The budget’s general fund of $75,624,077 had to make up for a state revenue shortfall of about $7.4 million — money the school system should have received based on a funding formula established by the state.
“We don’t get from the state what we earned under the formula,” said Smith.
While the millage rate is proposed to remain at 18.8 mills, the budget includes six work adjustment days, or furlough days, for school employees that will save the system $1.8 million. Using approximately $3.1 million of fund reserves to make up for the shortfall in the general fund, the proposed budget is considered balanced according to the legal definition in Georgia.
As Smith brought the proposal before the board after a more detailed budget presentation earlier that day, board member Zach Holmes commended Smith and Director of Finance Ryan McLemore for coming up with a budget that keeps the school system afloat despite challenging financial times.
Board member Michael Kendall said the word needs to get out on the proposal. Kendall said members of the public need to know when the budget is being discussed, so they can provide feedback on it.
This opportunity will come during public hearings and workshops scheduled for June 14 and June 21 at 5 p.m. in the board meeting room at the central office. Another public hearing will take place on June 28 at 5:30 p.m. at the same location.
Since fiscal year 2012 begins on July 1, the final adoption of the budget is anticipated for the next regular board meeting on June 28 at 6 p.m.