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During a meeting on September 13, the Homewood Board of Education passed the proposed budget for the 2017 fiscal year that was previously discussed at length during a meeting on September 6.
This year’s budget allots a total of $52.5 million in expenditures, with $42.1 million coming from the general fund. The board is predicting to use 78 percent of the general fund towards personnel expenditures, with the other 22 percent set aside for operating costs within the school district. An additional $327,727 has been allocated for local school funds for transactions with maintenance supplies, athletics, band and technology.
From the special revenues fund, the board predicts expenditures of nearly $7.3 million, the majority of which will be for the child nutrition program and the local schools. The remaining expenditures from the fund will come from federal programs that help offset the costs of instructional supplies, professional development, additional personnel salaries, and administrative costs. Continual maintenance and replacements throughout the district will come from the capital projects fund, which is projected to cost $216,725.
Although there is an increase in enrollment, which exceeds the district's funded amount by 98 students, the board’s budget is expecting to have general fund revenues to surpass expenditures by $2.82 million by the end of the fiscal year. This will leave the general fund with a balance of $9.69 million, which is equivalent to 2.76 month’s operating costs.
This will also increase the total fund balance to $12.78 million, up from the 2016 fiscal year ending balance of $10.28 million. This growth is attributed to the increase in ad valorem taxes, an increase in enrollment, and minimizing locally funded expenditures in the Homewood school system.
