The school board approved a more than $2 billion budget during its Wednesday public hearing, which will supports99,900 students and 118 schools.

The approved budget is $2,412,826,447, which includes 41,066,514,571 in the general or operating fund; $85,738,249 in debt services; $739,785,761 in the capital fund; $267,788,802 in the special revenue – grants fund; $79,619,091 in the special revenue – food service fund and $173,379,973 in internal services.

The board also approved the required local effort millage of 3.309, which will generate $425,410,802; basic discretionary of .748 mills that will generate $96,164,183 and 1.500 capital outlay mills generating $192,842,612 for a total of 5.557 mills generating $714,417,597.

One mill is equal to $1 for every $1,000 of taxable property valuation.

Budget Director Kelly Letcher took the school board through a breakdown of the 2022-2023 budget starting with the rollback rate.

“‘he rollback rate is the millage when applied to the current year’s tax roll net adjustments for new growth would produce the same dollar as received in the previous year,” she said. “The calculated rollback rate is 4.7445. The proposed millage rate is 5.557 and that is a 17.13 percent increase over rollback rate.”

Letcher said it represents a .3334 decrease over last year, 5.891 and the required local effort is the portion that is required in order to participate in the Florida Education Finance Program. She said that represents 60 percent of the total millage, or 12.78 percent of the increase over the rollback rate.

“The current year tax roll is at $133,918,480,158. That represents a 27.81 percent increase over last year’s tax roll. The last time we have seen numbers that high in an increased tax roll was back in 2006-2007 where it was 28 and 39 percent increases,” Letcher said.

The presentation broke down the different millage rates with the first focusing on the Required Local Effort. The approved rate of 3.309 mills is a decrease of .334 over last year’s required effort of 3.643. The basic discretionary and capital outlay remained the same as previous years.

“When the millage rates drop, you can usually know that tax rolls are going up. Whenever the millage rates go up the tax rolls drop,” Letcher said.

The 27.81 percent will have an affect on taxpayers. She said if someone had a $100,000 home last year with a 27.81 increase in the tax roll, their value is now $127,810. Under last year’s tax rate the homeowner would have paid $589.10, compared to this year paying $710.24, an increase of $121.14.

“The same house at $100,000 had it been homesteaded and had the Save Our Homes on, it caps the growth rate at 3 percent. They would have only seen a $3,000 increase. Last year they would have paid $441.83. This year they will pay $433.45,” Letcher said, adding that provides a decrease of $8.38 on their tax roll.

Letcher said although the total millage represents a $121.8 million increase over last year, the required local effort goes up, the state portion of Florida Education Finance Program goes down.

“The state portion was 39 percent this year. It was at 43 percent last year,” she said.

Letcher said the Florida Education Finance Program represents $853.2 million with a base student allocation of $4,587.40, a $214.49 increase in BSA.

She said FEFP represents a $70 million increase over last year. It includes $23.4 million that is earmarked for the Family Empowerment Scholarship; $8.5 million increase in teacher salary increase allocation; approximately $4 million to meet the minimum $15 an hour requirement; approximately $6.6 million increase in Florida Retirement Rate; approximately $11.5 million growth of 2,461.40 UFTE and approximately $5.5 million categorical increases.

“This is going to provide about $8,540 per FTE and state funding is 39 percent,” Letcher said.