The St. Johns County School Board approved the tentative budget and tax rate for the 2024-25 fiscal year Wednesday, July 24, during a special meeting. The vote was 4-0 with board member Kelly Barrera absent.
The tax rate on the $1.5 billion budget stands at $5.28 on $1,000 of a home’s taxable value. This marks a reduction from last year’s rate of $5.41. In fact, the rate has been reduced every year since 2011.
Last year’s budget totaled $1.3 billion.
This year’s proposed tax levy is $313,128,177, which has a collection rate of 96% by state statute. A portion of the levy is required in order for the school board to receive $282,197,915 in state education grants.
Also included within the tentative rate is $0.75 for discretionary spending; that will generate about $42.6 million for the district. The remainer is $1.50 for capital outlay; that will generate about $85.4 million.
If the rate remains unchanged upon final approval, the owner of a $500,000 home with a homestead exemption will pay $2,508 in school taxes in fiscal year 2024-25.
The sum of all revenue from state, federal and local sources and fund transfers will generate about $8,927 per student; the district is estimating a total of 55,612 students during the coming fiscal year, though those figures are recalculated at intervals throughout the year.
The rolled-back rate — the rate that would generate the same number of dollars as last year — is $5.14 per $1,000 of taxable value. This rate would not account for inflation.
An increase in taxable value as described by the county’s Property Appraiser’s Office means that, while last year’s rate was higher, the tentative rate will generate more revenue. The estimated tax roll for fiscal year 2024-25 in St. Johns County is about $59.3 billion, a 10% increase over last year. In fact, the tax roll has increased every year since 2012.
To place it in context, the tax roll for fiscal year 1994-95 was just $4.3 billion.
The general fund for the tentative budget is $528,657,818. This covers a range of expenses, the largest of which is instruction, which comprised 61% of total expenditures.
In addition, adequate funding must be applied to capital projects, which includes two new schools to open this year and three more being planned. The capital projects fund is nearly $7 billion.
The first of two public hearings on the tentative budget was held Tuesday, July 30. The second has been scheduled for Sept. 10, after which the board will vote on the final budget.
