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Finance committee preview: Act 1 index, tax‑revenue reliance and key budget dates for 2026–27
Summary
The finance committee reviewed preliminary 2026–27 budget indicators: the state set the base Act 1 index at 3.5% and Big Spring's adjusted index at 4.3%; real estate taxes account for roughly 47.5% of district revenues. The board must decide by Jan. 29, 2026 whether to stay within the index or adopt a preliminary budget to seek referendum exceptions.
The Big Spring finance committee received a preliminary budget briefing on Oct. 20 that outlined the district's Act 1 constraints and timeline for the 2026–27 fiscal year. The finance and business manager told the committee that "for the 2627 year the base index was set by the state at 3.5%" and that Big Spring's adjusted Act 1 index for 2026–27 will be 4.3% because the district's market value/personal income aid ratio is above the 0.4 threshold.
The presenter emphasized that real estate tax revenue remains the district's largest revenue source, accounting for about 47.5% of total revenues, and outlined options: the board must either adopt a resolution to "live within" the Act 1 index or adopt a preliminary budget by Jan. 29, 2026 that signals intent to pursue referendum exceptions (for construction, special education or retirement costs). The finance manager said she will return in December with updated cash‑flow numbers and flagged that the state budget outcome could affect whether referendum exceptions remain available.
The committee also heard that the district is not currently expected to need short‑term borrowing and that the auditor's fieldwork is wrapping up; staff will bring updated projections in the November/December window and the final budget schedule remains subject to the board's January decision.
