FCS Budget Update for March 28, 2024

  • Budget Update
    March 2024

    Dear Fulton County Schools Community,

    The annual Fulton County School (FCS) budget proceedings have been underway for several months. This report is part of a series of budget updates between now and the Board’s final vote later this spring, as we strive to keep our community informed about the Fiscal Year 2025 planning process.

    Revenue Projections
    One of the first steps the district employs in setting the annual budget is to determine the projected revenues for the upcoming year. For the upcoming FY 2024 budget and based on preliminary data, the district is forecasting $1.3 billion in General Fund revenue.  The projection anticipates a 4 to 5% growth in the local tax digest and an increase in the state’s contribution to the State Health Benefit Plan and the Teacher Retirement System.

    Special Revenue and Federal Funding
    After setting an initial revenue projection, the Board then reviews projected expenditures. Each area of the budget is carefully evaluated and publicly presented for Board and community input. The initial phase in this process is called Budget Markup #1, which includes an examination of the separate, special revenue sources and federal allocations. Staff from the Finance Division and each area listed below presented the details of their FY24 projected budget at the March 21 Board meeting. Please view the video and download the PowerPoint presentation.

    Budget Markup #1 Presentations: 

    • FCS Pension Fund    
    • School Nutrition Fund    
    • Services for Exceptional Children Fund    
    • Title-I Fund    
    • Pre-kindergarten Fund    
    • ESSER/ARP Federal Funds for COVID-19    

    The total forecasted expenditure for the combined total of these areas is approximately $325 million, which includes a General Fund contribution of $195.5 million.

    Next Steps
    For the next step, the Capital Improvement Program will be presented as Budget Markup #2 on Tuesday, April 16.

    From the final approval of the state FY2024 budget and late April, FCS finance staff will be reviewing this information and updating current budget assumptions to prepare a recommended budget for Superintendent Mike Looney.  Dr. Looney and Chief Financial Officer Marvin Dereef will then present a final General Fund budget draft to the Board on April 25.

    Public hearings are scheduled for May 7 & 15, as community input from Fulton stakeholders is always vital to our budget procedures. The final adoption of the budget is scheduled for June 11.

    The timeline above helps ensure our stakeholders know how and when the budget is prepared and finalized. All meetings are broadcast live online, and all documentation and presentations are archived for the convenience of viewing.

    Fulton County Schools 

    Footer
    Copyright © 2024 Fulton County Schools Communications Department, All Rights Reserved.