Projections: Knox BOE budget on pace for $14M increase for upcoming FY

Chris Caldwell address the BOE

The Knox County school system’s upcoming budget could jump by as much as $14 million when officials put together next fiscal year’s spending plan, according to revenue projections.

During Wednesday’s Board of Education meeting, county finance director Chris Caldwell told school leaders that property and sales tax revenues are up, as is the Basic Education Program allocation from the state.

The school system currently operates on a $438 million budget.

Caldwell said property tax revenues project a roughly $1.6 million increase, raising total collections to $96.8 million. He noted that sales tax collections are on pace to bring in an additional $5.1 million, which would raise those collections to $143 million.

In addition, officials are expecting an additional $11.4 million in BEP funding form the state, which would increase that total to more than $194 million.

Caldwell said “other revenue sources” would eventually lead to an overall $14 million increase if “everything remains on pace.”

If the projections hold steady, that could lead to a $452 million spending plan for the school system’s upcoming fiscal year, which begins July 1. The overall difference amounts to about a 3.2 percent increase from the current budget.