CHARLESTON, S.C. (WCSC) – Charleston Co. School District faces $50 million increase in expenses
The Charleston County School District is facing financial challenges including a $50 million increase in expenses. There has been an emphasis on salary increases for teachers as well as classified staff because of the rising cost of living. Officials say addressing this is a priority in this budget cycle.
Salary Increases and Budget Projections
For those salary increases the district’s predictions for fiscal year 2025 call for a 2% cost of living adjustment plus a step or increase. That is equivalent to $5.9 million including benefits. This would also be done for non-teachers in 2025, 2026 and 2027.
During Monday’s workshop, the finance committee discussed the current financial status and projections for the fiscal year 2024. Currently, they project revenues for the fiscal year to be around $720 million, while expenditures are estimated to be around $711 million. The committee anticipates adding an additional $8.5 million to the fund balance.
Property Tax Increase
To cover the increase in expenses, the district plans to raise property taxes which will affect landlords and businesses. Multiple reports are still needed for the fiscal year 2025 budget development process including the local tax revenue changes assessment from the county auditor and expenditure increases for the employee insurance program PEBA and surcharge.
Budget Workshops and Timeline
The second budget workshop is scheduled for March 11 and the third workshop is scheduled for April 15. The first reading of the budget is scheduled for May 13 and the second reading is scheduled for June 10.
Despite the financial challenges, the Charleston County School District is actively working on addressing the budget issues and ensuring that teachers and staff are fairly compensated while maintaining financial stability.