Steamboat Springs Steamboat Springs School Board unanimously adopted the 2001-2002 budget at a School Board meeting Monday night.
District revenues total $14,112,190 an increase of last year's budget by $496,540. Increases in revenue are due to property tax increases, local revenues from the half-cent sales tax and specific ownership tax, which is collected from vehicle licenses in Routt County.
Total expenditures for the school district are $14,665,940 an increase of last year's budget by $885,740.
Increases in expenditures are due to a payroll increase to faculty, staff and health insurance, supplies and purchased services, the charter school expenses and transfers.
The $553,750 difference will come out of the district's fund balance of $6,335,886.
When the state changed the fiscal year about a decade ago, a pool of money was carried over into the new fiscal year.
Over time, the school district has accumulated about $6 million, which it uses to carry itself from July 1 through Feb. 1 when property taxes revenues are allocated to the district.
"We needed to adjust some salaries," District Superintendent Cyndy Simms said.
The district will see a larger amount of expenditures than revenue this year because of salary increases of 6.35 percent for non maxed out employees, and 5.25 percent for maxed out employees, as well as other items.
Simms said if the district held a $0 fund balance on July 1, the district would have to borrow money to pay salaries, benefits, supplies and other district costs.
Finance director Dale Mellor projected the beginning fund balance to be about $6 million and the end fund balance to be more than $5 million.
Ninety-one percent of the district's revenues come from property taxes and the half-cent sales tax.
Eighty percent of all the revenue goes toward salaries and benefits. The other 20 percent goes toward supplies, building renovations and continuing education.
Steamboat School District will see a general fund revenue of 4 percent from the state finance formula. Other total revenue equals $11,800 due to a $125,000 increase from the half-cent sales tax and a decrease in transfers of $112,000.
The district has seen a decrease in enrollment due to a large graduating class in June 2001, but will only see a decrease of seven students because of the ability to average over four years.
Revenues in the budget for per pupil funding is $6,125 a 4.38 percent increase from the 2000-2001 school year.
A 24-percent increase in health insurance also dampens the increase of expenditures.