he Board of Education voted to approve the 2017-2018 budget of approximately $608 million,
a 4.6 percent increase (approximately $26 million) compared with last year’s budget. More information regarding a breakdown of last year’s budget is listed here:
The most significant district cost is staff salaries and benefits. They account for 85 percent of expenditures. Teacher salaries for the 2017-2018 school year reflect an average 5.5 percent salary and benefit package increase of $13.8 million.
Key budget changes also include shifting of positions across the district and the closing of Saratoga.
Other budget priorities include recruitment and retention, at risk programs, curriculum and textbook needs, student programming, technology purchases and building needs.
The district's total state aid increased by $62 million while at the same time estimated property tax receipts decreased by $52 million. Increases in state aid, plus reductions in operations, will be used to balance the budget. Property valuations in the district are also estimated to increase by 4 percent.
The mill levy will go up one cent and increase property taxes by $10 on a home with a valuation of $100,000.
A general breakdown of this year’s budget is as follows:
The General Fund Revenue Sources for 2017-2018 (estimated):
Property Taxes: $222.3 million
Other Local (fines, licenses, motor vehicle tax, carline taxes, interest, etc.): $42 million
Other State: $45.9 million
Federal Sources: $930,000
State Aid: $288.2 million
The General Fund Expenditures Budget for 2017-2018 (estimated):
Salaries and benefits: 85 percent
Supplies and Materials: 1 percent
Purchased Services: 14 percent