Development News for Socorro, Texas

School District Reviews 2026-2027 Budget and Tax Anticipation Note Process

The board received a briefing on the 2026-2027 school district budget and discussed proposed amendments. The discussion clarified that a significant budget amendment is due to an accounting entry related to GASB 87, which involves leases and subscription-based agreements, and is an expense that is expensed annually and then reduced by an accounting entry at the end of the year. Other budget amendments were also discussed, with clarification that some affect revenues and expenditures while others are neutral within expenditures. The board also reviewed the status of the Tax and Revenue Anticipation Note (TRAN), with a proposed $30 million note for the upcoming fiscal year, down from $35 million in the previous year. Financial advisors presented information on the debt profile, potential interest rates, and the timetable for obtaining bids and approving the note. The estimated cost for the TRAN is approximately $1.1 million at a 5% interest rate, and this is built into the 2026-2027 budget.