HOPE — A change in the state’s school funding formula means Flat Rock–Hawcreek School Corp. will have about $200,000 less in its 2016 general fund.
The school district is expected to bring in a little less than $3.2 million in taxable income in 2016, as well as about $5.4 million through nontaxable revenues in its general fund, bringing total 2016 expected revenues to about $8.6 million.
The district’s enrollment was virtually unchanged this fall over last fall — 839 in 2014 versus 840 in 2015 — but statewide changes to the school funding formula means the district lost money it normally would have received through a complexity grant, which helps districts with a high population of students in poverty.
That change will cost the district anywhere from $150,000 to $200,000 in its general fund, superintendent Shawn Price said.
Despite the drop in revenue, the district is still expected to break even or close to even by the end of the year, Price said.
Total expenditures are expected to be about $8.7 million, business manager Jeff Cleland said, but the difference of about $75,000 is small enough that it can be made up through other sources of miscellaneous revenue.
Tax revenues will most likely stay close to the same in 2016, Price said. The 2016 budget advertises for a $1.59 tax rate, but the final rate likely will be closer to the 2015 rate of $1.35, he said.
The district’s school board unanimously approved the 2016 budget and tax rates at its Tuesday meeting.