Should School Districts Rely on Oil and Gas Revenue? Denton County, Texas-35 percent of the budgetSomervell County Salon-Glen Rose, Rainbow, Nemo, Glass....Texas


 

Should School Districts Rely on Oil and Gas Revenue? Denton County, Texas-35 percent of the budget
 


19 December 2006 at 10:54:33 AM
salon

In the Weatherford Democrat this morning, there's an article about Devon Energy's presentation about the economic benefits for Parker County. Among other things, this was interesting.

In Denton, 35 percent of the school district’s budget came from increases in oil and gas property valuations, according to the study. Weinstein said oil and gas operations produced a total of $36 million in tax revenue for school districts in the nine-county area last year.

Should gas prices fall and local gas production falter, school districts relying heavily on oil and gas revenue to pay recurring costs could suffer.

I wonder how Somervell County treats this. A while back, the school district was looking at putting a gas rig on school property. If so, how does that get budgeted?

Weatherford City Manager Bill Davis agreed economic prosperity resulting from oil and gas recovery in the area should not be relied upon.

Davis said when the city received a $1.5 million lease bonus from Chief Oil and Gas (now owned by Devon), the city dedicated the money specifically for capital expenditures, which are one-time costs.

“You can overextend yourself if you add a bunch of annual operating expenses related to that projected income,” he said. “We didn’t dedicate that to pay for fire, police or ongoing expenditures. We’re taking that from our basic taxes.”

Sounds pretty smart.


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