Local Revenue
For fiscal year 2005, over $188 million of the revenue
funding the operating budget of the Knox County Board of Education
(the Board) comes from local sources. Property taxes, local option
sales tax, and other local monies, including fund balance, contribute
to this percentage. Facility construction, renovation, or
additions are usually funded by the sale of bonds. The Board is fiscally
dependent on the Knox County Board of Commissioners (the
Commission) because the Commission approves the Board’s operating budget,
levies property taxes for the Board, and issues debt on behalf
of the Board. For the fiscal year of 2005, the local property
tax rate is $2.96 per $100 of assessed value, of which $1.35
was designated for the operating budget of the Board. Of the
local option sales tax of $.225, approximately 61% is distributed
for the operating budget of the Board and 11% for capital projects
of the Board.
More about Budgets
|
