Henry County Schools is preparing its annual budget for the upcoming 2023–24 year. This year’s budget expects to be nearly $500 million dollars, or $498.6 million. This is compared to $450 million now.
The school board will host budget hearings on April 17 and May 8. Eighty-eight percent (88%) of the budget goes to employee salaries and benefits.
FY 2024 School District Budget
Henry County Schools held several presentations in March offering insight into the upcoming budget. The school district most recently held a budget workshop for board members on March 27. The presentation from that meeting is available to view here.
Local Funding
Henry County experienced a historic 20.7% increase in the tax digest in the past year. This is the cumulative value of all property within the county. This resulted in a $38 million dollar increase in local tax revenue. HCS utilized this revenue to fund employee pay raises, such as at least 8% for teachers and up to 20% for parapros.
The school district is anticipating a more typical 8% growth in the tax digest for the FY 2024 budget. This would increase local tax revenues by $25 million. The increased strength of the local tax digest results in a loss of $6.5 million in state funds.
State Funding
School districts receive a significant amount of funding from the state. This funding is also subject to annual revisions.
The state has increased the district’s contributions to the state health & benefits plan for employees. Georgia will give the district $19.1 million to cover the higher contributions; however, the district employs more staff than the state funding formula allocates. The higher contributions will cost the district a total of $24.6 million. This particular line item results in a net decrease in funds of $5.5 million.
Altogether, Henry County Schools is anticipating a net reduction of $8.2 million in state funding for FY 2024.
New Positions
The draft FY 2024 budget includes new positions for the school district. These new positions include adding 41 new teachers and 11 new assistant principals. Elementary schools with more than 600 students will see a new AP. Together, these new positions cost $7.8 million.
Other budget items include an increase in bus driver pay by $2 an hour. Parapros and clinic aides will see a $1.50 per hour increase. These investments create pay raises between 10–13%.
The school board will consider tentative adoption of the budget at the April 17 meeting. They will consider final budget adoption in May.
Featured image shows the Henry County Schools logo.
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