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“Together, we’re so much more!”

Welcome to Anderson One!. “Together, we’re so much more!”. 2007-08 Joint Budget Meeting Anderson County Board of Education & Anderson School District 1 Board of Trustees. June 4, 2007. Agenda.

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“Together, we’re so much more!”

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  1. Welcome to Anderson One! “Together, we’re so much more!”

  2. 2007-08 Joint Budget Meeting Anderson County Board of Education & Anderson School District 1Board of Trustees June 4, 2007

  3. Agenda This budget session reflects the information generated by the full Senate of South Carolina for the proposed state education budget. • General Information • Anticipated Revenues • Proposed Expenditures • Budget Summary

  4. General Information • Index of Taxpaying Ability FY 06-07 .008520 FY 07-08 .007940 % of State Support = 81%

  5. General Information • Base Student Cost $2,476.00 • FY 2008 EFA Inflation Factor 4.60%

  6. General Information Education Finance Act Formula for EFA Revenue Projection (DWPU X TBSC) – (SWPU X TBSC X Index TA X .3) = ALLOCATION (District Weighted Pupil Units X Total Base Student Cost) – (State Weighted Pupil Unit X Total Base Student Cost X Index of Tax Paying Ability X .3) = ALLOCATION 8,706 STUDENTS 135 ADM + 200 new students 8,906 X 1.2516 weighting = 11,147.462 DWPU = $22,540,120 Projected FY 07-08 EFA

  7. General Information State Revenue Sources: • State Property Tax Relief--Tier 1 (Owner occupied homes) $1,717,987 • Homestead Exemption--Tier 2 $696,290 • Act 388 Reimbursement--Tier 3 $3,573,579

  8. General Information Other State Revenue: • Merchants’ Inventory $44,200 • Manufacturing Depreciation Reimbursement $305,605

  9. General Information Local Revenue Sources: • Millage Rate for Operating Budget— 116.1 • Value of a mill Old method: 95% collection rate is $138,707 New method: devalued mill estimated at $85,000 • Anticipated Revenue $13,147,816

  10. Summary ofAnticipated Revenues • Local Sources $13,147,116 • State Sources $36,770,018 (EFA, Fringe Benefits, Retiree Insurance, Bus Drivers, Property Tax Relief, Homestead Exemption, Merchants’ Inventory, Manufacturing Depreciation Reimbursement, Tier 3, Other State) • Other Sources $1,170,630 (Transfers: Education Improvement Act (EIA) and Indirect Costs) TOTAL PROJECTED REVENUES= $51,087,764

  11. Proposed New Expenditures

  12. Proposed New Expenditures

  13. Proposed New Expenditures

  14. Budget Summary • Budgeted Expenditure $51,636,973 • Anticipated Revenue $51,087,764 Difference $549,209

  15. ACT 388 • Established a Baseline for Maintaining Funding Level -------In 2007, the CPI and population growth was 5.6% -------Millage can be raised by 5.6% 116.1 mills X 5.6% = 6.5 mills Amount of funds that can be requested -------6.5 mills X $85,000 = $552,500

  16. Maintenance of Local Effort • 2005-Waiver for $1,017,234 • 2006-Waiver for $55,345 • 2007-Waiver will be needed for $152,812 • 2008-Waiver will be needed for $791,146

  17. Net Effect Tax Reduction in April 2007 due to EIA Building Funds applied to Bonded Indebtedness $242,675 Tax Reduction in August 2007 due to decrease in principal and interest $209,709 $452,384

  18. Effects of New Construction • New Construction in Anderson One = $5.4 million • 2006 Millage for Debt Service = 31.0 mills • 2007 Millage for Debt Service = 28.0 mills (est.)

  19. Anderson County Board of Education and the Anderson School District 1 Board of Trustees “Together, we’re making a difference for children!”

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