MPS approves budget for fiscal year 2024
MONTGOMERY, Ala. (WSFA) - The Montgomery Public Schools Board of Education unanimously approved the budget for fiscal year 2024.
The district is expecting more than $275 million in general funds with a combined total of $549 million.
MPS Chief Financial Officer Arthur Watts said the budget has improved over the last few years, but there are still some challenges for this fiscal year.
The biggest challenge is the cost of construction projects. MPS has 37 projects approved by the school board with costs originally projected at $399,064,160. The cost has now almost doubled, with new projections at $624,977,838.
“Not only has the cost of construction has gone up, but the cost of borrowing has gone up,” Watts said.
Watts said the decrease in student enrollment has also played a factor in revenue loss. Montgomery Public Schools has lost 5,327 students within the last eight years.
“Because we have lost X number of teacher units because of our decrease in student population, then we are losing funding in that area,” said Watts.
Watts said he hopes the increase in the ad valorem tax that was voted on in 2020 will help bring in $33 million in local revenue, which is important to the school’s budget.
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