Posted: Wednesday, 13 June 2012 8:55AM
Madison Central School Board approves proposed budget
The Madison Central School Board approved its proposed 2012-2013 budget during its meeting on Monday night. Business Manager Mitchell Brooks told the board that the budget will total just more than 26-point-two-million dollars, due mainly to the addition of the 14-and-a-half million dollars that the district will issue in bonds for the high school renovation project. The money for the renovation project is included in a new Capitol Projects fund in the budget. There is also a new bond redemption fund within the budget that totals close to 251-thousand dollars. A separate driver’s education fund has also been established in the budget for just more than 15-thousand dollars that Brooks said has been added because it is required by state law.
Next to the Capitol projects fund, the largest area of the budget is the general fund at more than six-and-a-half million dollars, which is down from last year’s budget, and then the capital outlay fund at more than one-point-seven million dollars, which is up some from the previous year.
Along with the proposed budget, the board also adopts a resolution setting the budget totals and the annual budget levy requests in dollars per thousand dollars of taxable valuation. A 250-thousand dollar opt-out included in the budget is part of a four-year opt-out approved by voters in 2010.