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Video instructions and help with filling out and completing What Form 2220 Exempt

Instructions and Help about What Form 2220 Exempt

In the prior video, we shared how the state has decreased its funding to local districts due to rising property values. So, what has the district done to prepare for this decrease in funding? The district has been proactive in implementing cost-saving and cost-avoidance measures over the years. They have also sought revenue-generating measures to bring in additional funds. Some of the cost-saving measures that have been implemented include an ambitious energy management plan that has saved the district $20 million over the last 10 years. There have also been savings through improvements to preventive maintenance programs, standardization of equipment and supplies, and cross-department functional efficiencies, which have saved the district $950,000. Additionally, the district saves $5 million annually through a triple-tiered bus service, which offset the cost of purchasing additional buses that would have cost $10 million. Benchmarking auxiliary services against best practices has allowed the district to pinpoint areas for additional savings in custodial maintenance and ground services. In terms of cost avoidance, the energy management plan in plant operations has saved the district over $32 million in the last eight years. In order to generate revenue locally, the district relies on funds from facility rentals, the Class D Education Foundation, and stadium advertising. The district has been preparing for lean years knowing that new schools were set to open. Over the last two years, they have used $28.9 million of excess fund balance to balance the budget. At the close of this school year, the fund balance is projected to be just above 25 percent of expenditures, which is the lowest it can be while still following district policy. This represents the payroll for roughly two and a half months and is the recommended reserve amount by the Texas Education Agency and bond rating agencies. However, continuing...