Final General Fund Budget LEA : Lower Merion SD Printed 6/8/2018 3:52:01 PM. Validations. Page - 1 of 1

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4 Final General Fund Budget Printed 6/8/218 3:52:1 PM Validations Page - 1 of 1 Val Number Description Justification 11 Budget Approval Date is required before submission on Contact Screen and cannot be a future date. 86 Ending Fund Balance Entry and Budgetary Reserve: If 59 Budgetary Reserve is not equal to, a justification must be entered below. To provide for contingencies. 88 Ending Fund Balance Entry and Budgetary Reserve: If 85 Estimated Ending Unassigned Fund Balance is not equal to, a justification must be entered below. To provide for future needs of the school district. 815 Ending Fund Balance Entry and Budgetary Reserve: If 83 Committed Fund Balance is not equal to, a justification must be entered below. Funds committed for future PSERS obligations, future post-employment benefits and variable rate stabilization. Page 4

5 Final General Fund Budget Printed 6/8/218 3:52:3 PM Estimated Revenues and Other Financing Sources: Budget Summary Page - 1 of 1 ITEM AMOUNTS Estimated Beginning Unreserved Fund Balance Available for Appropriation and Reserves Scheduled For Liquidation During The Fiscal Year 81 Nonspendable Fund Balance 82 Restricted Fund Balance 83 Committed Fund Balance 35,8, 84 Assigned Fund Balance 85 Unassigned Fund Balance 2,216,884 Total Estimated Beginning Unreserved Fund Balance Available for Appropriation and Reserves Scheduled For Liquidation During The Fiscal Year $56,16,884 Estimated Revenues And Other Financing Sources 6 Revenue from Local Sources 7 Revenue from State Sources 8 Revenue from Federal Sources 9 Other Financing Sources 228,737,74 39,3,4 1,458,679 Total Estimated Revenues And Other Financing Sources $269,198,757 Total Estimated Fund Balance, Revenues, and Other Financing Sources Available for Appropriation $325,215,641 Page 5

6 Final General Fund Budget Estimated Revenues and Other Financing Sources: Detail Printed 6/8/218 3:52:5 PM Page - 1 of 1 Amount REVENUE FROM LOCAL SOURCES 6111 Current Real Estate Taxes 217,677, Interim Real Estate Taxes 6, 6113 Public Utility Realty Taxes 21, 614 Current Act 511 Taxes - Flat Rate Assessments 21, 615 Current Act 511 Taxes - Proportional Assessments 3,7, 64 Delinquencies on Taxes Levied / Assessed by the LEA 3,6, 65 Earnings on Investments 1,15, 67 Revenues from LEA Activities 3, 68 Revenues from Intermediary Sources / Pass-Through Funds 1,265, 691 Rentals 2, 692 Contributions and Donations from Private Sources 5, 694 Tuition from Patrons 17, 698 Revenue from Community Services Activities 5, 699 Refunds and Other Miscellaneous Revenue 5, REVENUE FROM LOCAL SOURCES $228,737,74 REVENUE FROM STATE SOURCES 711 Basic Education Funding 3,892, Tuition for Orphans Subsidy 25, 7271 Special Education funds for School-Aged Pupils 2,961, Pupil Transportation Subsidy 1,425, 7312 Nonpublic and Charter School Pupil Transportation Subsidy 975, 732 Rental and Sinking Fund Payments / Building Reimbursement Subsidy 2, 733 Health Services (Medical, Dental, Nurse, Act 25) 25, 734 State Property Tax Reduction Allocation 3,473, State Share of Social Security and Medicare Taxes 4,8, 782 State Share of Retirement Contributions 21,, REVENUE FROM STATE SOURCES $39,3,4 REVENUE FROM FEDERAL SOURCES 8514 NCLB, Title I - Improving the Academic Achievement of the 3, Disadvantaged 8515 NCLB, Title II - Preparing, Training and Recruiting High Quality 145, Teachers and Principals 881 School-Based Access Medicaid Reimbursement Program (SBAP) 983,679 Reimbursements (Access) 882 Medical Assistance Reimbursement for Administrative Claiming 3, (Quarterly) Program REVENUE FROM FEDERAL SOURCES $1,458,679 TOTAL ESTIMATED REVENUES AND OTHER SOURCES 269,198,757 Page 6

