A Final General Fund Budget for the 2018-2019 school year in the amount of $179,349,218 was approved by the Parkland Board of School Directors during the regularly scheduled Board meeting on Tuesday, June 26, 2018.
The Final Budget represents an increase of .29 mills or 1.92% for a total mill rate of
15.42. At that rate, a home with a $100,000 assessed valuation would realize a tax increase of $29 for the year. For the median assessed home in Parkland valued at $226,989, the tax increase would be $65.83 for the year. Also of note is the value of the Homestead/Farmstead gaming credit projected to be $109.85 per approved property which helps offset the tax increase.
Key Points of the 2018-19 Budget:
Challenges impacting the budget include the increasing cost of special education, close to $4.8M in projected payments to Cyber/Charter Schools (cost of School Choice), increased contributions to the Pennsylvania Public School Employees' Retirement System (PSERS) and uncertainty surrounding Commonwealth funding.
The General Fund Budget includes a $7 Million appropriation of Fund Balance which equates to 0.89 mills to balance the budget.
As of May 22, 2018, one mill of property tax is projected to produce $7,787,152 at a 97% collection rate.
Last year’s (2017-18) Budget required a tax increase of 1.89% totaling 15.13 mills with a total budget of $172,331,072.
More Budget Documents: