Valley Studies 'Unapproved' '08 Budget
July 28, 2016 at 4:25 p.m.
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Fulton County's assessed valuation still has not been certified by the state, but Kosciusko County's assessed valuation has been. Tippecanoe Valley Schools is part of Fulton and Kosciusko counties. Until the assessed valuation for Fulton County is certified, the 2007 Valley budget can not be approved by the state.
For advertising purposes, the 2008 budget is based on 85 percent of the 2006 assessed valuation, or $344,642,526. Once the assessed valuation is determined, and if it increases, the tax rates should decrease.
The school board approved for all the budget figures to be advertised twice in the newspaper. The budget hearing will be held Aug. 27, with approval of the budget scheduled for the September school board hearing.
Of the funds that make up the budget, the general fund is the largest. It funds the basic operations and programs of the school corporation. It is a levy-driven fund. For 2008, the general fund will be advertised as $14,634,275. The tax rate, at 85 percent of the 2006 assessed valuation, will be advertised as $1.0309.
The debt service fund of the budget is a needs-driven fun. It pays for such items as loans and interest on loans. The 2008 estimated debt service fund is $3,003,794, with a tax rate estimated at $0.7875.
Transportation fund is for day-to-day operations, including salaries of bus drivers, parts, equipment and supplies. It is not supported by the state, and is a levy-driven fund. Valley Schools Superintendent Dr. Daniel Kramer said that beginning with the 2008 budget, school corporations can no longer transfer money from the capital projects fund to the transportation fund as was allowed the previous few years. Transportation is estimated at $1,318,800 for 2008, with a tax rate projected at $0.3427.
The capital projects fund is used predominately for buildings and remodeling. All technology expenditures also come out of the CPF. Its 2008 estimated budget is $1,999,699, with a tax rate rounded out at $0.5203.
For replacement of buses only is the bus replacement fund, also needs driven. With two buses set to be replaced in 2008, its budget is $166,000, a tax rate of $0.0550.
The state sets the special education and preschool fund, Kramer said. It's expected to have $68,750 in its 2008 budget, with a tax rate estimated at $0.0052.
The total estimated 2008 budget will be advertised at approximately $21,191,318. The total budget tax levy at 85 percent of the 2006 assessed valuation for 2008 is $2.7416.
"We're not going to spend more than we take in," Kramer said.[[In-content Ad]]
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Fulton County's assessed valuation still has not been certified by the state, but Kosciusko County's assessed valuation has been. Tippecanoe Valley Schools is part of Fulton and Kosciusko counties. Until the assessed valuation for Fulton County is certified, the 2007 Valley budget can not be approved by the state.
For advertising purposes, the 2008 budget is based on 85 percent of the 2006 assessed valuation, or $344,642,526. Once the assessed valuation is determined, and if it increases, the tax rates should decrease.
The school board approved for all the budget figures to be advertised twice in the newspaper. The budget hearing will be held Aug. 27, with approval of the budget scheduled for the September school board hearing.
Of the funds that make up the budget, the general fund is the largest. It funds the basic operations and programs of the school corporation. It is a levy-driven fund. For 2008, the general fund will be advertised as $14,634,275. The tax rate, at 85 percent of the 2006 assessed valuation, will be advertised as $1.0309.
The debt service fund of the budget is a needs-driven fun. It pays for such items as loans and interest on loans. The 2008 estimated debt service fund is $3,003,794, with a tax rate estimated at $0.7875.
Transportation fund is for day-to-day operations, including salaries of bus drivers, parts, equipment and supplies. It is not supported by the state, and is a levy-driven fund. Valley Schools Superintendent Dr. Daniel Kramer said that beginning with the 2008 budget, school corporations can no longer transfer money from the capital projects fund to the transportation fund as was allowed the previous few years. Transportation is estimated at $1,318,800 for 2008, with a tax rate projected at $0.3427.
The capital projects fund is used predominately for buildings and remodeling. All technology expenditures also come out of the CPF. Its 2008 estimated budget is $1,999,699, with a tax rate rounded out at $0.5203.
For replacement of buses only is the bus replacement fund, also needs driven. With two buses set to be replaced in 2008, its budget is $166,000, a tax rate of $0.0550.
The state sets the special education and preschool fund, Kramer said. It's expected to have $68,750 in its 2008 budget, with a tax rate estimated at $0.0052.
The total estimated 2008 budget will be advertised at approximately $21,191,318. The total budget tax levy at 85 percent of the 2006 assessed valuation for 2008 is $2.7416.
"We're not going to spend more than we take in," Kramer said.[[In-content Ad]]
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