JACKSONVILLE, N.C. (WNCT) – Onslow County’s Board of Education has a new funding formula for the school system.
The amendment focuses on the annual current expenses like employee pay, and annual capital outlay, which includes school construction projects.
According to a press release from the OCS, school board members and county commissioners met back in November to discuss the plan for future funding.
The purpose of the meeting was to look at developing a consistent process for school funding following the lack of such an agreement during the most recent budget cycle.
The partnership between both the county and the school system led to the formula being unanimously approved by the Onslow County Board of Commissioners at a special meeting on Monday, January 13.
The new funding formula gives the school system more money. It also gives district leaders a better idea of how much money the county will provide.
“We are excited. This is kind of a historic thing, to get this agreement, in place and it will be an agreement that will be looked at every year,” said Pamela Thomas, chairman of the Onslow County Board of Education.
The base funding amount for the local current expense is 36.1% of the sum property tax and sales tax received by the Onslow County Government for the calendar year.
The formula addresses the issue of growth by including flexibility allowing for changes in student enrollment.
The capital outlay funding agreement would increase the current $3 million of available maintenance funds to $5.5 million by the end of the Fiscal Year of 2024-2025.
Onslow County Commissioners are expected to sign the amendment at their January 22 meeting. The changes take effect next school year.