Orange County
OCPS approves budget/millage rate for 2024/25
Posted
From Orange County Public Schools and Staff Reports
The Orange County Public School Board held its regularly scheduled board meeting this week and approved its budget and millage rate for the 2024/25 school year.
Adoption of millage to support 2024-25 final budget
After a public hearing, the school board voted unanimously to approve the millage required to support the final budget for the school year 2024-25. The tentative millage rate adopted is as follows:
|
Millage Type
|
2023-24
Rates
|
2024-25
Rates
|
|
Required Local Effort
|
3.173
|
3.216
|
|
Basic Discretionary
|
.748
|
.748
|
|
Additional Voted
|
1.000
|
1.000
|
|
Capital Improvement
|
1.500
|
1.500
|
|
Total
|
6.421
|
6.464
|
Budget
The Proposed Adopted Budget is designed to support the goals established by the superintendent in conjunction with the school board.
The budget is made up of five major funds. Each fund has unique types of revenues and appropriations designed to accomplish specific purposes. The particular funds used are based on standards established by the Governmental Accounting Standards Board. The particular classifications of revenues and appropriations are based on guidelines from the Florida Department of Education (FDOE). The budget is also designed to comply with requirements established by the Florida Legislature as well as the federal government.
The final budget approved by the school board is as follows:
|
1.
|
Approve the 2024-25 Budget for the General Fund
|
$2,833,538,264
|
|
2.
|
Approve the 2024-25 Budget for the Special Revenue Fund
|
$337,127,090
|
|
3.
|
Approve the 2024-25 Budget for the Debt Service Fund
|
$248,358,026
|
|
4.
|
Approve the 2024-25 Budget for the Capital Projects Fund
|
$3,465,317,454
|
|
5.
|
Approve the 2024-25 Budget for the Internal Service Fund
|
$417,135,131
|
General Fund
The General Fund is the operating budget of the school district. This fund's primary revenue source comes through a formula called the Florida Education Finance Program (FEFP). This formula provides some degree of equity in per-student funding among the various school districts. The formula uses a combination of local property taxes (Required Local Effort and Discretionary) and state taxes (primarily sales taxes) as its revenue sources.
FEFP (regular) funding is only $1,566 more than in 2007-08. With the additional special millage proceeds, the district receives $2,692 more per student than in 2007-08. However, when considering purchasing power using the Consumer Price Index (CPI), today's purchasing power is still $2,350 less than in 2007-08.
FEFP funding increased by $319, or 3.7% per student, compared to last year. The additional special millage is now generating over $1,126 per student, assuming the accurate property assessments. The special millage reflects an increase of $66 per student, or 6.2%, over the prior year.
Keywords
Orange County Public Schools,
Budget,
Millage,
What is the OCPS budget for 2024/25?
