LMSD reveals budget for 2015 fiscal year

By Daniel Brunty
Winston County Journal

The Louisville Municipal School District recently held their annual budget hearing on June 12. The budget outlines the

planned expenditures for the 2015 fiscal year and the planned funds to come into the school district.
In the budget report, the school district should collect $6,816,742 in local revenue (mainly from ad valorem taxes), $14,282,303 from State funds, $4,833,920 in federal funds and $542,700 in Sixteen Section land funds. This makes the total projected revenue for the district for the upcoming year at $26,475,665. These revenues in percentages are Local (26 percent), State (54 percent), Federal (16 percent), and 16th section (2 percent).
The school district saw a decrease in local revenue of $326,088 from the previous year’s total. The state funds saw an increase of $863,644, while federal funds saw a decrease of $461,782 from and sixteenth section land funds saw an increase of $51,200 from the previous year. The total revenue increased $126,974 from the previous year.
The total projected expenses for the school district for the 2015 FY is $27,036,905.
One of the most important focuses of the funding is student instruction. Instruction was 53 percent of planned expenditures at $14,418,420. This includes all expenses in the classroom including teachers’ salaries and benefits.
Support services were at 35 percent ($9,685,118 ) which includes staff who aid students such as counselors as well as staff development, Non instructional at 9 percent ($2,341,852) which includes cafeteria food purchases, and 16th section at 1 percent ($193,882) which includes timber management.
Another 2 percent ($397,633) will good toward debt service.
With projected revenues at $26,475,665 and $27,036,905 in projected expenditures the district is looking at a $561,240 deficit.
All counties in Mississippi are authorized by state law to impose ad valorem taxes. These taxes are for real property, a house or land, and personal property such as: automobiles, boats, motorcycles, recreational vehicles, etc. They are imposed according to item value. These taxes are important because they go to support local government agencies such as the school district.
The school district only makes request for funding from the city and county. It does not set the millage rates. The millage rate is a number which, when applied to the value of every taxable property, equally and fairly distributes a portion of the cost of government to every real and personal property owner.
The county officials are in charge of setting the millage to meet the required funding. Once the school district requests a specific amount, the county officials have to establish the millage rate with two numbers. Those are: 1) a dollar figure representing the portion of the annual budget that must be funded by property tax dollars and 2) a dollar figure representing the jurisdiction’s net tax digest, which is the total value of all taxable property within the jurisdiction. Once this process is done, the Board of Aldermen, Board of Supervisors and Board of Trustees must hold public hearings prior to adopting the millage rate.