In a 5-0 vote during its Oct. 24 meeting, the Noblesville Schools Board of Trustees approved the proposed 2024 school budget, which totals $160,796,047. It also approved a new two-year contract with the Noblesville Teachers’ Forum, the professional association for all teachers in Noblesville Schools.

In total, $73,642,648 of the budget will go toward education and $30,131,639 will fund operations.

A portion of the budget will also go toward the referendum fund, exempt debt fund and debt service fund.

The school district will spend $3,446,754 on technology and $2,282,787 on building capital outlay/sports facilities, according to a budget public hearing presentation. Other expenses include professional services, purchase of equipment/rentals, bus purchases and maintenance of building and equipment.

The school board also approved a bus replacement plan for 2024. Seven buses will be replaced – six at a cost of $165,359 each and a seventh at $154,344.

“The 2024 balanced budget fully funds all contracts, debt obligations and capital replacement plans,” Chief Financial Officer David Hortemiller stated. “This budget includes the largest funding increase towards the teacher contract in the history of Noblesville Schools, controls health insurance cost with zero increase to premiums and decreases the property tax rate for the 5th consecutive year.”

Noblesville Schools also announced a new teachers contract, with an increase for starting salaries for new teachers of $48,000 per year. Veteran teachers will see sizable increases, according to the district.

Salary increases will be retroactive to July 27, 2023. The new contract also offers new paid dependent leave for parents, holds benefit costs steady and enhances savings for retirement, according to the district.

The agreement covers the 2023-24 and 2024-25 school years.

The next school board meeting is set for 7 p.m. Nov. 21 at the Educational Services Center Board Room, 18025 River Rd.