The Floyd County Board of Education voted this week to approve its Fiscal Year 2019 budget, which includes an increase of over $5 million from last year
The increase includes $2.3 million in employer contributions to the Teachers Retirement System. The system will also rehire five media specialist which saw the position cut during the RIF several years ago. The cost for the positions will cost $390,000. Five additional school resource officers will also be added at a cost of $200,000.
An online academy to provide additional support to home schoolers adds $200,000 to the budget.
A program to provide free meals to students without eligibility applications will receive an additional $300,000.
Floyd County homeowners did get somewhat good news with the approval of a lower millage rate. The board voted a rate of 18.300 mills, down .055 mills from the currant rate. The downfall, since a majority of property values have increased over the past year the total tax homeowners pays looks to either be the same, or even slightly increase.
Three public hearings over the property tax will be held next month before the rate if officially approved. Two of the meetings will be held in the board room at the BOE offices on Riverside Parkway on July 2 at 11:30 am and the other at 6 pm. The third will be at the BOE office July 10 at 7:30 am.
Revenues for 2019 is set at $100.7 million, a $3 million increase from 2018. Expenditures are set at $102.9 million. The beginning balance for the fiscal year, which starts July 1, is $15.5 million. The projected ending balance for next fiscal year is listed at $13.3 million.