2023-2024 budget explanation

From Matt Farup

Wakefield Schools Superintendent

The 2023 Nebraska Legislature passed a historic amount of new legislation affecting public schools, including 29 new mandates. School boards and administrators must adjust policies and operations to comply with these mandates over the next few years.
The legislature also made significant changes to the public school funding formula. I will explain the changes and their impact on the Wakefield Community Schools budget for the 2023-24 school year, which will be discussed tonight.
Three school funding bills were tied together to create a new funding system for Nebraska public schools. LB 583, part of the Governor's Education Future package of bills, provides Foundation Aid and Special Education Supplemental Aid under the Tax Equity and Educational Opportunities Support Act (TEEOSA). Beginning in 2023-24, school districts will receive foundation aid equal to $1,500 for each student in that district. Districts will also receive special education supplemental aid equal to 80% of their actual special education program expenditures.
Changes to the school funding formula:
• Foundation Aid: $1,500 per student
• Special Education Supplemental Aid: 80% of actual special education program expenditures
LB 243, a new Nebraska law, creates a new mechanism to determine the percentage of annual increase that a school district can request regarding their levying authority. A complex formula calculates the school district's revenue cap and property tax request authority. After a revenue cap is established, non-property tax revenue, the estimated special education reimbursement, and the new $1,500 per student foundation aid are subtracted from the revenue cap to create a property tax request authority cap. For Wakefield Community School LB243 had little impact on State Aid.
In March 2023, our State Aid was $2,680,968. After LB243 was passed and foundation aid was factored in our State Aid is $2,699,464.
For Wakefield Community Schools, the property tax request authority cap is $5,072,721. The 2023-2024 tax ask is for $4,706,704. This equates to a 13.1% tax reduction of $712,561.
What does this mean for Wakefield Community Schools?
The new property tax request authority cap is a significant development for Wakefield Community Schools. It will allow the district to provide more resources for students and teachers without increasing property taxes.
The new property tax request authority cap is a positive step for Wakefield Community Schools and its  students. It will help the district to continue to provide a high-quality education to all students.
Wakefield Community Schools' 2023-24 budget:

The Wakefield Community Schools budget for the 2023-24 school reflects the new school funding formula and includes the following changes:
• Increase in property valuations: $83,077,257 (15.5%)
• Increase in state funding: $1,261,444
• Decrease in local property taxes: $712,561
• Total GF/SBF allowable tax request: $5,072,721
• Total GF/SBF property tax request: $4,706,704
• Total Unused Property Tax Request Authority: $366,017
• Reduction of overall property tax levy: -$0.25
The school board has allocated funding to the following areas:
• Increased teacher salaries
• Increased staffing
• Expanded facilities: portable classrooms
• Safety and Security: cameras and door sensors
• Purchased instructional materials