Despite fears this winter of dipping into its reserves, the Petersburg School Board unanimously approved a balanced budget for the 2014/2015 school year without spending from reserve funds.
Petersburg School District Finance Director Karen Quitslund presented the budget to the school board last week.
She outlined several budget considerations including recent legislation passed during this spring session that increased the base student allocation (BSA) by $150, which brings total funding per student to $5,830.
Petersburg schools will have an anticipated 425 students enrolled next year—a threshold which, should the district’s enrollment dip below that number, would decrease funding from the state.
HB 278, Gov. Sean Parnell’s education bill that increased the BSA, also decreased funding that is distributed outside of the state funding formula that factors in BSA—a $16,323 reduction for Petersburg schools.
District staff are also anticipating a .5 percent decrease in heating fuel costs as well as a 0 percent change in electricity costs at the Stedman Elementary School building thanks to increased insulation after the current renovation is complete.
Liability and property insurance increased along with negotiated salary increases for teachers and staff.
Total revenues are expected to be $9,921,041. Total expenditure are anticipated to be $9,946,772—leaving the district $926,182 in the black by the end of the year.
According to state requirements, 70 percent of the budget should consist of instructional expenditures. Petersburg schools are spending 73 percent of its budget on instruction.
“Most districts do not make it,” PSD Superintendent Rob Thomason said. “We’re one of the few that not only makes it but exceeds it. That’s a feather in the cap of the staff, the business office, of the board…what that means is more money is going to instruction than most other districts.”
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