The board that runs Akili Academy announced that it expects a 49 percent increase in its budget over last year in its proposed 2012-2013 budget, effective July 1.
The board will discuss the budget at an open hearing on Monday, June 25 at 6 p.m. at the Akili Academy Team Room.
Crescent City Schools, the charter management organization (CMO) that runs Harriet Tubman in Algiers, will take over Akili beginning July 1. Both boards will merge for the upcoming school year.
The nascent organization plans to add two more schools in the next three years.
Akili’s 2012-2012 budget is $3.7 million, up from $2.5 million last year.
The $1.2 million budget increase is a result of higher student enrollment, as the K-4 school adds a fifth grade class to its ranks. The total enrollment is expected to be 390, up from 314 last year.
Most of the revenue comes from state allocated per-pupil funds, 81 percent of the budget, about $3 million this year. Donations and other federal funds, including No Child Left Behind funds and Charter School startup grants, make up the rest of the revenues.
The school expects to raise extra revenue from fundraisers throughout the year.
Expenses are $3.7 million, up from $2.3 million last year, a 60 percent increase.
The bulk of budget expenditures for next year are staff salaries and benefits, which account for 66 percent of expenses.
The hiring of additional staff due to student expansion accounts for $2 million in expenditures, up 80 percent from last year. Total employee benefits are $440,000, double what was spent last year on that budget item. A statewide increase in required retirement spending accounts for this increase at Akili and at many other schools.
Other expenses, from professional and technical services to supplies and transportation, are relatively flat from last year.