TUPELO • Tupelo Public School District is proposing a $124 million budget for the 2020-21 school year.
The proposed budget was presented by TPSD’s Chief Financial Officer Rachel Murphree during a public hearing at the Hancock Leadership Center on Tuesday evening.
The TPSD Board of Trustees will vote on whether to adopt the budget at its Aug. 11 meeting.
The district’s projected expenditures for 2020-21 totals $124,653,332 – including instructional, non-instructional, support services, facilities construction, debt and other financing expenditures.
Net expenditures for the district will be $105.5 million after about $18.5 million in inter-fund transfers and $659,050 in learning foundation expenditures are subtracted.
TPSD’s projected revenue for 2020-21 totals $109,784,625. A majority of the district’s revenue will come from local and state sources, which make up 41.03% and 36.52% of the $109.7 million total respectively.
TPSD will receive $37.4 million from local sources, 92% of which comes from ad valorem taxes.
Local revenue from athletics and grants were unable to be determined prior to the budget being set due to the uncertainty of sports scheduling and uncertainty with the availability of grants.
State sources will provide $33.3 million while federal sources provide $12.6 million and the remaining $7.8 million will come from other financing sources.
Tupelo Schools will receive an estimated $30.3 million in Mississippi Adequate Education Program (MAEP) funding, according to the proposed budget. The Mississippi Department of Education typically informs districts of their MAEP allocation no later than May 15, but due to the pandemic and Gov. Tate Reeves’ recent veto of the education funding bill, TPSD doesn’t currently know what its allocation will be.
The vetoed bill as it was sent to the governor included a statewide cut of 1.62% to MAEP from fiscal year 2019-2020, which was already about 10% underfunded.
MAEP uses a formula to determine how much funding each district receives. If TPSD was fully funded for the 2020-21 school year, the district would receive about $5.3 million more than the currently estimated amount.