During a study session Thursday, board members for Jefferson County Public Schools received a mid-year update on the 2022-2023 budget.

Here are the key takeaways:

• Declining enrollment meant the district, including charters, lost about $2.4 million in funding.
• The greatest increase over budget projections was salaries. Employees who continue their education can earn salary bumps. In a typical year, the school district sees 400 or 500 employees benefit from these pay tiers. This school year, the district has had 1,700. The increase represents about $4 million, or around 1% of the district’s entire compensation package.
• Lower home valuations meant the district got about $15.4 million less from the county, but roughly $11 million more from the state.

The district’s investment portfolio made up the difference, said Brenna Copeland, chief financial officer.

The silver lining for deficit hawks is the district won’t have to dip into its fund balance.

The bottom line for parents?

“Even when valuations adjust our total programming doesn’t change,” Copeland said.

Editors note: “Class Notes” is a recurring update on area school districts from education reporter Nicole Brambila.