School board approves budget for 2019-20
The Lake Oswego School Board unanimously approved a resolution to adopt the 2019-20 budget — which was written and approved by the LOSD Legal Budget Committee — at its June 17 meeting.
The adopted budget covers the LOSD and Lake Grove Swim Park budgets. In the 2019-20 school year the district will be working with $331,105,003. The Swim Park, which is operated by the school district, has a budget of $655,000.
Funding from the state constitutes 85 percent of the annual budget, the local option levy is 13 percent, the LO Schools Foundation raises 2 percent a year and a construction excise tax rounds out the remaining less than one percent.
A significant portion of the budget comes from the General Fund, which provides $103,070,001 with the majority going toward student instruction. The General Fund also provides revenue for student services, facilities acquisition services, debt service, inter-fund transfers and contingency.
The budgeted is rounded out with $2,673,000 in community contributions, has $3,781,000 in grant funds, $2,095,000 in the food service budget, $3,361,000 for community services, $4,300,000 in the student activities fund, $16,900,000 in the debt service budget (used for the accumulation of resources for, and the payment of, general long-term debt principal and interest maturing in future years), and $194,925,002 for capital projects (generated by the sale of bonds).
The Legal Budget Committee responsible for the budget consists of the members of the school board and five citizen members who were charged with approving the budget for the upcoming school year.
"The role of the Legal Budget Committee is to review, discuss and possibly make changes to the proposed budget presented by the budget officer," school board member Sara Pocklington said at a previous school board meeting. "The Legal Budget Committee has significant influence over the setting of the tax rates for the district. While the school board may subsequently alter the budget approved by the Legal Budget Committee, the school board cannot set a tax rate higher than that approved by the Legal Budget Committee."
The 2018-19 school year budget, which was adopted in June 18, 2018, had in total a sum of $308,260,003 for the district and $620,000 for the Lake Grove Swim Park.
For more information on the district's finances, visit www.losdschools.org/Page/2076.
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