One item at the meeting was the detailed presentation and subsequent adoption of the budget, starting with an analysis of the proposed millage roll back rate and the tentative budget. The presentation began with an overview of the Truth in Millage (TRIM) process and key dates in the budget timeline, noting that the initial tentative budget was presented on July 23. The historical millage rates over the past 13 years were reviewed, showing a decline from 7.821 in the 2012-2013 school year to 6.234 in the current year.

The board examined the roll back rate of 6.14, which would generate approximately $122 million, nearly identical to the previous year’s collections. It was highlighted that the district budgets up to only 96% of anticipated revenue to account for potential unpaid taxes. The proposed millage levy for the upcoming school year was broken down into specific categories: required local effort generating $61 million, basic discretionary funds yielding $15 million, and capital outlay producing about $30 million, culminating in a total millage of 6.234 expected to generate approximately $127 million.

The total budget for the 2024-2025 school year was detailed as $683 million, with the general operating fund being the largest at approximately $453 million. This fund includes various operational expenses. Changes in the budget from the original proposal were attributed to updated financial reporting requirements, notably the need to account for internal accounts at schools as mandated by GASB rules. The debt service budget was also addressed, showing a reduction from the previous year due to refinancing actions.

In a comparison of the initial and final budget, the original estimate of $660 million increased to about $683 million. This increase was due to adjustments made since the original estimate, which included finalizing the previous fiscal year’s financials and accounting for encumbrances and revenue adjustments. The general fund budget saw a slight increase from about $452 million to approximately $453 million, with detailed explanations provided for these changes. The fund balance for the general fund was reported at 4.72%, with a goal to reach a 5% fund balance in the next fiscal year.

The meeting proceeded with the final millage and budget adoption process. A public hearing was opened, but no comments were made by attendees. The board then voted on various motions related to the millage levies for the 2024-2025 fiscal year. The required local effort millage levy was proposed at 2.98, with an amount to be raised of approximately $61 million. This motion was seconded and passed unanimously. The base discretionary operating millage was proposed at 0.748, raising about $15 million, and the local capital improvement fund millage levy was proposed at 1.5, aimed at raising around $3.7 million. Both motions passed without opposition.

An additional voted operating millage levy was set at 1.0, with a proposed amount of approximately $20.5 million. This motion was seconded and passed, leading to the adoption of the total millage levy for the fiscal year of 6.6234, which is above the rollback rate by 1.54%. This motion also passed without dissent.

Subsequently, the board adopted the budget for all funds for the 2024-2025 school year, including specific amounts for the general operating budget, special revenue budget, debt service budget, and capital outlay budget, culminating in a total final budget of approximately $683 million. All motions related to these budgetary items were presented and passed unanimously.

Additionally, the board approved the final educational facilities plan for the years 2024 through 2029 and discussed the Lakeside Elementary School kitchen renovation contract award, which also received unanimous approval.