Rockcastle Board hears breakdown of state equalization, building fund and district budget

Superintendent Dr. Ballinger told the Rockcastle County Schools board that two locally passed recallable "nickels" have qualified the district for state equalization payments that will be deposited into the district—s building fund over the next 20 years. "Nickel 1 will generate over $19,000,000 that will go directly into our building fund. Nickel 2 will generate over $19,000,000for a total of over $38,000,000 that we will receive as a free gift from the state over 20 years," Dr. Ballinger said.

Dr. Ballinger said the equalization payments are restricted to facility use only and cannot be used for salaries or general instruction. "We can only use this revenue for facilities only," she said. She told the board the legislature approves equalization during its biennial budget cycle and that equalization is not guaranteed but that Rockcastle has been equalized twice following the recallable nickels passed in 2022…