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Solanco School District Preliminary 2014-15 Budget April 28, 2014. 2014-15 Revenue Budget Highlights. Property Assessments: Low but steady growth Earned income tax recovering to pre-recession; 1.25 % estimated growth from 13-14 to 14-15 (Est $80K)
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Solanco School DistrictPreliminary 2014-15 BudgetApril 28, 2014
2014-15 Revenue Budget Highlights • Property Assessments: Low but steady growth • Earned income tax recovering to pre-recession; 1.25 % estimated growth from 13-14 to 14-15 (Est $80K) • State Ready to Learn Grant ($431K) vs Basic Education Allocation ($0 proposed) • Total state revenues equate to Pension increase only • Federal; Medical Assistance and Title I
2014-15 Expenditure Highlights • Pension Increase: $1,086,000, which is 2.1% of the 3.04% total budget-to-budget increase • Salaries: An Estimated 1% increase • Special Education increase: Continued cost pressures; student services estimated at $400,000 increase • Vocational Education: Total estimated increase at $98,000 inclusive of tuition and final bond issuance • Physical Plant and Transportation: Fuels / Utilities
State Budget Pension and Ready to Learn • Solanco Property Tax increase and Local share of mandated Pension Increase offset each other (Approx. $525,000) • Total State Estimated Revenue covers the other ½ of the mandated Pension increase • State Gambling funds remain static • Est State Revenue Growth $835 M; Pension at $610 M. ----Plus Est $900 M in one time funds
Ready to Learn • ABG money can be used for Ready to Learn initiatives, but Ready to Learn money can’t be used for ABG initiatives unless you are a Tier 4 District • $100 Million of ABG funds (unchanged from 2013-14) • $240 Million new proposed to be distributed to Districts and Charter Schools via formula. • Approximately $221 million to Districts, $19 million to charters • Proposing ability to deduct this grant on PDE-363 • $1 million in competitive grant funds for Pennsylvania’s high-performing public schools to analyze and publish best practices that have proven to increase student achievement (Governor’s Expanding Excellence Grant Program)
Special Education After 6 years of flat-funding at $1.026 billion, the proposed budget recommends a $20 million increase to the line item, nearly a 2% increase.
PlanCon • Authority Rentals and Sinking Fund Requirements: The PlanCon line item was again level-funded at $296 million.
Only One Third of Slot Machine Revenue Goes to Property Tax Relief
Act 1 Index Forecast History and Forecast of the Act 1 Base Index (and Components) Source: Independent Fiscal Office Analysis of Senate Bill 76 and House Bill 76