The Floyd County Board of Education held a special meeting Tuesday to approve the tentative working budget for the 2019-2020 school year.
The tentative working budget, approved alongside other items on the board’s consent agenda, is part of a three-part budgeting process that will be finalized after the board approves tax rates. Some funding recorded in the budget approved Tuesday are preliminary estimates.
The budget, based on current staffing levels and contracts approved by the board, expects that the board will adopt compensating tax rates this fall for property taxes — a move that may increase taxes on Floyd County residents.
Local governments adopt compensating tax rates in order to obtain the same amount of revenues as the prior year.
Last year, the board opted not to adopt the compensating rate, leaving tax rates at 69.2 cents per $100 of assessed value on real property and at 55.4 cents per $100 of assessed value on personal property.
The tentative budget reports an expected total of more than $9.7 million in ad valorem taxes — about $300,000 more than what’s budgeted for the current fiscal year and $900,000 less than the actual taxes collected a year prior in Floyd County.
According to the tentative budget, presented by Floyd County Schools District Finance Director Tiffany Campbell, the district will carry forward about $6.1 million, which is about $100,000 less than it carried forward last year into this fiscal year.
“The actual amount of carry forward could change once all payrolls are completed, all bills paid and all funds are received at the end of FY19,” she said.
The grand total of all school district funds, contingent on the receipt of state and federal funding, is more than $78.7 million — around $3 million more than the current-year budget and about $250,000 less than the total received by the district the prior fiscal year.
In the general fund, the tentative budget assumes revenues and expenses of $57.3 million, which is about $3.3 million more than the revenues in the current budget, more than $1.2 million less than actual revenues during last fiscal year.
The district expects an increase in Support Education Excellence in Kentucky (SEEK) funding, which is budgeted at $27.4 million, which is $282,000 less, compared to the current budget. Campbell said, however, that these estimates are still preliminary until the Kentucky Department of Education approves and issues those funds beginning in July.
Overall, according to Campbell, instructional expenditures are predicted to remain the same with some variance from individual school’s site-based decision making council decisions, including maintenance and operating costs and salaries based on individual full-time, coaching and substitute positions based on rank and experience.
Campbell noted that no funds were budgeted for new buses and transportation costs were only budgeted for travel to and from schools.
“Any purchases would have to come out of the general fund,” she said.
The board passed the tentative budget with no comments.
Also approved at the special board meeting was a request for the Allen Elementary STLP team to travel to Philadelphia, Penn. for the International Society of Technology in Education Conference to represent Kentucky for the national STLP competition and approve 26 technology items for surplus.
The next Floyd County BOE meeting is scheduled for 6 p.m. on Monday, June 24 at Prestonsburg High School.