Public Meeting Minutes: May 5, 2022 at 5:30 PM - Bradley County Board of Education Work Session

1. Call to Order - Amanda Lee, Chair

2. 2022-23 Budget Presentation - Susan Willcutt, Finance Director

Discussion: Finance Director, Susan Willcutt, presented the 2022-2023 General Purpose Budget to the Board.

Sources of Revenue

State Revenue - largest source for FY23 is primary ADM or Average Daily Membership. The majority of ADM we lost during COVID has been recovered. The BEP April estimate was a surprise. It was said that the state was infusing K-12 funding with an additional $125.000,000 across the state. 4% was added to the salary component.
Local Revenue - projected that FY23 Local Option Sales Tax will increase by 5.16% over current year actuals. FY23 Property Tax are projected to increase by 1.5%. Payment in Lieu of Taxes are projected to be reduced by $245.000 due to several companies rolling off the program.

FTWTADA

This affects our local revenue due to the percentage split with the City School System. ADA's were 2 of the 3 20 day periods. Next year, ADA's will be calculated monthly and the effect will be immediate on our funding. The FTWTADA that was received was was up by 1%.

Total Revenue numbers Local are 35.92%, Federal are .26%, and State is 63.82%,

Local Revenue is Property Tax $39.24%, Sales Tax $56.63, and Other $4.13%.

Expenditures - Salaries & Benefits are 81%, Contract Services, Supplies and Materials, Utilities, Other Charges, and Equipment and Capital Outlay make up the rest.

Budget Highlights are:
Funding Step Raises
Funding a 4% across the Board raise for all salaried employees.
Funding and Adopting a new Nurse Scale.
Funding and Adopting a new Sub Scale
Funding 2.5% Health Insurance Increase
Receiving a 1.61% Retirement Decrease for Certified Legacy employees
Increase to Operations/Maintenance/ Transportation budget in several line items due to opening of the PIE Center to inflation.

Funding $2.8 million for Capital Outlay.

Fund Balance currently is around 7% but is anticipated after year end roll to increase to approximately 12.14%

3. Announcements - Tuesday, May 10, 2022, there will be a Reception for the Retirees of Bradley County Schools for the 2021-22 school year. The Reception will begin at 4:00 p.m. in the Bradley Central High School Library. At 5:30, the regular May Board Meeting will begin in the Bradley County Schools Administrative Offices.

The June meeting of the Board is scheduled for Thursday, June 9, 2022, at the Bradley County Schools Administrative Offices in the William R. Walker Board Room.

4. Adjournment - Amanda Lee, Chair

May 5, 2022 at 5:30 PM - Bradley County Board of Education Work Session

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