PROPOSED FY 2018 BUDGET TU BOE

The Thomaston Upson Board of Education is proposing a $34.7 million general fund budget for FY2018 which begins July 1. This budget reflects an increase of $1.2 million dollars from the FY2017 budget. With this budget, the board is proposing to add $233 thousand to the general fund balance reserves. Due to having to use fund balance reserves for a number of years, the fund balance is projected to be approximately $4.2 million at June 30, 2018. School districts need at least 2 months or 15% in fund balance reserves to operate efficiently. 

Revenues are increasing $1.6 million dollars all from the State Quality Basic Education (QBE) funding. Total QBE revenues of $25.2 million account for 72% of the revenue. However, our school district still has an austerity reduction of$441 thousand dollars from the QBE funding.  Since 2002, austerity reductions for our school district have totaled $24.6 million in funds we have not received under the State Quality Basic Education funding formula.    

Property tax revenue is pending upon receipt of final tax digest information in August. Property tax revenue is currently budgeted at $8.2 million dollars at a mill rate of 15.42 mills accounting for 24% of the revenue. The value of 1 mill currently generates approximately $550 thousand dollars per mill for the school district.    

The remaining $1.5 million or 4 % comes from other federal, state and local sources for a grand total of $34.9 million in revenues. 

Ninety percent of the budget or $29.8 million is for salaries and benefits. The remaining 10% or $3.7 million is other operational expenses. $1.2 million of the $3.7 million is used for fuel to transport our students and utilities for the facilities. 

The Board of Education will conduct another public budget hearing on the preliminary general fund budget on Tuesday, June 13 at 5:30 pm prior to the regularly scheduled board meeting at 6 pm.  At the regularly scheduled board meeting on June 13, the board will consider for tentative adoption the FY2018 budget.

The board will consider for final adoption the FY2018 budget Tuesday, June 27 at 5 pm.