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Kenmore-Town of Tonawanda UFSD Budget 2013-14

Kenmore-Town of Tonawanda UFSD Budget 2013-14. Budget Work Session March 5, 2013. Tax Levy Threshold. The Allowable Tax Cap Increase Is 5.66% If all other factors in the tax rate formula remain the same, the added cost to a taxpayer owning a $100,000 house (market value) would be $115

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Kenmore-Town of Tonawanda UFSD Budget 2013-14

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  1. Kenmore-Town of Tonawanda UFSDBudget 2013-14 Budget Work Session March 5, 2013

  2. Tax Levy Threshold • The Allowable Tax Cap Increase Is 5.66% • If all other factors in the tax rate formula remain the same, the added cost to a taxpayer owning a $100,000 house (market value) would be $115 • The Tax Levy increase remains the same as it was in the 2/5/13 budget draft (5.40%)

  3. Changes in Budget Since 2/5/13

  4. Changes in Budget Since 2/5/13

  5. Changes in Budget Since 2/5/13

  6. Changes in Budget Since 2/5/13

  7. Budget Status Draft Budget 2: • Total Expenditures: $149,405,548 • Total Revenue: $148,922,344 • Current Deficit $ 483,204

  8. Current Budget Status: Deficit Reduction Progress

  9. Use of Fund Balance and Reserves

  10. State Aid Comparison $9.0 Million reduction since 2008-09 In Millions of Dollars

  11. State Aid Comparison Approximately the same aid as 2006-07 In Millions of Dollars

  12. State Budget: Current Outlook • Expect an on-time budget again this year • Anticipated adoption date of March 21 due to Easter and Passover holidays • Legislative changes/proposals are anticipated during the week of March 11

  13. State Aid: Executive ProposalRemaining Questions • Possibility that Building Aid is overstated due to timing of Building Aid • Possibility that Building Aid is overstated due to recalculated interest rates • Possible distribution of “extra” $200 million • Possible option to select a stable rate option for retirement system contributions

  14. Stable Rate Option for Retirement System Contributions • Option to “lock-in” long-term stable rate pension contributions • 25-year term • Proposed rates are 12% for the Employees Retirement System (ERS) and 12.5% for the Teachers Retirement System (TRS) • May increase the rate up to 2% every 5 years • May select one system and not the other

  15. Stable Rate Option for Retirement System Contributions • Current 2013-14 rates are set at 20.9% for ERS and 16.25% for TRS • Only a proposal and not a law at this time • The State Comptroller is questioning the legality and actuarial soundness of the proposal since the funds, by law, must be fully funded

  16. Bus Purchase Proposition • Two 65-Passenger Buses $228,046 • One Wheelchair Bus $ 69,000 • Four 30-Passenger Buses $228,000 • Proposition Total $525,046 • 70 % of this purchase will be aided by New York State • No effect on the 2013-14 budget

  17. Going Forward: • Any further retirements? • Contract settlement? • Determine further reductions in payroll costs for staff not involved with direct instruction to mirror student enrollment decline (2.56%) • Analyze the alternative “Stable Rate Pension Contribution Option” proposed in the Governor’s budget • Analyze the effects of sequestration • Lobby and write to legislators!

  18. Questions?

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