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Speedway board advances 2026 budget to town council; district proposes $22.35M education fund and seeks to hold tax rate near $1.17
Summary
Board members consented to forward a proposed 2026 school budget to the Speedway Town Council on Aug. 12. The district presented five funds and tax-rate estimates, including $22,349,870 in proposed education fund revenue and a targeted overall school tax rate around $1.17.
On Aug. 12 the Town of Speedway Board of Trustees reviewed the proposed 2026 school budget and by consensus agreed to advance it to the Speedway Town Council for consideration.
The district's presenter said the education fund remains the largest revenue source and that estimated education-fund revenue and appropriations total $22,349,870. "The number 1 revenue source is the state support," the presenter said, adding that average daily membership (ADM) drives state funding. The presenter also said the district includes summer-school revenue, cell-tower payments, ECA revenue, reimbursements and transfers in the education fund total.
Officials outlined five funds in the budget presentation: the education fund, the operations fund (supporting maintenance, central office and other nonclassroom items), the referendum fund, the debt fund, and the rainy-day fund. The operations fund appropriation presented was $5,205,629. For the referendum the district indicated a rate near 0.5277 for 2026, noting the referendum supports class-size initiatives and AP programming.
On debt and reserves the presenter said the debt fund rate estimate will be adjusted when assessed values are finalized and that the rainy-day fund has a current cash balance of $6,829,665.
The presenter said the district intends to advertise a tax rate that will likely put the combined school tax rate at about $1.17 and said the Department of Local Government Finance (DLGF) will set the final certified rate later.
Board members approved by consensus advancing the budget to the Town Council. The presenter said the district is waiting on the final assessed value from the county to finalize exact rates and that the budget will not change materially in purpose: "The budget won't change because we're gonna support kids in a classroom."
Separately, the board voted unanimously to adopt a resolution authorizing the superintendent and treasurer to reduce 2025 appropriations across funds as needed to fund the 2026 budget. That resolution passed 5-0; the motion said the reductions will be finalized at a December meeting when year-end balances are clearer.
No formal tax-rate certification occurred at the Aug. 12 meeting. The budget will move to the Speedway Town Council next Wednesday at 6:30 p.m. for the next step in the local approval process.
