At Monday evening’s regular meeting of the Berkeley County Board of Education, members unanimously approved the first reading of the FY 24-25 budget that significantly increases teacher pay while providing relief to the taxpayer.
Some of the main highlights of the proposed budget include plans to increase first-year teacher salaries to $52,450. This is a $7,053 increase based on the $45,397 first-year teacher salary from the past school year.
All other eligible employees received a three-percent increase in April and will receive an additional one percent on July 1.
During her budget presentation to school board members, BCSD Chief Officer of Financial Services Marcie Abrahamson said based on the information regarding the increase in local revenues, a “fiscally sound, balanced budget” is achievable and would allow the district to increase each cell on the teacher salary schedule by $5,691 to set the first-year teacher pay to $52,450.
This is all based on reassessment information received from Berkeley County, and can be accomplished by lowering operating millage by 9.9 mills due to the increased property values and the increased value of a mill.
A millage rate is the tax rate set by a jurisdiction; a mill rate represents the amount of property tax paid on real estate. A mill is equivalent to one-tenth of a percent. Berkeley County reassesses property values every five years; fiscal year 2024-2025 is a reassessment year and values have increased and millage subsequently has to be adjusted. BCSD is expected to decrease the current operating millage of 151.8 to 141.9. Lower millage and higher property values will increase local revenues by $43.5 million.
“Our Board remains committed to increasing staff pay when local revenue grows, as well as providing much needed relief to our local taxpayers,” said BCSD Board Chairman Mac McQuillin. “I appreciate the hard work of Dr. Dixon and his administration to present a balanced budget that reflects our priorities and these commitments. This is a budget that everyone can be excited about.”
There will be a public hearing on the proposed budget on June 24; the district will go on to present a second budget reading to its Finance Committee and obtain final board approval the same day.
The general fund budget presentation first reading can be reviewed here.