Adopted Tentative Budget

Transcription

1 Adopted Tentative Budget Final Public Hearing September 8, 2011

2 Tax Roll History Tax Roll % Increase ,910,271, ,924,946, % ,291,203, % ,695,633, % ,087,435, % ,334,959, % ,060,244, % ,375,931, % ,927,287, % ,345,104, % ,858,853, % ,479,172, % ,894,534, % 2

3 History of Millage Levy Millage Change mills mills mills mills mills mills mills mills mills mills mills mills mills mills mills mills mills mills mills mills mills mills mills mills mills prop mills mills 3

4 Proposed Millage Changes Required Local Effort (RLE) mills Millage required by the State to be levied If not, receive no dollars (State, Federal, or Local Taxes) requirement of mills, plus prior years Prior Period Funding Adjustment of mills mills generates $150,335,919 Total increase mills or +8.90% (compared to ) RLE comprises 69.2% of the total proposed millage levy 4

5 Proposed Millage Changes Discretionary Millage mills Legislation authorized to transfer mills from Capital to Operating - optional Attempt of Legislature to hold total millage at same level, but used to balance Operating Budget This budget assumes will still move mills from the Capital Projects Fund Currently subject to Compression by the State State guarantees average per FTE of $ State will provide Brevard $94.53 per FTE or $6,647,086 Without compression mills generates $20,030,507 5

6 Proposed Millage Changes Discretionary Critical Needs mills (Operating) Millage Currently subject to Compression by State Third year as option for the Board Voters approved last November for the Board to have authority to continue for 2 years State guarantees average per FTE of $ State will provide Brevard $31.59 per FTE or $2,221,321 Without compression mills generates $6,694,688 6

7 Proposed Millage Changes Capital Outlay Millage mills Legislation authorized to transfer mills from Capital to Operating - optional Attempt of Legislature to hold total millage at same level, but used to balance Operating Budget This budget assumes will still move mills to the Operating Fund mills generates $40,168,129 If millage not moved to Operating would lose 1/3 of Discretionary Millage Compression from State = $2,221,620 7

8 What is a Mill?? Definition of a mill related to a home s value: Mill = $1 per $1, Mills = $0.25 per $1,000 Examples of property taxes for a home with a Taxable Value = $100, Mill = $100 in property taxes Mills = $25 in property taxes Mills = $ in property taxes 8

9 Calculating Your Taxes Tax Formula: Taxable Value x Millage Rate x Example: Assessed Value 100,000 Homestead Exemption -25,000 Taxable Value 75,000 Millage Rate = mills Property Taxes = 75,000 x x = $

10 Proposed Millage Actual Proposed Increase/ Decrease Operating Required Local Effort Local Discretionary Critical Needs Capital Outlay Total Millage

11 Rolled-Back Rate Details The Rolled-Back Rate is the new year property tax millage levy that would (after the value of new construction is deducted) produce the same amount of revenue as the previous year (but using this year s tax roll) Total Actual Millage Total Rolled-Back Rate Total Proposed Millage The Proposed Millage rate is: 9.4% lower than the Rolled-Back Rate 6.0% higher than the Actual Millage 11

12 Proposed Millage vs. Rolled-Back Rolled-Back Proposed Increase/ Decrease Operating Required Local Effort Local Discretionary Critical Needs Capital Outlay Total Millage

13 Brevard Public Schools: Sample Home Your Property Taxes Last Year Your Taxes This Year If No Change Your Taxes If Proposed Change Is Made By State Law By Local Board School Capital Outlay Total School Board Taxes Assessed Value 129, , % Taxable Value 104,470 97, % 13

14 Sample Home - Continued Your Property Your Taxes Your Taxes Taxes This Year If Proposed Last Year If No Change Change Is Made Total School Board Taxes Taxable Value 104,470 97,970 97,970 Millage Amount of Taxes * $78.03 * Amount of Taxes = Taxable Value x Millage x $

15 Tax on Residential Home Scenario #1 Assumes no change in assessed valuation of $100,000 home Home Value $100,000 Less Homestead Exemption -25,000 Taxable Value of Home $75,000 Taxes Paid in $ Taxes Proposed for $ Tax Increase for $

