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Socorro ISD adopts balanced $547 million budget, approves $30.14 million cash‑flow note
Summary
Socorro ISD trustees unanimously approved the 2026–27 operating budgets (about $547 million total), a compensation-plan update and a short-term $30.14 million tax-and-revenue anticipation note to bridge state funding timing; administration stressed the budget is balanced and prioritizes classrooms.
Trustees on Wednesday adopted Socorro Independent School District’s 2026–27 operating budgets, approved a compensation-plan update and authorized a short-term tax-and-revenue anticipation note to cover a summer cash-flow gap.
The board approved a combined operating budget of roughly $547,000,000, with the general fund totaling about $462,800,000, the child nutrition fund balanced at approximately $33,500,000 and the debt service fund at about $50,700,000. Chief Financial Officer David Solis said the budget is balanced and based on an enrollment projection of about 45,120 students and a 94% attendance assumption.
“The proposed budget before you this evening reflects the work and input received throughout this process,” Solis said, summarizing the district’s multi-month development plan and transparency steps, including posted summaries, a taxpayer impact statement and a public hearing.
Trustees also approved housekeeping and structure updates to the district compensation plan. Chief Human Resources Officer Selena Stiles said most changes are title clarifications, stipend adjustments and removals tied to positions that no longer exist; administrators told the board these changes will not affect current-year payroll.
To smooth district cash flow while state funds lag over the summer, trustees authorized a short-term note — Tax and Revenue Anticipation Note, Series 2026 — with a principal amount of $30,140,000 and an expected coupon in the mid‑3% range. Don Gonzales of Estrada Nejosa, the district’s financial adviser, described the note as temporary bridge financing to be repaid when property-tax receipts arrive in December and January; PNC Bank was selected as purchaser.
“This financing is intended to be short term to basically bridge a period in time in which there is no funding coming from the state,” Gonzales said. He and staff said repayment is anticipated in February 2027 and that the financing was structured without a long‑term rating to avoid extra fees given its short duration.
Board members praised staff for clear public materials and outreach during the budget process. After the presentations and public hearing, trustees moved, seconded and approved the budget and related items by voice vote.
Next steps: administration will return later this summer to present finalized tax-rate calculations after certified property values are received and to discuss the voter‑approved/INS tax‑rate disclosure requirements introduced under recent state law changes.
