Friday, September 14, 2012

TOP STORY >> Cabot sets budget of $73 million

Leader staff writer

The Cabot School Board on Tuesday night approved a $73 million budget for this school year, which shows an increase in revenue of about $3 million over last year.

As usual, about 80 percent of that amount will be spent on salaries and benefits.

About $1.26 million of the increase comes from the state, which has increased the per pupil amount paid to school districts, called the state foundation money, from $6,144 to $6,267.

Since Cabot has an enrollment of 10,236 students in K-12, the state foundation money is $48,172,376.

Dr. Tony Thurman, school superintendent, told the board that he intends to have a proposal for raises for district employees for them to approve before Christmas.

Districts typically time raises to coincide with the after-Thanksgiving shopping sales.

Thurman told the board that employees have been hit hard by recent increases in their health insurance premiums and that the pay raises will help offset those additional expenses.

The budget includes $3.7 million for debt payments on the construction in recent years.

The projected balance when the school year ends is $6.8 million, almost 10 percent of the total budget.

In a breakdown of the revenue for the district, 66 percent comes from the state and 33 percent from county residents who support the school district with their property taxes.