The Lexington County School District One Board of Trustees will hold a public hearing to gather input and a third reading of the district’s 2018–2019 General Fund operating budget in the Auditorium of Building One of Central Services located at 100 Tarrar Springs Road in Lexington, South Carolina. The public hearing takes place on Tuesday, June 26, 2017, at 7:30 P.M.
Last year, fiscal year 2017–2018, the district budgeted operating revenues and expenditures of $262,743,365. The district’s proposed General Fund operating budget for fiscal year 2018–2019 is $280,561,476.
The $280,561,476 in estimated operating expenditures and revenues for 2018– 2019 represents about a 6.7% increase over last year and consists of about 87.4 percent salaries and related costs, 7.8 percent for programs and services, and 4.8 percent for utilities and maintenance.
The projected General Fund operating budget is an increase of $17,818,111. This consists of an increase of $16,045,261 in employee salaries and related costs (7% increase) and an increase of $1,772,850 in programs and services (5.25% increase).
The projected General Fund operating budget maintains the current student to teacher ratio formula per classroom on average; includes 92.60 new staff positions to accommodate growth (80.60 certified, 8.5 support staff. 3.5 administrative); includes a step increase for most employees (about $3 million); includes health and retirement increases (about $3 million); includes a 2 percent salary increase for certified and support staff, and a 1 percent salary increase for administrative staff (about $3 million); includes funding to meet state and federal requirements; incorporates an increase in accounts payable to cover inflationary increases in utilities, supplies, materials, property and casualty insurance premiums, and services (about $1.6 million); includes an increase in the amount of money the district pays for School Safety Officers in elementary schools; transfers allowable costs to capital funds; budgets $9 million from fund balance ($1.2 million more than last year); includes an 4.45 mill increase (about $1.2 million).
Since Act 388’s implementation in fiscal year 2007–2008, operating millage is not added to owner-occupied homes but is added to businesses, automobiles, etc. With a 4.45 mill increase, a Lexington District One business owner with a business valued at $100,000 would see taxes increase about $27 ($100,000 X .06 percent
assessment rate X additional mills). Each mill brings in about $274,878 in revenue to the district. Lexington One currently levies 317.95 mills for operations.
On the other hand, Lexington District One’s debt service millage (85.3 mills) is only 12 more mills than it was in 2008 when taxpayers approved the last bond referendum. Each year, because of the one-cent sales tax generated by the Lexington County School District Property Tax Relief Act, a portion of that 85.3 mills for school bonds is offset by a tax credit meaning that no Lexington District One taxpayer pays the entire 85.3 mills, no matter what type of property tax.
In fact, a Lexington District One resident with an owner-occupied home valued at $100,000 pays about $123 a year in total school taxes of any kind (general fund and capital) on that home.
For more information about Lexington One’s proposed 2018–2019 General Fund operating budget, click here.