7 Final General Fund Budget Real Estate Tax Rate (RETR) Report AUN: Printed 6/8/218 3:52:6 PM Lower Merion SD Multi-County Rebalancing Based on Methodology of Section of School Code Page - 1 of 3 Act 1 Index (current): Calculation Method: 2.4% Rate Approx. Tax Revenue from RE Taxes: Amount of Tax Relief for Homestead Exclusions Total Approx. Tax Revenue: Approx. Tax Levy for Tax Rate Calculation: $217,677,74 $3,473,79 $221,15,783 $227,883,64 Montgomery Total I. II. III Data a. Assessed Value b. Real Estate Mills Data $7,88,225, $7,88,225,599 c. 216 STEB Market Value $12,926,85,517 $12,926,85,517 d. Assessed Value $7,927,1,599 $7,927,1,599 e. Assessed Value of New Constr/ Renov $ $ Calculations f Tax Levy $221,229,453 $221,229,453 (a * b) Calculations g. Percent of Total Market Value 1.% 1.% h. Rebalanced Tax Levy $221,229,453 $221,229,453 (f Total * g) i. Base Mills Subject to Index (h / a * 1) if no reassessment (h / (d-e) * 1) if reassessment Calculation of Tax Rates and Levies Generated j. Weighted Avg. Collection Percentage 97.% 97.% k. Tax Levy Needed $227,883,64 $227,883,64 (Approx. Tax Levy * g) l Real Estate Tax Rate (k / d * 1) m. Tax Levy Generated by Mills $227,883,64 $227,883,64 (l / 1 * d) n. Tax Levy minus Tax Relief for Homestead Exclusions $224,49,355 (m - Amount of Tax Relief for Homestead Exclusions) o. Net Tax Revenue Generated By Mills $217,677,74 (n * Est. Pct. Collection) Page 7

8 Final General Fund Budget Real Estate Tax Rate (RETR) Report AUN: Lower Merion SD Multi-County Rebalancing Based on Methodology of Section of School Code Printed 6/8/218 3:52:6 PM Page - 2 of 3 Act 1 Index (current): 2.4% Calculation Method: Rate Approx. Tax Revenue from RE Taxes: $217,677,74 Amount of Tax Relief for Homestead Exclusions $3,473,79 Total Approx. Tax Revenue: $221,15,783 Approx. Tax Levy for Tax Rate Calculation: $227,883,64 Montgomery Total Index Maximums p. Maximum Mills Based On Index (i * (1 + Index)) q. Mills In Excess of Index. (if (l > p), (l - p)) r. Maximum Tax Levy Based On Index $227,883,64 $227,883,64 IV. (p / 1 * d) s. Millage Rate within Index? Yes (If l > p Then No) t. Tax Levy In Excess of Index $ $ (if (m > r), (m - r)) u.tax Revenue In Excess of Index $ $ (t * Est. Pct. Collection) Information Related to Property Tax Relief V. Assessed Value Exclusion per Homestead $7,9. Number of Homestead/Farmstead Properties Median Assessed Value of Homestead Properties $263,9 Page 8

9 Final General Fund Budget Real Estate Tax Rate (RETR) Report AUN: Printed 6/8/218 3:52:6 PM Lower Merion SD Multi-County Rebalancing Based on Methodology of Section of School Code Page - 3 of 3 Act 1 Index (current): Calculation Method: 2.4% Rate Approx. Tax Revenue from RE Taxes: Amount of Tax Relief for Homestead Exclusions Total Approx. Tax Revenue: Approx. Tax Levy for Tax Rate Calculation: $217,677,74 $3,473,79 $221,15,783 $227,883,64 Montgomery Total State Property Tax Reduction Allocation used for: Homestead Exclusions $3,473,79 Lowering RE Tax Rate $ $3,473,79 Prior Year State Property Tax Reduction Allocation used for: Homestead Exclusions $ $ Amount of Tax Relief from State/Local Sources $3,473,79 Page 9

