In a telephone conference call meeting held on Monday, November 19, 2001, the State Board of Education considered budget recommendations provided on November 15. The Board amended these recommendations and voted unanimously to approve the amended budget for the Public School Fund. Budget revisions are necessary due to a reduction in projected state revenue. The Public School Fund portion is $54,446,571. The revised budget, as approved by the Board, is attached.
Also attached is a spreadsheet containing new estimates of State Equalization Aid, General Facilities Funding, Debt Service Funding Supplement, Additional Base Funding, and Incentive Funding for each district. Payments based on these estimates will be implemented beginning with the December distribution of State Equalization Aid. These projections include the following:
Base Local Revenue per Student is $4,567.88, down $100.37
Minimum State and Local Revenue per Student is $4,831.34, down 82.30
This budget reflects a reduction of $44,714,000 in State Equalization Funding, which is the maximum allowed under the Teacher Compensation Act of 2001 (certain adjustments are made for charter schools). This Act stipulates that any budget cuts taken from State Equalization Funding will result in a proportional reduction in the $1,000 teacher raise requirement for 2001-02. The budget cut taken from State Equalization Aid completely eliminates the $1,000 salary obligation for this year.