Board of Directors Approves 2018-2019 Budget

Board of Directors Approves 2018-2019 Budget
Posted on 06/20/2018
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The South Park School District Board of Directors passed the 2018-2019 final budget at its meeting on Monday, June 18, 2018. The $34.9 million budget provides the resources to continue offering quality, student-centered educational initiatives and programs.

Revenues in the 2018-2019 budget are anticipated to be $34,938,184. Funding from the state, while uncertain until a budget is passed in Harrisburg, is expected to remain flat for the 2018-2019 fiscal year. The main source of district revenue is from local taxes, which comprise a little more than 65% of all district revenue. The 2018-2019 budget sets the millage rate at 25.38 mills.

The increase means a homeowner will pay an additional $78 per year or $6.50 per month for every $100,000 in assessed value. The millage increase on the median assessed value of a home in South Park (approximately $125,000) would equal approximately $98 per year.

More than 4,000 properties in South Park qualify for a property tax reduction due to casino funds. Property owners who have filed for and received a Homestead Exemption will receive approximately $214 in property tax relief.

Expenditures in the 2018-2019 budget are expected to be $34,938,184. The 2018-2019 budget includes a new vocational training lab at South Park High School, the addition of part-time special education and social studies teachers at South Park High School and the purchase of new Chromebooks for incoming third grade students as part of the district’s one-to-one initiative.

The district will be faced with rising required costs during the 2018-2019 school year. Employee benefits, including state-mandated retirement, are expected to increase by 4% from the 2017-2018 fiscal year. Charter school tuition is expected to increase by more than 50% from 2017-2018. Transportation costs are expected to spike by 28% from the previous year’s budget.

Expenditures for salaries and benefits comprise a little more than 59% of all spending. Services, both contracted and purchased, account for approximately 19% of the district’s 2018-2019 budget. Debt service on outstanding bonds accounts for approximately 14.6% of expenditures.

The district’s fund balance for the 2018-2019 fiscal year is projected to be approximately $2.2 million. This balance, which equals a little more than six percent of the district’s budget, is below the state’s eight percent limit.

The district’s recent capital projects, which have included the demolition of the former South Park High School, the construction of a new maintenance facility, the renovation of South Park Middle School and the renovation of Eagle Stadium, are scheduled to be complete by fall 2018.

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