10 Final General Fund Budget Local Education Agency Tax Data REAL ESTATE, PER CAPITA (SEC. 679), EIT/PIT (ACT 1), LOCAL ENABLING (ACT 511) Printed 6/8/218 3:52:7 PM Page - 1 of 1 CODE 6111 Current Real Estate Taxes County Name Taxable Assessed Value Real Estate Mills Montgomery 7,927,1, Totals: 7,927,1,599 Tax Levy Generated by Mills Amount of Tax Relief for Tax Levy Minus Homestead Homestead Exclusions Exclusions Percent Collected 227,883,64 97.% 227,883,64-3,473,79 = 224,49,355 X 97.% Net Tax Revenue Generated By Mills = 217,677,74 Rate Estimated Revenue Current Per Capita Taxes, Section 679 Current Act 511 Taxes Flat Rate Assessments Current Act 511 Per Capita Taxes Current Act 511 Occupation Taxes Flat Rate Current Act 511 Local Services Taxes Current Act 511 Trailer Taxes Current Act 511 Business Privilege Taxes Flat Rate Current Act 511 Mechanical Device Taxes Flat Rate Current Act 511 Taxes, Other Flat Rate Assessments $. Rate $. $. $5. $. $. $. $. Add'l Rate (if appl.) Tax Levy $. $. $. 21, $. $. $. $. Estimated Revenue 21, Total Current Act 511 Taxes Flat Rate Assessments Current Act 511 Taxes Proportional Assessments Current Act 511 Earned Income Taxes Current Act 511 Occupation Taxes Current Act 511 Real Estate Transfer Taxes Current Act 511 Amusement Taxes Current Act 511 Business Privilege Taxes Current Act 511 Mechanical Device Taxes Percentage Current Act 511 Mercantile Taxes Current Act 511 Taxes, Other Proportional Assessments Rate.%. 1.%.%..%. 21, Add'l Rate (if appl.) Tax Levy.%..% 3,7,.%..%. 21, Estimated Revenue 3,7, Total Current Act 511 Taxes Proportional Assessments 3,7, 3,7, Total Act 511, Current Taxes 3,91, Act 511 Tax Limit --> 12,926,85,517 X 12 Market Value Mills 155,113,26 (511 Limit) Page 1

11 Final General Fund Budget Printed 6/8/218 3:52:7 PM Comparison of Tax Rate Changes to Index Page - 1 of 1 Tax Functio n Description Tax Rate Charged in: Additional Tax Rate Percent Less than Charged in: Change in or equal to Index Rate Index (Rebalanced) (Rebalanced) Percent Change in Rate Less than or equal to Index 6111 Current Real Estate Taxes Montgomery % Yes 2.4% Current Act 511 Taxes Flat Rate Assessments 6143 Current Act 511 Local Services Taxes $5. $5..% Yes 2.4% Current Act 511 Taxes Proportional Assessments 6153 Current Act 511 Real Estate Transfer Taxes 1.% 1.%.% Yes 2.4% Page 11

12 Final General Fund Budget Estimated Expenditures and Other Financing Uses: Budget Summary Printed 6/8/218 3:52:8 PM Page - 1 of 1 Description Amount 1 Instruction 11 Regular Programs - Elementary / Secondary 17,346, Special Programs - Elementary / Secondary 46,267, Vocational Education 525, 14 Other Instructional Programs - Elementary / Secondary 1,64, Nonpublic School Programs 27, Total Instruction $155,23,288 2 Support Services 21 Support Services - Students 1,483, Support Services - Instructional Staff 7,121, Support Services - Administration 13,976, Support Services - Pupil Health 4,98,61 25 Support Services - Business 1,328, Operation and Maintenance of Plant Services 18,924,95 27 Student Transportation Services 14,392, Support Services - Central 6,794,81 29 Other Support Services 692,68 Total Support Services $77,811,66 3 Operation of Non-Instructional Services 32 Student Activities 5,552, Community Services 22, Total Operation of Non-Instructional Services $5,772,721 5 Other Expenditures and Financing Uses 51 Debt Service / Other Expenditures and Financing Uses 26,57, Interfund Transfers - Out 22,187, Budgetary Reserve 8, Total Other Expenditures and Financing Uses $49,44,88 Total Estimated Expenditures and Other Financing Uses $287,859,549 Page 12

