In their Tuesday night work session, the Knox County Board of Education is discussing what do with millions of dollars in additional revenue coming to the school district.Superintendent Dr. Jim McIntyre said over the past several weeks it had become increasingly clear the district would see a financial bump. According to McIntyre, revenue from three source areas seem to be better than the projections it originally had for 2012 Fiscal Year.
Knox County Schools said excess sales tax revenue might total $9.6 million when the final figures are tallied. It also said property tax revenue could equal around $1.7 million and money from Basic Education Growth Funds could end up around $2.7 million. Overall, those numbers would leave Knox County Schools with nearly $14 million more in revenue than it had expected for the 2012 fiscal year.
The extra revenue will save the county money, too. The school district will no longer take $1.5 million from the $7 million the Knox County Commission promised it in June.