1 / 25

NEW PRAGUE AREA SCHOOLS TRUTH IN TAXATION

NEW PRAGUE AREA SCHOOLS TRUTH IN TAXATION. Monday, December 13, 2010 6:30 p.m. Agenda. School District Funding Basics Levy/Property Tax Levy Calendar/Process How levy is determined (Levy Authority) 2011 New Prague Area Schools Levy Next Steps FY 10-11 Preliminary Budget Information.

bmackey
Download Presentation

NEW PRAGUE AREA SCHOOLS TRUTH IN TAXATION

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. NEW PRAGUE AREA SCHOOLS TRUTH IN TAXATION Monday, December 13, 2010 6:30 p.m.

  2. Agenda • School District Funding Basics • Levy/Property Tax Levy • Calendar/Process • How levy is determined (Levy Authority) • 2011 New Prague Area Schools Levy • Next Steps • FY 10-11 Preliminary Budget Information

  3. School district funding STATE FUNDING General Education Revenue Categorical Aids FEDERAL FUNDING Title Programs Special Education Stimulus and Jobs Fund LOCAL REVENUE SOURCES Property Tax Levy Fees for Services

  4. State aid calculation • Total Authorized Revenue Minus local property tax levy • Equals State Aid

  5. Property tax levy calendar July–August: School districts provides certain budget information to the Minnesota Department of Education who then calculates the preliminary levy. September: Board certifies preliminary levy (except for a few exceptions, the final levy cannot exceed the preliminary levy) November: County mails levy notices to property owners December: Truth-in-Taxation Public Hearing (part of regular board meeting) December: Board certifies final levy Calendar year 2011: County collects levy and sends to school district (revenue for July 1, 2011 – June 30, 2012.

  6. levy authority

  7. Types of Levies • Voter Approved (Operating Levy and Bond) • Levies set by state formula (equity, operating capital, transition, community service) • Levies authorized by state statute based on local need (career/technology, deferred maintenance, safe schools, facility leases, integration, re-employment and health & safety)

  8. Market value • What each individual parcel would sell for as determined by county assessor (2009) 2010 levy: $2,286,926,400 2011 levy: $2,231,761,600 Decrease of -2.4% State Average: +.2%

  9. Referendum Market Value Market value excluding seasonal recreational and agricultural land (2009) Used for operating levy 2010 levy: $1,932,836,100 2011 levy: $1,837,955,800 Decrease of -4.9% State Average: -3.1%

  10. Net tax capacity Market value with class rate applied 2010 levy: $23,061,912 2011 levy: $22,495,414 Decrease of -2.5% State Average: +.5%

  11. New Prague 2011 Levy 2011 2010 $9,825,256 $10,671,906 General Fund decrease of $255,098 -5.09% Community Service decrease of $37,404 -14.61% Debt Service decrease of $554,150 -10.26% Total decrease of $846,651 -7.93%

  12. General fund levy components

  13. Community services fund levy components

  14. Debt service fund levy components

  15. Why did levy decrease from 2010? • Operating Levy • $27,000 prior year adjustment • Referendum market value decrease – decreased levy and increased aid • Health & Safety • Prior year adjustments • Community Education Disabled School Care • Prior year adjustments • Debt Service • Uneven principal/interest schedule • 2010 levy based on $5,421,241 • 2011 levy based on $5,145,464 • 2012 levy based on $4,900,441 • 2013 levy based on $5,277,819

  16. Estimated Tax impact $200,000 home value 2010 estimated tax: $1,005 2011 estimated tax: $974 $31 decrease

  17. Next Steps • The public has an opportunity to give feedback to the School Board • School Board adopts final levy • County Auditors calculate tax bills • Collections commence in April and May

  18. New Prague Area Schools 2010-2011 Preliminary General Fund Budget

  19. General Fund Balance • Ending FY 2010 Total Fund Balance: $2,627,646 • Reserved/Designated: $1,444,187 • Unreserved: $1,183,459 • Total Budgeted 2011 Revenues $31,673,715 • Total Budgeted 2011 Expenses $30,625,330 • Net Gain/(Loss) $1,048,385 • Projected FY 2011 Total Fund Balance: $3,676,031 • Reserved/Designated: $1,695,008 • Unreserved: $1,981,023

  20. FY 10-11 general fund budget • Budget Adjustments of $556,552 • Expense Reductions: $486,242 • Revenue Increases: $65,310 • Fund allocations: $5,000 • Expenditures increasing .4% from FY 09-10

  21. Revenue assumptions • Enrollment (ADM) 3,696.86 • Increase of .51% over 2010 • Average enrollment increase for last 5 years is 3.5% • 0% increase in State funding formula • $5,124 per pupil unit

  22. Other Funds • Food Service Fund • Projected Fund Balance of $139,675 • Community Services Fund • Projected Fund Balance of $105,327

  23. Other Funds • Debt Service Fund – projected fund balance of $1,384,423 • Construction Fund – Spend down to $195,568

  24. QUESTIONS ?

More Related