The Fayette County Board of Education at its June 5 work session adopted the 2017-2018 tentative budget totaling $203.7 million, the largest in the school system’s history.
There were no speakers at the public hearing on the budget. As for the vote, board members approved the tentative budget 4-0, with board member Brian Anderson absent.
The budget viewed by the school board at the Monday meeting showed revenues of approximately $203.7 million with identical expenditures. That’s an increase of $10.7 million above the current budget. All but $1 million of the increase will pay for employee raises and benefits.
Pertaining to the revenue side of the proposed $203 million budget, $94.1 million comes from local property taxes, $9.5 million comes from other local taxes, $98.7 million from state QBE (quality basic eduction) funds and $400,000 from other state funds.
The current budget stands at $193 million.
Expenditures for the proposed budget include $9.7 million in additional expenses over the current year. Those include $3.1 million for cost of living increases, $3.2 million for step increases, $3.1 million for the teacher retirement system and $300,000 for increased health insurance costs for classified employees.
Debt service in the proposed budget, coming almost exclusively from ad valorem taxes, totals $6.4 million.
The proposal calls for continuing the 10 percent reserve fund at $20.3 million and carrying a year-end fund balance of $3.18 million.
The school board will approve the budget later this month.