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Lubbock ISD reversed a projected $15M deficit to a $4.5M addition to fund balance; board weighs buying buses with bond interest
Summary
Dr. Dewayne Wilkins told trustees the district ended the year with about $4.5 million added to the fund balance (unassigned balance about $65 million) despite a projected $15 million deficit, citing roughly $12.5 million in savings from vacant positions; the board discussed using bond interest to buy Freightliner buses (~$380,000 each), planning to buy two initially with one month's interest.
Dr. Dewayne Wilkins reported to the Finance/Operations Committee that the district had projected a $15 million deficit but ended the year adding approximately $4.5 million to the fund balance, bringing the unassigned balance to about $65 million. Wilkins attributed the positive variance largely to roughly $12.5 million in savings from unfilled positions and other efficiencies; he noted the audit will list a $15 million increase to the fund balance but that number includes restricted funds (for example, a Schneider Electric loan) that must be used for specified projects and cannot be spent freely.
The committee also discussed using bond interest earnings for capital needs. Staff said ballot language that included "facilities and buses" allows interest earnings to be used to purchase buses. The board expressed concern about aging buses breaking down on long trips and showed interest in replacing outdated buses with Freightliner models at around $380,000 each; the plan discussed purchasing two initially using one month's bond interest, with the possibility of more purchases later depending on interest earnings, while ensuring principal bond dollars remain dedicated to voter-approved projects.
