Knox County Schools expect nearly $14 million more in revenue than originally expected for the 2012 Fiscal Year
In their Tuesday night work session, the Knox County Board of Education is discussing what do with millions of dollars in additional revenue coming to the school district.
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. Overall, those numbers would leave Knox County Schools with nearly $14 million more in revenue than it had expected for the 2012 fiscal year.
The extra revenue will save the county money, too. The school district will no longer take $1.5 million from the $7 million the Knox County Commission promised it in June.
Knox County Mayor Tim Burchett was an outspoken critic of the board's
original request for an extra $35 million each year for five years,
which would have required a tax increase. Mayor Burchett says the
additional revenue is good news for the district and the county, but he
hopes it is used wisely.
"It's never anything you can budget for," he said. "You hope for it, but
when it happens you need to be responsible with it. Pay down your debt,
use it for one-time expenditures."
McIntyre said he would like to see the money go toward renovations at Pond Gap Elementary, Shannondale Elementary and Farragut High School. The superintendent also said he would also like to see excess revenue appropriated to technology and science lab improvements across the county.
We'll have more information later tonight on 10News Nightbeat following the Board of Education meeting.