The San Francisco Unified School District’s board of education has unanimously approved the budget for fiscal year 2014-15 and is submitting a balanced budget to the state by the June 30 deadline, according to district officials.
The $715 million spending budget, approved at the board’s meeting Tuesday night, is an increase from last year, including $10 million more in salary and benefits, $4.4 million more in school investments and $4.3 million more in retirement and other benefit costs.
The district will receive $403 million from the state’s new local control funding formula, up from $363 million in 2013.
The new formula, which went into effect last year, gives more power and flexibility to local school districts and provides more funding for disadvantaged students.
The district has not yet reached a settlement with the teachers’ union United Educators of San Francisco, which may impact the final budget.
According to the union, the district declared that negotiations had reached an impasse last week after sharing a counter-offer to the union’s request for a two-year contract to include a 13.35 percent raise.
Union officials said SFUSD returned with an 8.5 percent raise over three years before declaring the impasse, even though the union did not formally reject the proposal.