2014-15 General Fund Budget Approved

Posted: Wednesday, June 4, 2014

Key Points

There is a $12.3 million gap between projected revenue and expenditures. Budget is balanced using $7.05 million from the Fund Balance (generated savings) and a 4.9-mill tax increase (businesses, rental homes, cars) of the 10.7 mills allowed by State law. Owner-occupied homes are not impacted.
Generated savings and millage increase are needed to fund State and Federal mandates, Local requirements, and inflation. Reducing use of the Fund Balance to pay for recurring costs is per strategic initiative.
Projected State Base Student Cost increased slightly to $2,120 (approx. 2002-03 funding), but is far below the $2,742 estimated for full funding by the State. The Base Student Cost for Greenville County Schools is much less - $1,544 - based on EFA funding including the State Index of Local Taxpaying Ability. With State increase, Local funding should increase to maintain balance of funding effort.
Proposed budget provides a cost-of-living salary increase of 2% for teachers (depending on schedule step) and other employees, increases and modifies the bus driver salary schedule, better maintains musical instruments, and provides support staff for Dr. Phinnize J. Fisher Middle School.

Budgeted Expenditures for FY 14	$485,523,000
Federal Mandated Expenditures for FY 15 - $268,000 Goal 2: Ensure Quality Personnel in All Positions Affordable Care Act (Health Care Reform) .	268,000
*State Mandated Expenditures for FY 15 - $17,928,000 (Includes $3,190,000 of Local Required Expenditures for Reduced Class Size included in Students at Risk item.)**
Goal 1: Raise the Academic Challenge and Performance of Each Student High Achieving Students (Replaces State funds moved from EIA to EFA Base Student Cost)	3,251,000
Students at Risk of School Failure (Moved by State from EIA)	4,988,000
Goal 2: Ensure Quality Personnel in All Positions Teacher Step/Salary Increases ($4,198,000 and Certificate Upgrades ($700,000)	4,898,000
State Health Employer Insurance Increase (6.8% Increase Jan. 1, 2014 and 3.9% Increase Jan. 1, 2015)	2,201,000
State Retirement Employer Rate Increase (Effective July 1, 2014)	2,054,000
Goal 4: Effectively Manage and Further Develop Financial Resources Payments to Charter Schools (Reflects reduction due to LEAD charter moving to State).	536,000
Local Required Expenditures for FY 15 - $4,327,000
Goal 1: Raise the Academic Challenge and Performance of Each Student Student Growth (Utilizes funding from FY 14 for unrealized growth)	0
Musical Instrument Maintenance Plan	26,000
Goal 2: Ensure Quality Personnel in All Positions Increase in Local Portion of the Teacher Salary Schedule	1,300,000
2% Cost of Living Increase for Support Salary Schedules	2,215,000
Modification to Bus Driver Salary Schedule	494,000
Goal 3: Provide a School Environment Supportive of Learning Dr. Phinnize J. Fisher Middle School Staffing	292,000
Reduction of Expenditures for FY 15 – ($1,177,000)
Goal 4: Effectively Manage and Further Develop Financial Resources Transfer Professional Development Expenditures to Special Revenue Fund	(427,000)
Transfer Portion of Fringe Benefit Expenditures to Food Service Fund	(750,000)
Proposed Budgeted Expenditures for FY 15	$506,869,000