Several Knox County schools could see some much needed improvements after the district announced it could see $13.9 million more in revenue than it had first projected.
Superintendent Dr. Jim McIntyre said over the past several weeks it had become increasingly clear the district would see a financial bump. According to McIntyre, revenue from three source areas seem to be better than the projections it originally had for 2012 Fiscal Year.
Knox County Schools said excess sales tax revenue might total $9.6 million when the final figures are tallied. It also said property tax revenue could equal around $1.7 million and money from Basic Education Growth Funds could end up around $2.7 million.
More Information: Knox County Schools Revenue Projections
Overall, those numbers would leave Knox County Schools with nearly $14 million more in revenue than it had expected for the 2012 Fiscal Year.
McIntyre said he would like to see the money go toward renovations at Pond Gap Elementary, Shannondale Elementary and Farragut High School.
"This is the opportunity for the board to have some of those resources to fund some of those opportunities that actually didn't get funded through the regular budget process," he said. "It's an exciting opportunity."
McIntyre also said he would also like to see excess revenue appropriated to technology and science lab improvements across the county. He told 10News the district finds itself in a very different position than it did just three years ago.
"It's quite a turnaround from just a few years ago when we saw our sales tax really just drop off a cliff and come in $10 million under projection," he said.
The school board will talk about the recommendations at Tuesday's Board of Education work session.
The revenue surplus comes after a busy spring when McIntyre asked county commissioners for an additional $35 million in funding, only to receive $7 million. Now, in light of the revenue announcement, McIntyre said the county will keep $1.5 million of the money which was appropriated.
Knox County Commission Chairman Mike Hammond said he was surprised to hear Knox County Schools is receiving so much money. He said he expected around $10 million to come in.
He told 10News he was happy to hear the schools' announcement, however he cautioned that it needs to use its money wisely.
"I think that we need to be smart, we need to meet the needs that we have -- the legitimate needs," he said. "But, if there are some things that can wait, maybe let us let those wait until we see what the economy does."