MARTIN — The Floyd County Board of Education approved several important budgetary measures at a special-called meeting on Tuesday at May Valley Elementary.
The first, a tentative draft of their working budget for the upcoming fiscal year, gives an overview of the district’s expected revenues and expenditures. The tentative working budget is based on a series of estimates, and cannot be made concrete until actual tax obligations are calculated, Support Education Excellence in Kentcky grants (SEEK money) is finalized, and the current fiscal year ends, leaving the Board a firm number for its balance carried forward.
Matt Wireman, who prepared the budget, said that the figures involved were conservative, and of course, subject to change. Based on current projections, Floyd County Schools will maintain a balanced budget for the upcoming fiscal year, with grand totals in both the revenue and expenditure columns standing at over $70 million.
Wireman said that the largest source of revenue—an estimated 63 percent—was state money, with 23 percent coming locally. Their largest expenditures are still employee salaries and other costs directly related to classroom instruction.
The budget is accounting for an expected increase in SEEK money next year, which will go toward a 1 percent cost-of-living raise. Supt. Henry Webb says that while some districts around the state have been forced to make cuts and layoffs, Floyd County has used a strategy of optimizing efficiency to save costs, and is therefore able to provide this 1 percent raise for the third year in a row.
The board also approved the salary schedules for all staff and employees, and the calendar of pay dates. This money includes stipends for sports coaches and other directors of extracurricular activities.