16 Tax on Residential Home Scenario #2 Assumes 1.5% ($1,500) CPI increase in assessed valuation of $100,000 home Home Value $101,500 Less Homestead Exemption -25,000 Taxable Value of Home $76,500 Taxes Paid in $ Taxes Proposed for $ Tax Increase for $

17 Tax on Residential Home Scenario #3 Assumes 20% ($20,000) decrease in assessed valuation of $100,000 home, due to current economic conditions Home Value $80,000 Less Homestead Exemption -25,000 Taxable Value of Home $55,000 Taxes Paid in $ Taxes Proposed for $ Tax Decrease for $

18 Millage Increase & Tax Roll Decline Difference Millage mills mills mills Tax Roll $32.5B $27.9B -$4.6B Dollars Generated * $238.1m $217.2m -$20.9m Note: Even with the actual millage increase of mills the tax dollars generated will go down due to the tax roll decline * Calculated by 96% collection rate 18

19 Proposed Tentative Budget Amended Tentative Difference % Operating 546,446, ,674, , Special Revenue 129,406,870 86,421,036-42,985, Debt Service 47,334,552 45,631,699-1,702, Capital Outlay 155,210, ,273,433-38,936, Enterprise Fund 9,527,763 8,757, , Subtotal 887,925, ,757,958-85,167, Less Transfers 44,065,192 38,483,402-5,581, Total 843,860, ,274,556-79,585, Internal Service 77,490,276 78,439, ,

20 History - Actual Total Revenue With And Without Fund Balance 1,200,000,000 1,000,000, ,000, ,000, ,000, ,000, Actual Revenue With Fund Balance Actual Revenue Without Fund Balance

21 Operating Budget Revenue Amended Tentative Difference % Federal 3,680,710 2,584,386-1,096, State - FEFP 187,295, ,555,903 4,260, State - Categoricals/Other 91,652,284 89,287,473-2,364, Local - Property Taxes 192,993, ,061,114-15,932, Local - Other 7,820,132 4,313,430-3,506, Total Revenue 483,442, ,802,306-18,639, Other Sources 5,850,261 1,299,035-4,551, Fund Balance 57,154,093 79,573,259 22,419, Grand Total 546,446, ,674, ,

22 Student Growth Growth/Decline Year Membership Number Percent , , , ,912 1, ,216 1, , , , ,000-1, , , proj. 72, Note that the 6-day count number was 72,384 22

23 History of Change in Employee Positions Adopted vs. Proposed Budget Change Number Percent Positions Classroom Teachers 4, , Instructional Assistants Instructional Support Support - School-Level 2, , Administrators - School-Level Support - District-Level Administrators - District-Level Total 9, , Membership 75,235 72,200-3, FTE 73, , , * Excludes Adult Education Teachers/Other 23

24 Capital Projects Revenues Estimated Tentative Difference % PECO-New Const % PECO-Maint 4,173, ,173, % Other-State 537, ,000-77, % Local Revenue 51,294,209 43,280,729-8,013, % Total Revenues 56,005,098 43,740,729-12,264, % Other Sources 18,143,129 8,300,000-9,843, % Fund Balance 81,061,810 64,232,704-16,829, % Total 155,210, ,273,433-38,936, % 24

25 Capital Projects Expenditures Projects Remodel/Renovation/Maintenance $6,050,000 Food Services Maintenance $300,000 Portable Relocation $150, School Buses $2,000,000 Sunrise Standard & Other Technology $1,500,000 Repair at Failure $360,000 Lease Payment $19,140 Total Projects $10,379,140 COP Payment $18,441,367 RAN Payment $18,000,000 Total Capital Projects $46,820,507 Reserved Fund Balance $5,220,222 Grand Total $52,040,729 25

26 Format of Budget Books Changes since the first hearing: Inclusion of year-end data (revenue/expenditures) Modification of revenue and beg. fund balance Minor changes to project expenditures Provided for comparison purposes: : Adopted Budget (9/9/10) Amended Budget (as of 6/30/11) Actual Expenditures (as of 6/30/11) : Tentative Budget Reminder that the percent of total for each column has been included in the book for easy reference 26

27 Questions 27