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Spring 2011 Budget Update and Projection for the Public Schools of Petoskey

Spring 2011 Budget Update and Projection for the Public Schools of Petoskey. Kent Cartwright, CPA Chief Financial Officer Public Schools of Petoskey April 15, 2011. Foundation allowance reduced $470 to $6,846 Categorical Funding reduced or eliminated

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Spring 2011 Budget Update and Projection for the Public Schools of Petoskey

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  1. Spring 2011 Budget Update and Projection for the Public Schools of Petoskey Kent Cartwright, CPA Chief Financial Officer Public Schools of Petoskey April 15, 2011

  2. Foundation allowance reduced $470 to $6,846 • Categorical Funding reduced or eliminated • Declining enrollment = $22,000 • Districts expected to find 10% savings in consolidation efforts • Retirement rate moves from 20.66% to 24.46% (Cost to Petoskey = $468,541 or $163 per pupil) School State Aid Summary FY 2011-12 – Based on Governor's Proposal

  3. Governor’s cut of $470 is enacted = Foundation allowance of $6,864 • Pupil count loss of 13 FTE • ARRA Funds expire, not renewed (This may impact some of our Aides’ positions) • Edujobs used 100% in FY 2011-12 • Steps included; no other pay increases • Insurance costs increase 10% • MPSERS rate moves from 20.66% to 24.46% FY 2011-12Assumptions Used

  4. In my opinion, public school employees are likely, or highly likely, to be required to contribute for health care to some degree due to pending legislation. • A prudent employee should begin to consider the impact on their personal finances if the State required each of us contribute between $2,000 and $7,000 annually for insurance, beginning possibly as early as July 1, 2011. Observations and Recommendations

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