The Waterford Schools Board of Education at its Thursday, May 17 meeting was presented with the district’s proposed budget for the 2012-13 fiscal year.
General Fund revenue for the year is projected at $103.51 million. With $6.23 million projected to be in the fund balance on July 1, the district will have just shy of $109.75 million available to appropriate for the 2012-13 academic year.
Meanwhile, expenditures for the next school year are projected to be $104.48 million.
The majority of the district’s General Fund revenue will come from state sources ($73.5 million), followed by local sources ($15.4 million), federal sources ($9.68 million) and incoming transfers and other transactions ($4.92 million).
The majority of the district’s expenditures will be for instruction ($31.7 million), followed by instruction employee benefits ($12.9 million), business services ($11.2 million) and federal programs ($10.1 million).
The district also projects that the Debt Retirement Fund will have revenue totaling $12.79 million, with $617,278 in the fund balance added on for a total of $13.40 million to appropriate.
The debt retirement revenue will go toward offsetting $12.76 million in outstanding debt, including $9.66 million for the redemption of bond principal and $3.09 million for interest on bonded debt.
The board’s next scheduled meeting is Thursday, June 7, where it is expected to hold a public hearing on the proposed budget before officially voting on it.