The Forsyth County Board of Education and staff have a strong record of fiscal balance, sound reserves, and financial accountability. Forsyth County Schools (FCS) is the only school district in the state to receive a seven-year consecutive 5-out-of-5 Star Financial Efficiency Rating from the Georgia Department of Education.We have an annual operational budget, funded by local taxes, and state and federal funds. 89% of the operational budget is for salaries and benefits, while the remainder is for operating expenses, such as fuel and utilities.
For local revenue, FCS is one of only a few school districts in Georgia to have a senior exemption at the age of 65, which is an annual loss of an estimated $60 million for 23-24. Lastly, in terms of state revenue sources, FCS' Local Fair Share contribution has increased to be $81,283,947 for FY24 (was $73.6 million in 2022-23).FCS also has a capital improvement budget, which is funded by State capital outlay dollars and local SPLOST or Bond referendums.Operational (M&O)
As the 5th largest out of 180 school districts in Georgia, for 2023-24 FCS operates on a $652 million budget, with 73% of expenses tied to instruction. The budget income is 52% from local funds and 48% from state and federal funds. The FY24 budget was built decreasing the millage rate 2 full mills. Last year, FCS decreased the millage 1 full mill. FCS’ per-pupil expenditure is $10,132, which is the lowest among the 12 largest districts in the State.
Capital (Bond and SPLOST)The FY23 budget includes a decrease in the debt services (bond) millage rate - from 2.418 to 1.418. This one mill reduction for taxpayers brings the debt services millage rate back to its 2010 rate.Voters approved SPLOST VI in November 2021.FCS is proud to be one of three school districts in Georgia to receive the highest possible bond rating, AAA, from both Moody's and Standard and Poors (S&P), which was recently reassigned for the third time in November 2021. Having the highest possible credit rating is a benefit for taxpayers with lower interest rates on the sale of bonds. S&P currently rates 4,782 school districts with only 86 having a AAA rating, while Moody’s currently rates 13,363 school districts with only 88 having an AAA rating.
- FY 24 Budget (included millage and per pupil comparisons)
- QBE Comparisons
- GADOE Financial Data Reporting
Federal FundingWhen looking at revenue sources for FCS, it is important to note that the majority of metro districts, including four with smaller student enrollment, received considerably more funding than FCS from the CARES Act (federal revenue). FCS received $20+ million in total CARES ACT I, II, and III funding.
- ACT I was used to pay the salaries and benefits for school bus drivers that were not working for the last three months of school when COVID -19 shut the state down ($1.7+ million).
- ACT II was used to offset the austerity cuts from the state ($5.7+ million).
- ACT III was used to match the state $1k supplement for employees ($6.5+ million). We used $4+ million for ERU (energy recovery units) at two elementary schools that did not have those units. The remaining $3+ million was used for summer instruction for students.
- 2023-24 Operational Impact Report (Updated October 16)
- Audit Reports
- Monthly Financial Reports
1. Go to Meetings, Board of Education
2. Select a date for a Regular Board Meeting
3. On the agenda, select Finance Report.