Tallapoosa County Schools held its first public budget hearing Thursday morning to discuss the proposed budget for fiscal year 2020-21.
The projected expenditures and revenue amounts don’t appear to match at a first glance but Tallapoosa County Schools chief financial officer Tommy Thweatt said the money was budgeted from the funds already on hand. The total cost of projects will be around $30,270,000 and only $25 million was borrowed.
“It will come from our fund balance,” Thweatt said. “We will probably need cash in a certificate of deposit and use some of our money market accounts to finish all the capital projects.”
The proposed budget has total expenditures at $40,343,096.63 and revenue at $34,152,202.92.
State funds for public schools are allocated using the average daily membership (ADM) system, which represents the total average daily enrollment. The state uses enrollment from 20 days of school after Labor Day.
This year, Tallapoosa County Schools’ ADM is 2,776.7 (but may change after the next count). This is down seven children from last year.
“Next year it looks like we will have an increase of 22 students countywide, so the number will look better than this year as far as number of students we have,” Thweatt said.
The Foundation Program covers a total of 182.52 teacher units throughout the county schools. These units are used to calculate the cost of salaries for foundation program units for 187-day contracts.
Proposed revenue is made up of 50.9% state revenues, 13.3% federal, 35% local and .8% other.
The local revenue is broken down by the 7.5 mill district tax, which equals $3,675,000; 4.5 mill countywide tax equaling $1,491,970; 3 mill district tax of $1,440,000 and the 2-cent county bus tax at $3,234,505.
Thweatt also referenced the sales tax collection because while not part of the budget, it’s a notable amount.
“So far to date, we’ve collected $3,166,830 in the 2019-20 year, which is the biggest year of collections so far,” Thweatt said. “I estimate we’ll take in between $270,000 and $300,000 in the month of September.”
The next public budget hearing will be held Sept. 14 at 4 p.m. The Tallapoosa County Board of Education meeting will follow.