CCSD Board of Trustees passes balanced FY2021 budget with no tax increase
Charleston County School District’s (CCSD) Board of Trustees unanimously passed the second reading of a balanced FY2021 Budget on Wednesday night, including $541,425,487 for the General Operating Fund (GOF) that does not require a tax millage increase.
Due to economic conditions created by the COVID-19 pandemic, the State’s budget and the FY2021 CCSD budget passed tonight do not include a cost-of-living-adjustment (COLA) nor a step increase for staff members. However, pending future decisions made by the state legislature, a step increase has been included for teachers once the state’s FY2021 budget is finalized this fall.
Despite projected losses in revenue, the district took two major steps to balance the FY2021 GOF budget. First, CCSD is able to apply $10.7 million in funds saved from the FY2020. Second, the district is using $11.15 million from its fund balance (reserves); more than $100 million is projected to remain in the fund balance.
Primary assumptions for the FY2021 budget include the following:
No tax increase
An estimated $6.9 million decrease in state appropriations
Base student cost of $2,500
$13.4 million in CARES Act funding (emergency COVID-19 relief funding from the federal government)
The GOF covers operational expenses of the school district such as teacher salaries, student transportation, curriculum, professional training and development for teachers. Under current state law, local taxes for school districts’ general fund are not levied on owner-occupied homes. To cover expenses, taxes are levied on local businesses, vehicles, and rental properties.
The full second reading of the FY2021 budget passed tonight can be read by clicking this link.
For more information, contact the Office of Strategy and Communications at (843) 937-6303.