Fayette schools to use reserve funds to help pay for record $224.6 million budget; will add 24 new teachers and staff —
A preliminary look at the Fayette County School System budget for 2020 shows $224.6 million in expenditures, up $11.9 million from the current year.
The Fayette County Board of Education at the April 8 meeting heard an initial presentation of budget plans for the 2020 budget that begins in July. The budget showed $221,671,894 in expected revenues. That compares to the $211.48 million budget adopted in June 2018, and increase of $10.19 million over the current year.
In terms of expenditures, the preliminary budget showed $224,582,695 for the coming year. That compares to expenses of $212.6 million this year, and represents an increase of $11.94 million.
On the revenue side, the pending value of the tax digest shows $97.2 million in property taxes, up $2.2 million over the current year.
Revenues are essentially split between state and local sources, with $110.45 million expected from local revenue sources and $111.2 million from state sources.
And on the expenditure side, the preliminary budget includes the addition of 14.51 teaching positions totaling $1.2 million and 9.5 classified staff totaling $285,000.
A further breakdown of expenses shows $2.4 million in Step increases, $300,000 in increased payments to the Teachers Retirement System, a 2 percent cost of living increase to classified staff totaling $550,000 and a state salary increase for teachers totaling $6.27 million.
As is customary, the budget also includes a reserve account totaling approximately 10 percent of revenues. Proposed for 2020 is a reserve fund balance of approximately $26.6 million.
Budget talks will continue and will culminate in the 2020 adoption in June.