Cape Girardeau Public Schools Board of Education approves $87 million budget

Cape Girardeau Public Schools Board of Education approved the district's budget for the 2023-24 school year during its meeting Monday, June 26.

According to the budget report, the district projected a beginning balance of $29 million as of Saturday, July 1. The budget includes $87 million in expenditures, and the district will receive an estimated $80 million in revenue, leaving an unrestricted balance of $23 million.

The report showed planned expenditures include a 3% average salary increase for all district teachers and staff, as well as a $1,000 increase in base pay for new teachers. Per a chart in the budget, employee salaries and benefits account for 54% of expenditures and the remaining 46% includes capital projects, debt service and supplies.

Superintendent Neil Glass stated budgeted capital projects include the completion of phases one and two of an athletic complex at Central High School, as well as a roof replacement for Blanchard Elementary School, facility expansions at the Career and Technology Center and the renovation of the former Red Star Baptist Church for use as the future home of Cape Central Academy.

Funds attributed to capital projects will also cover instructional equipment, technology maintenance and improvements and equipment purchases, the report stated. The budget showed projected increases because of rising costs of services and supplies such as transportation, liability insurance and technology.

The report showed revenue to support the budget comes from three main sources: property taxes, state aid and state sales tax. The report stated local property taxes account for 40% of the district's total revenue.

Per the report, the district will receive over $5 million as part of the American Rescue Plan Act (ARPA) Elementary and Secondary School Emergency Relief Fund. Glass stated this will likely be the last year ARPA funds are distributed.

The budget report also stated the district has approximately $53 million in outstanding bonds, and will pay $5.7 million in principal and interest payments in 2023-24.

"I think the district is in a great place, and I think we're going to continue next year to be in a good place," Glass said. "We have enough funds to weather the storm for several years when this inflation really takes hold."

The budget is posted on the district's website at www.schoolboardcentral.capetigers.com under the listing for the regular meeting Monday.