The district’s new fiscal year begins July 1, meaning the district must approve its budget before June 30, officials said.
What readers need to know
The district across its total budget expects to have almost $284.9 million in revenue against nearly $280 million in expenses, district documents show.
Meanwhile, the district’s tax rate, which was not approved at the meeting, is expected to total $1.1157 per $100 valuation of a home. This is a lower rate than last year’s $1.135 per $100, documents show.
However, for the average home, which has a taxable value of $324,668—up from $307,746 last year—officials expect annual taxes to go up by $129.
The total budget is broken down into the district’s food services, debt and a general fund, the latter of which is how the district pays for the bulk of its operations.
The general fund is anticipated to come in with $230 million in revenue against nearly $224 million in expenses, creating a surplus of around $6 million, documents show.
The district will place about half of that surplus into its capital renewal plan for facility maintenance and upgrades, Superintendent Larry Berger said at the meeting.
“We want to make sure that we are good with that plan ... and not having to dip into the fund balance,” Berger said.
The remainder, about $3.3 million, will go into the district’s fund balance, giving them about 141 days of operational revenue.
Diving in deeper
According to district documents, the district is assuming the following conditions:
- 20,668 students enrolled
- 95% average daily attendance
- $11.9B in taxable value throughout the district
- $140,000 homestead exemption
Some highlights on the expenditure side, according to district documents, include:
- $8.4M in staff compensation, which includes pay increases based on years of experience
- $1.37M in additional personnel
- 3% savings on salaries
- $706K in additional substitute pay, stipends and adjustments
More than 65% of the district’s revenue will come from the state this year, while a little less than 35% will come from local sources, documents show.
Remember this?
In April, the district anticipated a shortfall of around $8.6 million. However, the presentation came before the state had approved new public school funding in early June to the tune of $8.4 billion.
That bill included an increase in the basic student allotment, pay for teachers and increases to benefits, among other adjustments.
Meanwhile, the district expects to end its FY 2024-25 with about an $8 million surplus, according to district documents. The general fund is anticipated to end with $220 million in revenue and $212.9 million in expenses.
Also of note
The tax rate presented at the meeting was not yet voted on. However, Berger clarified the proposed rate is the highest the district can levy. Board members may opt for a lower rate but cannot go higher than a total of $1.11575 per $100 valuation of a home.
The board will vote on its tax rate at the Aug. 12 board meeting, Berger said at the June 24 meeting.
