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Board of Education Budget Discussion 2018-2019 January 2018 Joe Hochreiter Enrique Catalan

Board of Education Budget Discussion 2018-2019 January 2018 Joe Hochreiter Enrique Catalan. Historical Data. Historical Data: School Budgets. Budget vs. Expenses. E = Estimated. Budget vs. Taxes. Historical Data: Revenues. Revenues Over Time By Source. Percent Change of Revenues

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Board of Education Budget Discussion 2018-2019 January 2018 Joe Hochreiter Enrique Catalan

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  1. Board of Education Budget Discussion 2018-2019 January 2018 Joe Hochreiter Enrique Catalan

  2. Historical Data

  3. Historical Data:School Budgets Budget vs. Expenses E = Estimated Budget vs. Taxes

  4. Historical Data: Revenues Revenues Over Time By Source Percent Change of Revenues By Source

  5. Historical Data:Fund Balance Maximum allowed by State

  6. Historical Data: Tax Cap

  7. Historical Data:Assessed Valuation

  8. Historical Data:Tax Rates

  9. 2018-2019 Preliminary Budget

  10. Revenues and Fund Balance

  11. RevenuesAssumptions • State aid and BOCES increase 2.5% • Other Income stays the same at ~ one million. • Sales Tax and Transfers increase slightly to $867,000 and $80,000, respectively • PILOTs increase $542,323 as follows: • Entergy’s new contract allows for the same increase as the NYS Tax CAP (2%E) - $473,008 • RESCO PILOT increases $69,315 based on the 2011 agreement with City of Peekskill and Peekskill School District

  12. Fund Balance • Fund Balance decreases $2,246,588 or 60% as follows: • Fund balance restricted from debt service decreases from $403,118 to $256,530 • Fund balance transfer to Repair Reserve was a one time transfer of $2,200,000 during the 2017-18 school year • Assigned fund balance increases from $1,200,000 to $1,300,000

  13. Expenditures

  14. Expenditures Assumptions • Maintain same number of programs and attempt, where possible, to reduce staff levels from attritions • Reduction in equipment budget district-wide • Increase of computer leases by $100k to account for loan to pay for new system under the Smart Bond • Increase of approximately $500K in TRS due to a higher employer contribution rate (11% vs. 9.8%) • Reduction in debt and interest expense of ~ $180k due to lower capital outlays

  15. Expenditures Assumptions (Cont’d) • ERS employer contribution rate decreases 0.25% compared to 2017-18. However, total amount increases by 1.9% due to salary increases • Health insurance premium increases 3.75% • Increase of $270K in health insurance • 661 employees and retirees are insured with the District • 329 retirees get Medicare Part B • 152 employees get buy-out

  16. Preliminary Budget

  17. Preliminary Budget 2018-2019 Preliminary Budget $78,920,998 to $80,314,454 Budget 2017-18 $79,649,118* Budget Increase/(Decrease) $(728,120) to $665,336 Percent Increase -0.9% to 0.8% Preliminary Tax Levy $42,612,565 Tax Levy 2017-18 $41,750,353 Percent Inc./(Dec.) 2.1% * Includes $2.2m for Repair Reserve

  18. CAP Information NYS CAP 2018-19 (E) 2.0% Hen Hud CAP 2018-19 (E) 2.1% Tax Levy 2018-19 (E) $42.6 m Hen HudCAP 2017-18 $41,750,353 Hen HudCAP 2018-19 Inc. $862,212 Hen HudPercent Inc. 2.1%

  19. Long Term Projections *2017-18 Budget includes $2.2m for Repair Reserve

  20. Revenue Projections 2018-2019

  21. Expense Projections 2017-18 2018-19 % Chg. Administrative $ 4,618,141 $ 4,658,238 0.86% Program $62,981,887 $66,029,581 4.8% Capital* $12,023,090$ 9,626,635 -19.9% Total $79,623,118 $80,314,454 0.87% * Includes $2.2m for Repair Reserve in 2017-18 Administrative , Capital , $4,658,238 , 6% $9,626,635, 12% Program , $66,029,581 , 82%

  22. Largest Increases/(Decreases)Expenditures TOTAL SALARIES $1,218,066 TEACHER RETIREMENT SYTEM 492,753 HEALTH INSURANCE 269,386 SPECIAL EDUCATION AND RELATED SERVICES 134,316 SOCIAL SECURITY 93,182 DEBT AND INTEREST EXPENSE (181,133)

  23. Thank you for your attention

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