School’s budget increases with no tax increase

The Pike County Schools Fiscal Year 2023 budget is projected to increase by $2,791,859 over FY22 budget expenditures, according to info from the board of education’s May 31 meeting.

“This 8.79% increase includes costs related to required actions, projected student growth, non-certified salary scale increases and department requests. The budgeted FY23 revenues reflects an increase of $1,398,282. This is a 4.4% increase over FY22 budgeted revenues,” said superintendent Dr. Michael Duncan. “The FY22 mid-term QBE funding adjustment provides an increase in state revenues of $1,001,282. This includes austerity restoration and FTE increase funding. This funding represents unbudgeted revenues and will provide an increased fund reserve balance over FY21. The FY21 Fund Reserve balance is $7,853,576 and 24.7% of FY22 budgeted expenditures. Utilizing the FY22 mid-term funding and an additional $385,184 of fund reserves would provide a balanced budget with no tax increase.”

The state will fund $22,497,067 of the school system’s budget with $10,651,321 in local tax revenues.