Hamilton School District apprehensive about how the coming tax cuts will affect schools
MSBA reported that at the 2018 General Assembly, numerous educational issues will be on the agenda for lawmakers such as state funding for K-12 education. It will take a 98 million dollar increase in the foundation formula to fully fund the basic state aid program for schools. 48 million dollars of that would go toward new early childhood education funding, triggered by fully funded formula. MSBA is concerned about how many funds will be available after the tax decrease resulting from the GOP tax cuts. Other issues to be considered once again in the General Assembly are expansion of charter schools throughout the state and voucher schemes such as education savings accounts that funnel public money to private schools that are not accountable to the public. School board members throughout the state will be honored for their work during School Board Recognition Week January 21-27.
In old business, the board approved the school audit for FY17. In 2014 and 2015, school revenues had gone down, but in 2016 and 2017 they had gone up. Contributing factors in the rise are the pipeline and assessed valuation is continuing to go up. Unfortunately, expenditures have also increased. In 2017 the school received $7,772,493 in total revenues. Expenditures in 2017 were $7,697.000. Enrollment also affects revenue. The assessed valuation will increase local support but state money will go down. Reserve balance for 2017 including restricted funds (debt service) is at 33.8%.
The board approved the FY18 budget. Total revenues in the projected budget will be increasing but so will the expenditures. Ending balance projection is $3,646,188 mainly due to the increased assessed valuation which has increased the school levy. Ending fund balance prediction is 35.24%.
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