarro College Trustees Approved 2023-2024 Budget: Check Here For More Details!

The Navarro College Trustees have recently given their approval to the budget for the 2023-2024 fiscal year. The budget, presented by Teresa Thomas, Vice President for Finance, has been meticulously planned to ensure a balanced financial outlook for the coming year, Corsicana Daily Sun reported.

Navarro College Trustees Approved 2023-2024 Budget (PHOTO: ApplyZones)

Navarro College Trustees Approved

The projected budget for the 2023-2024 term amounts to approximately $82.4 million, with a keen focus on maintaining equilibrium between expenditures and revenues. Notably, this budget approved by Navarro College Trustees does not incorporate any federal Higher Education Emergency Relief Funds. These funds, addressing pandemic-related revenue losses, have already been utilized.

Furthermore, the budget approved by Navarro College Trustees does not include any Financial Aid Swift Transfer funds linked to the changes brought by Texas House Bill-8, which impact how state funding is allocated to colleges. While the college anticipates partial payments of this funding in October, March, and June, the present budget does not reflect these provisions.

Teresa Thomas elaborated that a significant portion, 61 percent, of the total budget is allocated to salaries and benefits, a vital aspect either offered by the college or mandated by the state.

Addressing the tax rate, the Navarro College Trustees discussed a motion to set the tax rate at the Voter Approval Rate of $0.0960 per $100 of taxable valuation for the 2023-2024 period. This rate, which is the highest permissible without requiring an election, was deemed necessary due to the uncertainties of funding formulas, coupled with the obligation to sustain revenue streams, given the current state requirements.

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Navarro College Trustees’ Perspectives

While the decision was met with approval by most Navarro College Trustees, Trustee McGraw expressed a different perspective, advocating for a rate set at the No New Revenue Rate of $0.08854.

Board Chairman Phil Judson emphasized the seriousness of the Trustee’s role in setting the tax rate, acknowledging the responsibility to balance the institution’s financial needs while serving the community.

A public hearing on the proposed tax rate is scheduled for September 12th, and the Navarro College Trustees are set to formally adopt the tax rate during this session.

As the College prepares for the Fall Semester, slated to commence on August 28th, these financial deliberations underscore the institution’s commitment to responsible fiscal management and the provision of quality education.

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