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34,2 <br /> <br />April 19, 2994 <br /> <br /> ~EDU~ATION <br /> <br /> The School Board has submitted a budget request for FY <br />1995 that is almost $6.8 million higher than the present <br />budget. This includes an additional $3.1 million from City <br />funds. While the commitment of the City Council should and <br />does remain strong, I am not able to recommend more from the <br />City than we are presently, funding, inclusive of the <br />re-appropriation that was provided for the current~year. <br /> <br /> Portsmouth is designated as one of the lowest rated <br />districts in the Commonwealth in ability to raise revenues. <br />This is reflected in the composite index the State uses to <br />allocate their funding among the various jurisdictions. The <br />$25,224,096 reco~Lended by the City is far above the ~mount <br />needed to match the State'fundlng and represents a solid and <br />fiscally responsible.position for the upcom%ng year. As can be <br />viewed in the following chart, the overall increase in funding <br />for the school's operating-budget would be almost $3~7 million <br />or a 4.51% increase, even with level funding from the City. <br /> <br />SOURCES OF FUNDING FOR SC~/OOLS <br /> <br /> 1992-94 1994-95 AMOUNT % CHANGE <br /> BUDGET RECOMMENDED OF CHA/~GE <br /> <br />$46,290,641 549,599,139 $3,308,498 7.15 <br /> <br />State School <br />Funds <br /> <br />Federal Funds <br /> <br />1,275,000 <br /> <br />Revenue and 25,224,096 <br />Reappropriation <br />of City Funds <br /> <br />State Sales <br />Tax <br /> <br />8,227,065 <br /> <br />Other Sources <br /> <br />900,000 <br /> <br />Total Revenue $81,916,802 <br /> <br /> 1,140,000 <135,000> <10.59> <br /> <br />25,224,096 0 0.00 <br /> <br />8,825,444 598~379 7.27 <br /> <br />820,000 <80,000> <8.89> <br />$85,608,679 $3,691,877 4.51 <br /> <br /> <br />