The Board of Education approved the 2018-2019 general budget of approximately $617 million. That is a 1.35 percent increase compared to last year's adopted budget.
The most significant district cost is staff salaries and benefits, according to Chief Financial Officer Connie Knoche. They account for nearly 80 percent of expenditures. For most staff, excluding teaching staff, this is reflective of a no pay increase over the previous year.
The district's total state aid decreased by $12.5 million while at the same time estimated property tax receipts increased by $11 million.
The proposed tax rate for 2018 is 1.24 per $100 of valuation. That is approximately a one penny decrease over last years tax rate. That will decrease property taxes by approximately $18 for a home with a valuation of $150,000, assuming the homeowner's property valuation doesn't change.
As part of the presentation, Knoche shared the five year plan projections for the general fund operations. This projection sheet includes accounting for increased cost of opening new buildings, a conservative increase in property valuations of 2 percent (it has been 5 percent the last two years) and paying the increased cost of the Actuarial Required Contribution (ARC). The projected budget also ensures that the district unrestricted fund balance does not drop below 15 percent of total expenses.
A general breakdown of this year’s budget is as follows:
The General Fund Revenue Sources for 2018-2019 (estimated):
- Property Taxes: $233.7 million
- Other Local (fines, licenses, motor vehicle tax, carline taxes, interest, etc.): $40 million
- Other State: $44.9 million
- Federal Sources: $905,000
- State Aid: $275.7 million
* This represents a decrease of 0.66 percent from the previous year.
The General Fund Expenditures Budget for 2018-2019 (estimated):
- Salaries and benefits: 78.9 percent
- Supplies, Materials and Equipment: 5 percent
- Purchased Services: 12.5 percent
- ARC percent: 3.5 percent
More information regarding the breakdown of the budget is listed here:
The board also approved the Educational service Unit No. 19 Budget for 2018-19. To review the ESU No. 19 Budget,