Fulton County Schools’ chief financial officer said the school district’s general fund is forecast to reach $1.3 billion in revenue for fiscal year 2025.
The tax digest is projected to grow 4 to 5 percent as FCS staff begin planning the fiscal year 2025 budget, FCS Chief Financial Officer Marvin Dereef told the Fulton Board of Education at its March 12 meeting.
Local revenue is anticipated to be 65 percent with state revenue 33 percent of the school district’s total.
The state uses the Quality Basic Education formula to calculate how much it will pay out for the school district’s employee salaries and other expenses. But before sending that funding to school districts, it subtracts how much the state thinks each school district should pay on its own, called the local fair share.
Dereef said the state is expected to increase what it considers the FCS local fair share to $245 million in FY 2025, which is a negative impact of $16 million.
“The governor mentioned increasing the state salary scale for certified teachers and employees by $2,500. We baked that in our assumptions. That’s about a $17 million increase to our QBE,” he said.
FCS receives 5 percent of the state QBE earnings, but it contributes 9 percent of the state local fair share, he said.
Other factors impacting the FCS budget include a decline in enrollment and increases in the employer contribution rate for the teachers’ retirement system and health insurance contributions, he said.
More FCS budget presentations will be made at school board meetings on March 21 and April 25. Public hearings for community input will be held on May 7 and 15, with a tentative budget and millage rate vote on May 16. The board’s final vote on budget adoption is scheduled for June 11.