Legal Notice of 06-14-2022 Public Hearing Regarding Lexington District One’s 2022–2023 General Fund Operating Budget
The Lexington County School District One Board of Trustees will hold a public hearing to present the third reading of the district’s 2022–2023 General Fund operating budget and to gather public input.
On Tuesday, June 14, 2022, the public hearing takes place at 5 p.m. in the Auditorium of Building One of Central Services, located at 100 Tarrar Springs Road in Lexington, South Carolina.
Last year, fiscal year 2021–2022, the district amended budgeted operating revenues and expenditures of $314,635,616. The district’s proposed General Fund operating budget for fiscal year 2022–2023 is $325,808,206.
The $325,808,206 in estimated operating expenditures and revenues for 2022– 2023 represents about a 3.60% and $11,172,590 increase over last year. It consists of about 89.20% salaries and related costs, 7.15% for programs and services, and 3.65% for utilities and maintenance.
The district’s 2022–2023 General Fund operating budget is supported, in part, by revenue generated from school operating millage (shown on tax bills as “School 1 Operation”). However, homeowners do not pay taxes for school operating millage on their homes due to a law called Act 388, passed in 2006.
Act 388 eliminated school operations property taxes in their entirety for all owneroccupied residential property. Since then, revenue from one cent of the sales tax reimburses school districts for the remaining property tax relief (shown on tax bills as “School Tax Credit”).
In this budget, the district does not request an increase in operating millage for fiscal year 2022–2023. Operating millage will remain at 308.86 mills and bring in an estimated $96,480,000.
The district also does not request an increase in debt service millage (shown on tax bills as “School 1 Bonds”). Debt service millage will remain 90.00 mills. Because of the one-cent sales tax generated by the Lexington County School District Property Tax Relief Act, a portion of that 90 mills for school bonds is also offset by a tax credit, meaning that no Lexington District One taxpayer pays the entire 90 mills. For instance, a Lexington District One resident with an owner-occupied home valued at $100,000 will pay about $216 a year in school taxes on that home after applying the tax credit.
For more information about Lexington District One’s proposed 2022–2023 General Fund operating budget, visit the district’s website at http://bit.ly/L1budget.