13 Final General Fund Budget Estimated Expenditures and Other Financing Uses: Detail Printed 6/8/218 3:52:8 PM Page - 1 of 4 Description Amount 1 Instruction 11 Regular Programs - Elementary / Secondary 1 Personnel Services - Salaries 63,378,571 2 Personnel Services - Employee Benefits 37,619,794 3 Purchased Professional and Technical Services 258,56 4 Purchased Property Services 233,89 5 Other Purchased Services 746,568 6 Supplies 5,14,325 7 Property 72,221 8 Other Objects 23,225 Total Regular Programs - Elementary / Secondary $17,346, Special Programs - Elementary / Secondary 1 Personnel Services - Salaries 23,573,288 2 Personnel Services - Employee Benefits 13,761,321 3 Purchased Professional and Technical Services 3,341,868 4 Purchased Property Services 37, 5 Other Purchased Services 5,37,55 6 Supplies 516,51 Total Special Programs - Elementary / Secondary $46,267, Vocational Education 5 Other Purchased Services 525, Total Vocational Education $525, 14 Other Instructional Programs - Elementary / Secondary 1 Personnel Services - Salaries 637,338 2 Personnel Services - Employee Benefits 268,993 3 Purchased Professional and Technical Services 31,5 5 Other Purchased Services 91,5 6 Supplies 31,25 8 Other Objects 3,817 Total Other Instructional Programs - Elementary / Secondary $1,64, Nonpublic School Programs 3 Purchased Professional and Technical Services 27, Total Nonpublic School Programs $27, Total Instruction $155,23,288 2 Support Services 21 Support Services - Students 1 Personnel Services - Salaries 6,351,56 2 Personnel Services - Employee Benefits 3,721,65 3 Purchased Professional and Technical Services 15,39 4 Purchased Property Services 12,8 5 Other Purchased Services 76,432 6 Supplies 166,178 8 Other Objects 4,358 Page 13

14 Final General Fund Budget Estimated Expenditures and Other Financing Uses: Detail Printed 6/8/218 3:52:8 PM Page - 2 of 4 Description Total Support Services - Students $1,483, Support Services - Instructional Staff 1 Personnel Services - Salaries 3,626,259 2 Personnel Services - Employee Benefits 2,35,639 3 Purchased Professional and Technical Services 462,448 4 Purchased Property Services 14,5 5 Other Purchased Services 63,821 6 Supplies 553,59 8 Other Objects 5,443 Total Support Services - Instructional Staff $7,121, Support Services - Administration 1 Personnel Services - Salaries 7,737,868 2 Personnel Services - Employee Benefits 4,524,717 3 Purchased Professional and Technical Services 1,174,3 4 Purchased Property Services 122,74 5 Other Purchased Services 186,5 6 Supplies 16,78 8 Other Objects 7,3 Total Support Services - Administration $13,976, Support Services - Pupil Health 1 Personnel Services - Salaries 2,45,993 2 Personnel Services - Employee Benefits 1,44,79 3 Purchased Professional and Technical Services 172,27 4 Purchased Property Services 2,975 5 Other Purchased Services 2,9 6 Supplies 64,44 8 Other Objects 17 Total Support Services - Pupil Health $4,98,61 25 Support Services - Business 1 Personnel Services - Salaries 746,48 2 Personnel Services - Employee Benefits 441,419 3 Purchased Professional and Technical Services 85,9 4 Purchased Property Services 1,5 5 Other Purchased Services 25,2 6 Supplies 14,15 8 Other Objects 5, Total Support Services - Business $1,328, Operation and Maintenance of Plant Services 1 Personnel Services - Salaries 8,16,35 2 Personnel Services - Employee Benefits 4,561,273 3 Purchased Professional and Technical Services 594, 4 Purchased Property Services 1,579,68 5 Other Purchased Services 1,34,11 6 Supplies 2,575,85 7 Property 253,732 Page 14 Amount

