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District 5 holds Finance 101 workshop explaining Act 388, State Aid to Classrooms and timing risks
Summary
Spartanburg 7 CFO Missy Campbell briefed the Lexington County School District Five board on local and state school finance, explaining Act 388 limits on millage increases, how State Aid to Classrooms is calculated from funded teacher counts and average salaries, and how 45th/130th‑day enrollment reconciliations can change allocations midyear.
Spartanburg 7 Chief Financial Officer Missy Campbell led a Finance 101 workshop for Lexington County School District Five on Oct. 27, explaining how local and state revenue streams combine to fund schools and why year‑to‑year unpredictability complicates budgeting. The presentation, part one of a two‑phase series, covered Act 388, the State Aid to Classrooms funding model, tier and homestead reimbursements, and the timing of federal and state restricted funds.
Campbell told the board the State Aid to Classrooms “pie” is set by the number of teachers funded multiplied by an assumed average teacher salary; the district’s share of that pie is determined by its weighted pupil units and an index of tax‑paying ability. She said Act 388 limits local millage increases to CPI plus growth except in certain circumstances — such as correcting prior…
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