Oldham County school leaders cite strong FY24 reserves, propose lowering tax rate to 79.7¢ and consider staff stipend

The Oldham County Board of Education on Aug. 7 reviewed an unaudited fiscal 2024 financial report showing strong reserves and debated tax‑rate options after certified assessments rose 8.4 percent.

Board members were told the district ended FY24 with a general fund balance recorded at about $31.7 million and a contingency (budgeted reserve) of roughly $17 million, or about 17 percent of the general fund. “We were able to end with a contingency of $17,000,000 which is about 17 and a half percent for our general fund,” Dr. Shelton told the board as he walked through the unaudited numbers.

Why it matters: The certified assessment increase — the revaluations applied to existing property — raised projected local revenue above earlier conservative estimates. That surplus creates an option for the board: lower the tax rate so taxpayers pay less per $100 of assessed value or keep the rate flat (81.2¢) and accept higher local revenue but face the procedural risk that the levy could be the subject of a recall petition if it yields more than a 4 percent increase in revenue.

Most important facts - FY24 unaudited figures: general fund balance about $31.7 million; contingency about…