15 Final General Fund Budget Estimated Expenditures and Other Financing Uses: Detail Printed 6/8/218 3:52:8 PM Page - 3 of 4 Description 8 Other Objects 4, Total Operation and Maintenance of Plant Services $18,924,95 27 Student Transportation Services 1 Personnel Services - Salaries 6,981,915 2 Personnel Services - Employee Benefits 3,998,943 3 Purchased Professional and Technical Services 15, 4 Purchased Property Services 282,3 5 Other Purchased Services 2,57,19 6 Supplies 964,45 8 Other Objects 2,5 Total Student Transportation Services $14,392, Support Services - Central 1 Personnel Services - Salaries 2,661,2 2 Personnel Services - Employee Benefits 1,625,7 3 Purchased Professional and Technical Services 66,713 4 Purchased Property Services 453,383 5 Other Purchased Services 22,195 6 Supplies 1,157,97 7 Property 13,467 8 Other Objects 2,875 Total Support Services - Central $6,794,81 29 Other Support Services 1 Personnel Services - Salaries 41,519 2 Personnel Services - Employee Benefits 145,49 5 Other Purchased Services 145,5 Total Other Support Services $692,68 Total Support Services $77,811,66 3 Operation of Non-Instructional Services 32 Student Activities 1 Personnel Services - Salaries 3,269,573 2 Personnel Services - Employee Benefits 1,343,964 3 Purchased Professional and Technical Services 331,6 4 Purchased Property Services 97,891 5 Other Purchased Services 195,3 6 Supplies 259,713 8 Other Objects 54,68 Total Student Activities $5,552, Community Services 3 Purchased Professional and Technical Services 21, 4 Purchased Property Services 5, 6 Supplies 5, Total Community Services $22, Total Operation of Non-Instructional Services $5,772,721 Page 15 Amount

16 Final General Fund Budget LEA : Printed 6/8/218 3:52:8 PM Description Lower Merion SD 5 Other Expenditures and Financing Uses 51 Debt Service / Other Expenditures and Financing Uses 8 Other Objects 9 Other Uses of Funds Total Debt Service / Other Expenditures and Financing Uses 52 Interfund Transfers - Out 9 Other Uses of Funds Total Interfund Transfers - Out 59 Budgetary Reserve 8 Other Objects Total Budgetary Reserve Total Other Expenditures and Financing Uses TOTAL EXPENDITURES Estimated Expenditures and Other Financing Uses: Detail Page - 4 of 4 Amount 8,642,398 17,415, $26,57,398 22,187,482 $22,187,482 8, $8, $49,44,88 $287,859,549 Page 16

17 Final General Fund Budget Schedule Of Cash And Investments (CAIN) Printed 6/8/218 3:52:9 PM Page - 1 of 2 Cash and Short-Term Investments 6/3/218 Estimate 6/3/219 Projection General Fund 76,, 49,, Public Purpose (Expendable) Trust Fund Other Comptroller-Approved Special Revenue Funds Athletic / School-Sponsored Extra Curricular Activities Fund Capital Reserve Fund - 69, 185 Capital Reserve Fund ,, 9,, Other Capital Projects Fund 13,, Debt Service Fund 2,145,98 4,292,686 Food Service / Cafeteria Operations Fund 8, 8, Child Care Operations Fund Other Enterprise Funds Internal Service Fund Private Purpose Trust Fund 13, 13, Investment Trust Fund Pension Trust Fund 475, 44, Activity Fund 4, 4, Other Agency Fund 8,, 8,, Permanent Fund Total Cash and Short-Term Investments $94,95,98 $85,62,686 Long-Term Investments 6/3/218 Estimate 6/3/219 Projection General Fund Public Purpose (Expendable) Trust Fund Other Comptroller-Approved Special Revenue Funds Athletic / School-Sponsored Extra Curricular Activities Fund Capital Reserve Fund - 69, 185 Capital Reserve Fund Other Capital Projects Fund Debt Service Fund Food Service / Cafeteria Operations Fund Child Care Operations Fund Other Enterprise Funds Internal Service Fund Private Purpose Trust Fund Investment Trust Fund Pension Trust Fund Activity Fund Other Agency Fund Page 17

18 Final General Fund Budget Printed 6/8/218 3:52:9 PM Long-Term Investments Permanent Fund Total Long-Term Investments 6/3/218 Estimate Schedule Of Cash And Investments (CAIN) 6/3/219 Projection Page - 2 of 2 TOTAL CASH AND INVESTMENTS $94,95,98 $85,62,686 Page 18

