Budget
2024-2025 Final Budget Approved by School Board on June 18, 2024
The Parkland Board of School Directors has approved the 2024-25 General Fund Budget amounting to $236,584,643 after careful consideration of the district's growing needs and long-term financial outlook. The approval was made during the regularly scheduled Board meeting on Tuesday, June 18, 2024. The 2024-2025 Proposed General Fund Budget represents a 2.75% increase of 2023-24 expenditures. In order to minimize the tax rate for the Parkland taxpayers, the Final Budget includes the appropriation of $4,005,766 of Fund Balance, to balance the 2024-2025 General Fund Budget.
The Budget represents a total mill rate of 17.12 or a 5% millage increase and is a balanced budget. This millage rate remains the lowest among all school districts within Lehigh County.
This year’s tax increase positions Parkland to fund the upcoming 5-year Vision 2030 building program through borrowing. The multi-year construction initiative is designed to phase in new debt service with minimal impact to the overall debt service budget. The Vision 2030 Project will address the anticipated enrollment growth in grades 6-12, compelling Parkland to build a classroom addition at Parkland High School and renovate the Orefield Middle School (OMS) site to be able to house more students at that campus.
Key Financial Points
● Parkland real estate value is increasing but has started to slow compared to recent years, increasing by only about 1% since last summer, while the rate over the last five years averaged 2.3%. One mill of property tax is projected to produce $9,084,000.
● The average residential assessed value is $245,193. The average residential taxpayer will pay an extra $16.65 per month next year at the new mill rate of 17.12.
● Residential Taxpayers represent 62% of Parkland’s tax base with 22,664 residential properties. In total, there are 25,612 taxable properties.
● The allowable Act 1 Index is 5.3%. Parkland’s Proposed Final Budget includes a 5% increase.
● Parkland has not raised taxes to the allowable Index in the last 8 years.
● Last year’s millage rate was 16.30.
Superintendent Dr. Mark Madson noted, “While it is never an easy decision to raise taxes, this budget proactively and responsibly plans for our future needs. We are committed to maintaining a high-quality education and facilities that set the stage for continued student success, while investing in long-term solutions to manage growth.”
Please address any questions or comments to Leslie Frisbie, Director of Business Administration, at frisbiel@parklandsd.org
Additional Budget Documents:
2021-2022 Proposed Budget Detail (internal document)