The Shelby County Board of Education recently passed the fiscal year October 1, 2015 through September 30, 2016 budget. According to Chief Financial Officer and Assistant Superintendent of Finance Gary McCombs, the system-wide beginning fund balance of $31 million and revenues of $202 million provide resources to meet the system’s expenditure needs.
System-wide expenditures are projected at $207,910,383.43. Expenditures less capital outlay translates to per pupil expenditures of $10,314.13. Debt service principal and interest obligations will be met from revenues and beginning fund balances. Debt service revenues are from advalorem taxes (46%), sales tax (23%), Alabaster and Pelham City Schools reimbursements (19%), and beginning debt service fund balance (12%).
“The Shelby County Board of Education had a decrease in state revenues compared to previous year; however projected growth in local revenues will offset the impact of the decline in state revenues,” said McCombs. “The system continues to operate from a conservative budget position and has projected a stable one month General Fund operating ending fund balance.”