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Hernando School Board adopts bigger budget, lower tax rate

 
Published Sept. 18, 2014

BROOKSVILLE — By a 3-1 vote, the Hernando County School Board adopted its 2014-15 budget and property tax rate during a final budget hearing Tuesday night.

The school district is projecting it will take in roughly $154.5 million in revenue for the general fund, ending the year with a balance of roughly $6.7 million, down from the previous year.

The district came into the year with roughly $14.4 million in reserves.

The $6.7 million ending fund balance represents roughly 4.3 percent of revenue. Looking only at the unassigned fund balance, the reserve drops to $3.7 million — or 2.38 percent of revenue.

At $154.5 million, total revenue for the 2014-15 fiscal year is up roughly $1.4 million from the previous year. Despite the increase, general fund expenditures have increased by $9.2 million. The district is anticipating it will spend roughly $12.6 million more from its general fund than it takes in for 2014-15.

The district will cover the shortfall by transferring roughly $5.3 million from its capital fund, eating into money it rolled over from the previous year.

In all funds, the district's expenditures, transfers and fund balances for the 2014-15 year come in at $274.2 million.

District staffers Tuesday highlighted a number of significant changes in the district's revenues and expenditures. Among the largest new sources of income: $1.9 million for a sparsity supplement because of the district's small size. In terms of expenditures, the district is looking at an additional $550,000 for teachers at schools in the state's differentiated accountability system, roughly $500,000 to pay for the Affordable Care Act, increases in the Florida Retirement System and higher expenses because of increased charter school enrollment.

The board also set the final property rate for 2014-15, adopting a rate of 7.167 mills by a 4-0 vote. The rate is 0.113 mills lower than last year's rate.

One mill is equivalent to $1 of tax for each $1,000 of assessed, nonexempt real property. A person with a $125,000 home and a $25,000 homestead exemption would pay about $717 in taxes, or roughly $11.30 less than last year, assuming the home's value remained the same.

Contact Danny Valentine at dvalentine@tampabay.com.