FY2021 Adopted Budget

FY2021 Adopted Budget Fund Budgets

School Construction

School Construction This fund records the collections of recordation taxes dedicated to the construction of schools. Funds are then transferred to the Capital Projects Fund or the Debt Service Fund to assist in this goal. Currently, 16.667% of recordation taxes is dedicated to support school construction. The recordation tax rate is set at $6 for each $500 or fraction of $500 of consideration payable or of the principal amount of the debt secured for an instrument of writing. The consideration includes the amount of any mortgage or deed of trust assumed by the grantee(s).

Budget Highlights The FY21 Budget is consistent with the FY20 Adopted Budget with only minor changes.

Effective October 1, 2020, the recordation tax will increase from $6/$500 of consideration to $7/$500 of consideration. The $1 increase is dedicated to other programs. This will effectively decrease the percentage dedicated to this fund from 16.667% to 14.29% but does not affect the overall budgeted revenue to the fund. If applicable, all personnel budgets have been updated to reflect changes in salaries and benefits based on contracts, individual benefit elections, tax laws, minimum wage requirements, etc.

154