So far so good for 1-cent tax for schools
The recession is causing plenty of problems with things like job creation, but it is being relatively kind to revenues for the Fayette County School System’s 1-cent sales tax. The school system has taken in nearly $15 million in fewer than 10 months of collections.
One-cent sales tax receipts through February have generated $14.565 million and are averaging $1.513 million per month for the nine full months since collections began. At that rate, the six-year collection period would generate more than $108 million of the $115 million ceiling.
A total of $4.448 million in expenditures to date has gone for the purchase of 21st Century classroom technology equipment, computer lease payments, security equipment and textbooks for math, science, social studies, English/gifted and vocational areas and for payment on the millage debt.
A breakdown of expenditures showed nearly $464,000 going for textbooks, approximately $484,000 for 21st Century classrooms, approximately $499,000 for computer lease payments and $3,975 for security.
A new expenditure in March will be a $3 million payment on school system’s bond millage debt.
Comptroller Laura Brock in her report to the board last week said that the school system’s bond millage rate should decrease by 1-1.25 mills this year.