The Orange County School Board on Sept. 12 approved the Orange County Public Schools budget for 2023-24.
The 2023-24 millage rate is 6.421, compared to 6.462 last year.
The $6,748,752,493 budget for 2023-24 includes $2,723,984,930 for the General Fund, $325,285,696 for the Special Revenue Fund, $242,796,524 for the Debt Service Fund, $3,097,205,514 for the Capital Projects Fund and $359,479,829 for the Internal Service Fund.
The numbers in the final budget represent a $739,442,210 increase from those approved during the tentative budget hearing Aug. 1. The budget represents a $778,523,934 increase from the $5,970,228,559 the School Board approved for the 2022-23 school year.
According to OCPS CFO Doreen Concolino, the tentative budget did not include the capital funds carryover projects. These are folded into the final budget. For 2024, those totaled $692,204,694.
Other increases included $16,590,643 to the General Fund, $33,958,030 to the Special Revenue Fund and $5,738,053 to the Debt Service Fund.
The Internal Service Fund decreased by $9,049,210.
OCPS documents show a 3.17% growth in student population from 2022-23 (217,701 students) to 2023-24 (220,465 students).
OCPS officials are budgeting a per-student expenditure of $9,893.90 for 2023-24, compared to $8,937.27 in 2022-23, $8,725.57 in 2022 and $8,454.27 in 2021.
THE FIVE FUNDS
This consists primarily of the funds required to run the day-to-day operations of the school district. This includes teacher salaries, ordinary maintenance of facilities, transportation and administration.
Special Revenue Fund
This accounts for the federal categorical grants, federal stimulus funds, donation funds, as well as the operations of the school food service program, the extended-day program and school internal accounts program.
Capital Projects Fund
This is used for the construction of new buildings and renovation of existing buildings (but not ordinary building maintenance).
Debt Service Fund
This is used for the payment of principal and interest on borrowed funds.
Internal Service Fund
This accounts for the costs associated with Employee Benefit Trust Fund (health insurance), the Property Casualty Loss Fund and the Printing Services Fund. These are internal service funds, because the revenues are derived from the operating and special revenue budgets or employee or retiree contributions.