SOUTH PORTLAND — An additional $884,000 in state education aid could help to reduce the local property tax rate by 33 cents, or nearly 2 percent, in fiscal year 2016 under proposed budget adjustments that school and municipal officials will consider Monday.

South Portland’s state aid allocation for the fiscal year that started July 1 will be just over $6 million – $884,000 more than the nearly $5.2 million estimate that local school officials used to build a 2015-16 budget because the Maine Department of Education was so late announcing its final subsidy amounts.

Since the department issued state aid figures on July 2, South Portland officials have revised municipal and school spending plans to account for a more than $1 million infusion of revenue, including an anticipated $270,000 increase in business equipment tax reimbursements.

“The $884,000 that the school department received will be split between tax rate reduction and reserves,” said City Manager Jim Gailey.

The School Board will consider its budget adjustments at a special meeting scheduled for 6 p.m. Monday at South Portland High School. The City Council will address the school budget when it meets an hour later at City Hall.

School officials have proposed using $480,000 of the additional state aid to help reduce the fiscal 2016 tax rate from $17.73 to $17.40 per $1,000 of assessed property value, Gailey said. The reduced rate would be 30 cents, or 1.8 percent, more than the fiscal 2015 tax rate of $17.10 per $1,000.

Under the reduced rate, the annual tax bill on a $200,000 home would increase just $60, from $3,420 to $3,480, rather than $126 if the tax rate remained at $17.73, resulting in a $3,546 annual tax bill.

School officials have proposed using the remaining $404,000 in additional state aid to boost reserve funds that would be used to buy new buses, replace computer laptops and tablets and maintain school buildings, Gailey said.

To amend budget actions taken in May, the School Board and City Council will consider appropriating $35.1 million to cover the total cost of school programs and services that are considered “essential” under state law, and raising $29.1 million in local revenue to pay for them, according to the board’s agenda for Monday. The difference in the two amounts would be covered by the $6 million state aid allocation.

The two panels also will consider appropriating $5.5 million – up from $5.1 million – in local revenue for school programs and services that aren’t considered “essential” under state law – an amount that exceeds the state limit for such expenditures by $4.7 million – up from $4.3 million, according to the council’s agenda. The additional local funding is earmarked for debt service on employee pension and school laptop programs; costs associated with having additional staffing, smaller schools and reduced class sizes that exceed “essential” limits; and voter-approved capital improvements at the middle and high schools.

Documents provided for Monday’s meetings don’t explain how the proposed budget adjustments relate to the $46.1 million school budget that city voters approved on June 9.