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Hardy County Schools projects modest FY27 state-aid increase; board reviews levy, bond and program allocations
Summary
Presenter reviewed the district's FY27 budget materials, reporting a projected $137,849 increase in state aid and outlining how levy, bond and program allocations (bus replacement, technology, special education) affect the general fund and reserves.
Presenter (identified in the transcript by role; speaker S3) told the board the district's basic state-aid allowance is just under $13,000,000 and that the projected increase in state funding for FY27 is $137,849. The presenter walked members through the state-aid computation steps, the charter-school allowance adjustment and how fixed-cost charges (retirement, Social Security, Medicare) are calculated in the formula.
Why it matters: the combination of state aid, levy proceeds and bond resources determines how much the district can set aside for bus replacement, instructional materials and personnel. Presenter said the district's unreserved fund balance in Fund 11 is estimated at a little over $2,000,000 and that recent bank interest and an energy-project reserve have helped cushion the forecast.
The board also reviewed debt-service projections. Presenter reported Fund 21 tax collections projected at $1,600,000, with a principal payment of $11,465,000 and interest near $175,169. The municipal-bond account holds a buffer that accrues interest; Presenter said approximately $1.5 million is currently in that account and outlined two options: (1) use that balance to pay the bond off early or (2) retain it for future projects that match the bond's original purposes. A board member said paying the bond off early would be preferable unless there were a dire need to reallocate the funds.
On budgeting priorities, Presenter identified the step 7a allocations (instructional and academic supports) and step 7b technology funding: contest/advanced-placement funds ($10,000), instructional supplies ($100,528), middle-school CTE ($5,000) and a technology allocation of about $39,221 for the upcoming year. The bus-replacement allowance for the next fiscal year was listed at $292,836 with a small displacement payment of $6,809.
Direct quote: Presenter said, "The increase in state aid funding is 137,849 for FY '27." (Presenter/S3)
Next steps: the board was asked to approve the levy-rate letter and rate sheet, which must be sent to the state auditor; Presenter said those materials will be provided for approval that evening and that the district will print municipal-bond-account details on request.