19 Final General Fund Budget Schedule Of Indebtedness (DEBT) Printed 6/8/218 3:52:9 PM Page - 1 of 6 Long-Term Indebtedness 6/3/218 Estimate 6/3/219 Projection General Fund 228,74, 211,325, 1,133,488 1,133,488 5,741,15 5,741,15 437,, 487,, Total General Fund $672,614,638 $75,199,638 Public Purpose (Expendable) Trust Fund Total Public Purpose (Expendable) Trust Fund Other Comptroller-Approved Special Revenue Funds Total Other Comptroller-Approved Special Revenue Funds Athletic / School-Sponsored Extra Curricular Activities Fund Total Athletic / School-Sponsored Extra Curricular Activities Fund Capital Reserve Fund - 69, 185 Page 19

20 Final General Fund Budget Schedule Of Indebtedness (DEBT) Printed 6/8/218 3:52:9 PM Page - 2 of 6 Long-Term Indebtedness 6/3/218 Estimate 6/3/219 Projection Total Capital Reserve Fund - 69, 185 Capital Reserve Fund Total Capital Reserve Fund Other Capital Projects Fund Total Other Capital Projects Fund Debt Service Fund Total Debt Service Fund Food Service / Cafeteria Operations Fund Page 2

21 Final General Fund Budget Schedule Of Indebtedness (DEBT) Printed 6/8/218 3:52:9 PM Page - 3 of 6 Long-Term Indebtedness 6/3/218 Estimate 6/3/219 Projection 4,1, 4,4, Total Food Service / Cafeteria Operations Fund $4,1, $4,4, Child Care Operations Fund Total Child Care Operations Fund Other Enterprise Funds Total Other Enterprise Funds Internal Service Fund Total Internal Service Fund Private Purpose Trust Fund Total Private Purpose Trust Fund Page 21

22 Final General Fund Budget Schedule Of Indebtedness (DEBT) Printed 6/8/218 3:52:9 PM Page - 4 of 6 Long-Term Indebtedness 6/3/218 Estimate 6/3/219 Projection Investment Trust Fund Total Investment Trust Fund Pension Trust Fund Total Pension Trust Fund Activity Fund Total Activity Fund Other Agency Fund Total Other Agency Fund Permanent Fund Page 22

23 Final General Fund Budget Schedule Of Indebtedness (DEBT) Printed 6/8/218 3:52:9 PM Page - 5 of 6 Long-Term Indebtedness 6/3/218 Estimate 6/3/219 Projection Total Permanent Fund Total Long-Term Indebtedness $676,714,638 $79,599,638 Page 23

24 Final General Fund Budget Schedule Of Indebtedness (DEBT) Printed 6/8/218 3:52:9 PM Page - 6 of 6 Short-Term Payables 6/3/218 Estimate 6/3/219 Projection General Fund 29,, 3,, Public Purpose (Expendable) Trust Fund Other Comptroller-Approved Special Revenue Funds Athletic / School-Sponsored Extra Curricular Activities Fund Capital Reserve Fund - 69, 185 Capital Reserve Fund Other Capital Projects Fund Debt Service Fund Food Service / Cafeteria Operations Fund Child Care Operations Fund Other Enterprise Funds Internal Service Fund Private Purpose Trust Fund Investment Trust Fund Pension Trust Fund Activity Fund Other Agency Fund Permanent Fund Total Short-Term Payables $29,, $3,, TOTAL INDEBTEDNESS $75,714,638 $739,599,638 Page 24

25 Final General Fund Budget Printed 6/8/218 3:52:1 PM Fund Balance Summary (FBS) Page - 1 of 1 Account Description Amounts 81 Nonspendable Fund Balance 82 Restricted Fund Balance 83 Committed Fund Balance 2,8, 84 Assigned Fund Balance 85 Unassigned Fund Balance Total Ending Fund Balance - Committed, Assigned, and Unassigned 16,556,92 $37,356,92 59 Budgetary Reserve 8, Total Estimated Ending Committed, Assigned, and Unassigned Fund Balance and Budgetary Reserve $38,156,92 Page 25

PROPOSED VERSION. Total Estimated Revenues And Other Financing Sources $102,137,656

PROPOSED VERSION. Total Estimated Revenues And Other Financing Sources $102,137,656 2018-2019 Final General Fund Budget Estimated Revenues and Other Financing Sources: Budget Summary Printed 4/4/2018 2:13:20 PM Page - 1 of 1 ITEM AMOUNTS Estimated Beginning Unreserved Fund Balance Available