NEW MADRID -- The budget for the R-1 School District for 2007-08 will see expenditures and income estimated at $17.5 million.
"It is projected the district will not realize any additional state funding due to the phase-in of the new funding formula," said Superintendent Bill Nance about the budget. Federal and state funding are expected to remain basically stable, he added.
Reflected in the expenditures for the coming year are a 2.81 percent salary increase for employees and a just over a 4 percent increase in contribution rates required by the retirement system. The purchase of five new buses is slated for the coming year at a cost of $380,000.
The district's health care premiums for the 2007-08 school year are budgeted to be lower due to the Board's approval of a recommendation to move to a different coverage plan, Nance said.
Other improvements (excluding buses and the renovation project) which are part of the budget include the expenditure of $550,000 to purchase equipment and to improve facilities.
The high school will purchase additional band instruments, repair and refurbish lockers in the B and C pods, and replace bench seating throughout the building. At the Middle School, 18 computers in the Keyboarding Lab and cafeteria tables in the Commons will be replaced.
Approximately 50 computers in the Business Technology and Ag Education Lab Centers will be replaced at the Technical Skills Center. This will be funded through an enhancement grant from the state.
New playground swings will be installed at New Madrid Elementary and new computers and furniture in the Basic Skills Lab will be added at Lilbourn Elementary as well as the installation of new playground swings. Matthews Elementary will complete room modifications in the library, install new shelving and will also add new playground equipment. As part of the annual rotation of equipment, new copiers and school vehicles will be purchased for the district office.
A tax rate hearing is set for the August. According to Nance, school officials will seek a .10 cent increase in the district's operating levy to $3.09 for the upcoming year, which breaks down to an operating levy of $2.85 and debt service of .24 cents.
Also as part of the budget process, approval was given for the district's federal program budget for 2007-08. The district expects to receive just over a $1 million with the majority to be spent in the elementary schools for Title 1 programs ranging from reading skills improvement to after-school tutoring.