NEW MARKET — The Southmont Schools board of trustees was presented the 2023 budget on Tuesday at the annual budget hearing.
The education fund request is $11,711,608. The majority of this funding comes from the monthly basic grant from the state of Indiana, which is based on the average daily membership. This fund pays for teachers, principals, counselors, instructional assistants, athletic directors and coaches and their salaries and benefits. The fund also supports library books and supplies, building supply accounts and graduation and instructional supply accounts.
For the debt services fund, the budget request will be $4, 954,100. The debt services fund is tax supported. There will also be a 2019 general obligation bond principal and interest and 2022 general obligation bond anticipated debt — asking for $2,117,100. A number that is subject to change. And a lease bond in principal and interest in 2023 will be $2,815,000.
The operations fund budget request will be $7,628,420, which is supported by taxes and the monthly base grant transfer. Operations covers technology, transportation and capital expenditures. It also pays all salary and benefits for central office administrators and staff.
There is potential for $300,000 worth of purchases in school buses in 2023.
Capital expenditures and projects that exceed over $10,000 include locker room updates, fencing, swimming pool repairs and upgrades, early learning center, parking lots, sidewalks, gym floor borders, classroom lighting, painting projects, tech infrastructure, HVAC and auditorium repairs and upgrades. These are possible purchases/expenses for projects that can take place in the next three years. They are required to be on this plan, but not set in stone.
The rainy day fund request will be $500,000. The balance as of Sept. 27 was $627, 351.32.
Southmont schools will also ask for the authority to be able to transfer up to 15% monthly of the basic grants to the operations fund. The state of Indiana allows a maximum of 15% to be transferred.
The board was also presented with the annual fiscal plan.
For the current school year, Southmont has an ADM of 31 students higher than a year ago. There has also been an increase of 14.18% in certified assessed valuation of property within the district. Collectively, they are the two most important items for the budget outlook.
The board of trustees will be asked to approve the budget resolution at the next regularly scheduled meeting Oct. 10.