The South Park School District Board of Directors has approved a proposed $33.5 million budget for the 2017-2018 fiscal year.
The budget includes a .78 mill increase. The increase means a homeowner would pay an additional $78 per year or $6.50 per month for every $100,000 in assessed value. The median assessed value of a home in South Park Township is $122,600. A homeowner with a $122,600 assessment would pay an additional $95.63 per year or an additional $7.97 per month.
The proposed 2017-2018 budget represents a 4% increase in expenditures from the 2016-2017 budget. Salaries, benefits (including retirement) and debt service account for a majority of the increased expenditures.
Nearly 64% of the district’s revenue is projected to come from local sources including property taxes. Nearly 35% of the district’s revenue comes from state sources, and a little more than 1% comes from federal sources.
The South Park School District administration will present the final budget at the June 8 Board of Directors meeting at 6:30 p.m. in the South Park High School cafeteria. The Board of Directors is expected to vote on the final budget at that meeting.