The Waterford Schools Board of Education at its Thursday, June 7 meeting approved the district’s 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 start of the upcoming fiscal year, 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 Fund money will go toward off-setting $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 previously approved an agreement with its employee unions to extend their existing contracts through June 30, 2013, which became effective on April 1.
Terms of the agreement include freezing wages for the 2012-13 school year at the 2011-12 rates for all employee groups.
Employees now contribute to their health care in the form of $36 per pay period for single coverage, $66 for two people, and $96 for a family.