The Pike County Board of Education held its first public budget hearing this week to discuss the proposed FYE2014 budget.

Jennifer Hornsby, Pike County Schools financial officer, said that the proposed budget reflects total revenues of $22.6 million derived from state, federal and local sources.

“The district anticipates state revenues of $13.5 million, or 59 percent of its total funding,” Hornsby said. “Additional projected sources include federal revenues of $3.5 million and local revenues of $5.5 million, or 16 percent and 24 percent of total funding respectively.”

Some $11.3 million, or 62 percent, of the district’s expenses are attributable to instructional services and instructional support, which includes the majority of personnel expenses.

“The Board has budgeted for 295 personnel, of which, 172 are certified staff within the schools,” Hornsby said.  “More than 70 percent of those employees hold master’s degree or higher.  Of the The Pike County Board of Education held its first public budget hearing this week to discuss the proposed FYE2014 budget.

Jennifer Hornsby, Pike County Schools financial officer, said that the proposed budget reflects total revenues of $22.6 million derived from state, federal and local sources.

“The district anticipates state revenues of $13.5 million, or 59 percent of its total funding,” Hornsby said. “Additional projected sources include federal revenues of $3.5 million and local revenues of $5.5 million, or 16 percent and 24 percent of total funding respectively.”

Some $11.3 million, or 62 percent, of the district’s expenses are attributable to instructional services and instructional support, which includes the majority of personnel expenses.

“The Board has budgeted for 295 personnel, of which, 172 are certified staff within the schools,” Hornsby said.  “More than 70 percent of those employees hold master’s degree or higher.  Of the 172 certified staff, 8.22 are funded with local revenues while the remaining units are state or federally funded.”

The county school’s capital outlay budget for FYE2014 makes up 6 percent of the total expenditures while debt service expenditures comprise 3 percent of the projected budget.

“The debt service percentage is up from the 2.5 percent in the previous two years,” Hornsby said. “This is due to new construction projects, the Goshen High School gym and Pike County High School arts facility.”

The district is projecting a FYE2014 reserve amount of $1.6 million which is below the current year reserves of $2 million but is still above the state required amount of one-month’s operating reserves.

“The decrease is largely attributable to new construction projects but also includes the effects of a 2 percent pay increase for all employees,” Hornsby said.

“However, a portion of the construction expenses will be recouped through donations.

Anticipated revenue sources that were not confirmed at budget preparation time and careful spending over the next two years should have the general fund reserves back at the $2 million mark by the end of FYE15.”

The next budget hearing is scheduled for Monday, Sept. 23 at 5 p.m.