Franklin Regional school officials facing a nearly $2M shortfall
Franklin Regional officials have a nearly $2 million problem to solve.
Administrators have unveiled a first look at the 2013-14 budget that includes a $1.917 million shortfall. The $50.1 million budget proposal includes a $1.2 million state-mandated increase in employee pension contributions from the district.
Under state regulations, Franklin Regional is allowed to raise the property tax rate by no more than 1.75 mills — unless officials petition the state for permission for a larger increase.
The school board will decide in January whether to apply for an exception to that regulation; if approved, officials then could raise the tax rate by as much as 3.23 mills.
In Franklin Regional, one mill of taxes generates $335,000 in revenue.
A 1.75-mill increase would cover about 30 percent of the projected shortfall. A 3.23-mill increase would cover about 56 percent of the projected shortfall.
The board will discuss the 2013-14 budget at its Jan. 7 meeting in the administration building.
The school board must approve a budget by June 30.
Daveen Rae Kurutz is a staff writer for Trib Total Media. She can be reached at 412-856-7400, ext. 8627, or email@example.com.