Gloucester County Public Schools Superintendent Ben Kiser proposed a $67.6 million school division budget for fiscal year 2015 to county school board members during their meeting Tuesday. The proposal would require an almost $3 million increase in county funding.
The budget as proposed represents a $2.6 million increase overall over the current school division fiscal plan. It includes a $55.2 million operating budget, up $3.1 million, as well as $2.5 million for food service, $6.1 million for capital projects, and $3.6 million in debt service.
While capital projects are down more than $1.7 million from the current year the debt service represents an increase of nearly $1.2 million due to the ongoing construction of a new middle school.
The operating budget of $55,269,874 represents a 5.9 percent increase over the current operating fund and would require $24,382,268 in local funds, up $1,778,540 or a 7.9 percent increase. The debt service hike and the increase in operating costs would require the almost $3 million boost in local funding.
Along with the local funds, the operating budget includes almost $28 million in state aid, up $1,640,198, but only $2,765,959 in federal dollars, a decrease of $311,224. The extra state funds are largely offset by the decrease in federal funding and an expected expense of $821,341 due to an increase in Virginia Retirement System rates.