PROVO The Provo School Board unanimously approved the district's $115 million budget for the 2008-09 school year during its meeting Tuesday night.
The budget includes $2 million for building repairs or replacements and $500,000 on upgrades to bring schools up to seismic standard. The district aims to continue that funding process on an annual basis.
A total of $200,000 is earmarked for the district's 900 charter school students as mandated by the state Legislature.
The budget includes the final portion of a $35 million bond that voters approved in 2006. The district earmarked the money for capital projects for a three-year period.
Also in the June 2006 election, a voter leeway was OK'd. The leeway will provide $1.9 million for teacher compensation. The total teacher compensation increase for Provo district will be $2.5 million for this school year.The budget includes a property tax increase which Provo residents will get to comment on at an Aug. 12 truth-in-taxation hearing. District business administrator Kerry Smith is predicting a tax rate of .006460 for the upcoming fiscal year. That figure will be finalized after the county establishes the assessed values of property later this month. If the increase is approved, owners of a $250,000 home will pay an extra $168 in property taxes.