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Elizabethtown Independent Schools began the budget process for next school year.
The EIS board unanimously approved a Fiscal Year 2014 draft budget of more than $18.8 million at its Tuesday night meeting. The draft is the first step in the budgetary process for the upcoming school year.
It is intended to give board members an idea of what to expect in the coming fiscal year. It can change throughout the process, which includes two more versions.
The school district expects to have expenses in the general fund that outpace revenues, but it is a situation for which district officials have been preparing, Finance Director Denise Morgan said at the meeting. Extra expenditures are covered by the district’s contingency fund, which is essentially a savings account for EIS.
With the contingency fund, the general fund is estimated to be $18,859,213. That is a drop from $19.4 million budgeted for the current fiscal year.
Personnel salaries are increasing by more than $300,000, to $11.8 million, which makes up a large portion of the increase in the general fund expenses, along with employee benefits. That is because raises are currently included in the budget. Morgan said it would be a future decision if raises are included in the next budget versions.
The base figure of Support Education Excellence in Kentucky, the main source of state funding, is $3,827 per student. It’s a decrease of $6 from the current fiscal year. It’s estimated to be almost $9 million for the upcoming year.
Property taxes are estimated to bring in about $3.1 million, which is a figure taken from the current budget because property assessments aren’t complete.
The capital outlay fund is estimated at $218,460, an increase of about $5,000 from the current budget. The food service budget is set at $1.6 million, which is the same as in the current budget.
Kelly Cantrall can be reached at (270) 505-1747 or firstname.lastname@example.org.