The Kenai Peninsula Borough Board of Education approved a revision that would add just less than $107.9 million in expenditures to the fiscal year 2015 operating budget.
The board unanimously approved the budget revision with minimal discussion.
The increase that nearly doubles the previously approved budget stems from Public Employees Retirement System and Teachers Retirement System on-behalf payments from the state. The Kenai Peninsula Borough School District is required to report the additional money, but is not responsible for paying any of it.
The payment is part of a $3 billion lump sum to the state’s retirement systems, aimed at paying off unfunded liability accrued in the two plans, according to a board report by Assistant Superintendent Dave Jones.
In total for the 2014-2015 school year, operating budget is nearly $270.6 million.
Kelly Sullivan can be reached at Kelly.sullivan@peninsulaclarion.com
