The Barrow County Board of Education (BOE) adopted its final general fund and other fund budgets for fiscal year 2023 (FY2023) during its work session and called board meeting Tuesday, June 21.
The board also adopted its final FY2023 millage rate to 17.88 mills, slightly lower than last year's 18.5 millage rate. Although the BOE lowered the school tax rate, the 17.88 millage rate triggers state requirements to advertise a tax increase due to substantial growth in the tax digest.
The tax increase for a home with a fair market value of $300,000 is approximately $227. For a non-homestead property of the same value, the increase totals approximately $231.
The approved FY23 general fund budget includes revenues totaling $159,932,886 and estimated expenditures totaling $159,933,266. The estimated fund balance as of June 30, 2022 is $45,000,000. By the end of FY23, the estimated fund balance is $44,999,620.
The other funds budget includes special revenue funds, enterprise funds, capital project funds and debt service funds.
Special revenue fund revenues total $26,079,910 and budgeted expenditures totals $26,163,487.
Enterprise fund revenues and expenditures total $500,000.
Capital projects fund revenues total $17,230,148 and budgeted expenditures budgeted expenditures total $46,105,691. The bulk of the capital projects expenditures for FY23 is facilities, acquisition and construction, which makes up roughly $30 million of the total.
Debt service fund revenues and expenditures total $9,415,859.