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FY 2025 Joint FCCPS School Board and City Council Budget Development Work Session
Manage episode 387697749 series 3292153
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n a joint presentation to the City Council and School Board, officials unveiled the fiscal forecast for FCCPS and the Falls Church General Government for the upcoming FY 2025, projecting robust growth amid financial challenges.
Falls Church City Public Schools (FCCPS) forecast a rise in student enrollment, necessitating the hiring of additional teachers and staff. The school system, grappling with national and state-level teacher shortages, is planning significant investments in employee compensation, including steps and Cost-of-Living Adjustments, alongside a 10% increase in health insurance rates.
FCCPS's expenditure needs amount to $4.3 million, covering costs related to enrollment growth, salary steps, COLA, health insurance, and other unavoidable increases.
The City's revenue is expected to grow by 8.0%, fueled by a 5.9% increase in real estate taxes and a significant 12.7% rise in other taxes. This surge, amounting to $7.5 million in new tax revenue, is partly attributed to new construction, contributing $2.1 million alone.
However, the City faces a projected budget gap of $3.1 million, considering the new revenues and expenditures. While facing these financial challenges, both the City and FCCPS emphasized their commitment to maintaining the high quality of services and education.
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