Indian River County’s school district approved a $434 million budget for the 2026-27 fiscal year, an increase of about $14 million from the previous year.
At the same time, the district’s overall millage rate is lower than the rate adopted last year.
Dr. William Dodds, the district’s chief financial officer, outlined the millage rates during the district’s final budget hearing Sept. 8.
"The millage rates proposed this evening for adoption are lower than those adopted by the board last year by 0.79 or 1.4%. The final millage rates for 2026-2027 are as followed. The required local effort is 2.9620, which includes a prior period funding millage adjustment of 0.1, basic operating discretionary millage of 0.748, capital outlay millage of 1.5, and additional voter approved discretionary millage of 0.5 for a total millage of 5.674 mils. The total millage rate to be levied exceeds the rollback rate by 1.64%, which is due to an increase in property values," Dodds said.
The district’s largest share of spending will go toward its general operating budget, which accounts for more than half of the total budget. Capital projects make up the second-largest category.
"The general operating budget for 2026-2027 is $247,582,349 for 57% of the budget. The debt service, $34,293,495, represents 8% of the budget. The capital projects, $93,267,628, which represents 21% of the budget. Federal is $11,707,091, which represents 3%. Food service, $9,328,453, which represents 2%. Health benefits, $34,728,374, which represents 8% of the budget. And enterprise fund is $3,412,182, and that represents 1% for a total of $434,313,273," Dodds said.
The district’s financial operations also drew praise from school board members.
Vice Chair Peggy Jones highlighted the work of the district’s financial staff and its use of technology to manage and present financial information.
"I think this is just something special about this district as we continue to innovate, especially with finance and Power BI," Jones said.