Budget Status

Transcription

1 Budget Status March 17, 2014

2 Revenue By Source $145,297,379 Sales Tax $250,000 0% Other Revenue $2,349,554 2% PILOTS $545,505 0% Interest $60,000 0% Fund Balance $2,000,000 2% Rent $350,000 0% Tax Levy $80,257,941 55% State Aid $59,484,379 41% 2

3 Revenue Variance Variance General Aid $51,379,899 $51,858,880 $478, % Kindergarten Aid (1) $3,250,966 $0 ($3,250,966) PILOTS $526,450 $545,505 $19, % Sales Tax $250,000 $250,000 $0 0% Interest $120,000 $60,000 ($60,000) (50%) Fund Balance $700,000 $2,000,000 $1,300, % Rent $346,000 $350,000 $4, % Other Revenue $2,257,011 $2,349,554 $92, % Sub Total $58,830,326 $57,413,939 ($1,416,387) 2.4% Building Aid (2) $8,094,391 $7,625,499 ($468,892) (5.8%) Possible Tax Levy $78,498,349 $80,257,941 $1,759, % Total $145,423,066 $145,297,379 ($125,687).1% (1) $1.4 Mil will be used in , the balance of $1.9 mil will be put into Fund Balance and used in future. (2)Represents funds that will be used to pay debt service on our buildings rather than support programs 3

4 Expenditures by Category $147,541,985 Transportation $13,097,692 9% Debt Service $10,841,948 8% Central Support $4,805,644 3% M&O $12,268,808 8% Instruction $106,527,893 72% 4

5 Expenditures by Type $147,541,985 Salaries $68,723,485 47% Benefits $45,693,407 31% Debt Service $10,841,948 7% Supplies & Fuel $3,500,986 2% Equipment $372,100 0% Contractual $6,477,031 5% BOCES $11,933,028 8% 5

6 Expenditure Variance Variance Salaries $67,623,485 $68,723,485 $1,100, % Benefits $43,373,571 $45,693,407 $2,319, % Debt Service $10,941,914 $10,841,948 ($99,966) (1.0%) Contractual $6,070,297 $6,477,031 $406, % BOCES $11,305,005 $11,933,028 $628, % Equipment $363,535 $372,100 $8, % Supplies, Fuel & other $3,848,178 $3,500,986 ($347,192) (9.0%) Total $143,525,985 $147,541,985 $4,016, % Required Cuts $2,244,606 $2,244,606 Estimated Budget $143,525,985 $145,297,379 $1,771, % 6

7 Expenditure Variance Salaries increase based on contractual agreements with the district s bargaining units. The increase for is based on 80% of the Consumer Price Index(CPI) for February which will be reported by the Bureau of Labor Statistics on March 18 th. The majority of district s benefit costs are: Self insured health, dental and worker s compensation which are estimated based on industry trends and district experience. Retirement (ERS & TRS) and FICA which are calculated using published rates. Debt Service includes all of the principal and interest payments on the districts debt. 7

8 Expenditure Variance Contractual includes textbooks, utilities, tuition and professional services such as legal and accounting. The increase for is due to increases in special education tuition, contract transportation and costs associated with a security project at C-NS. BOCES includes all of the services the district purchases through BOCES. The increase is due primarily to the increase in the number of students requiring special education services. The advantages of BOCES are: Economies of scale Leveraging expertise Financial incentive (76% aid for covered services) Supplies, Fuel and Other includes supplies for our students, teachers and staff use as well the fuel and supplies for our transportation center. These have decreased due to lower than expected fuel prices and spending freezes imposed over the past few years. 8

9 School year ended June 30th Revenue: State Aid -General $ 49,145,524 $ 51,379,899 $ 51,680,880 $ 53,231,306 $ 54,828,246 State Aid - Building 9,220,955 8,094,391 7,803,499 7,684,918 7,684,918 Kindergarten Conversion 3,250,966 - Other Revenue 3,186,600 3,142,251 3,227,849 3,177,849 3,152,849 Tax Cap 75,876,961 78,498,349 $80,257,941 81,940,001 83,557,149 Use of Debt Service Reserve 591, , , , ,210 Use of Fund Balance 750, ,000 2,000, ,000 - Total Revenues $ 138,771,201 $ 145,423,066 $ 145,297,379 $ 147,061,284 $ 149,550,371 Expenditures: Employee Compensation $ 67,583,898 $ 67,623,485 $68,723,485 $ 69,823,061 $ 70,940,230 Employee Health 22,794,310 23,970,769 25,556,455 27,345,407 29,259,585 Employee Retirement 9,084,682 11,997,697 12,625,985 14,141,103 15,838,036 Employee Benefits Other 7,276,657 7,768,640 7,510,967 7,661,186 7,814,410 BOCES 10,289,341 11,305,005 $11,933,028 12,171,689 12,415,122 Debt Service 11,359,982 10,941,914 10,841,948 10,663,348 10,663,348 Contractual 6,902,342 6,070,297 $6,477,031 6,606,572 6,738,703 Supplies, Fuel & Equipment 3,479,989 3,848,178 $3,873,086 4,028,009 4,189,130 Total Expenditures $ 138,771,201 $ 143,525,985 $ 147,541,985 $ 152,440,375 $ 157,858,564 Annual Surplus (Deficit) $ - $1,897,081 ($2,244,606) ($5,379,090) ($8,308,193) Fund Balance $ 3,470,375 $3,367, $422, ($4,956,241) ($13,264,434) Fund Balance - Percent of Budget 2.42% 2.28% 0.28% -3.14% -8.40% Note: 2014 includes one time kindergarten conversion aid that will be spent over a three year period. 9

10 How Can We Balance Our Budget? Increase New York State Aid to public education. The GAP Elimination Adjustment, school aid that is owed to schools, should be paid. Local school tax payers support levy increases above the tax cap. Reduce the growth rate for our expenditures. Continue to cut programs. Our ability is limited due to mandates. Partner with BOCES to create additional economies of scale and aid while maintaining or expanding opportunities for students. 10

11 Expenditure Per Pupil OCM BOCES District Expenditures Per Pupil (EPP) 1 $28,551 2 $24,683 3 $23,552 4 $21,530 5 $21,465 6 $20,422 7 $20,136 8 $19,497 9 $19, $19, $17,750 District Expenditures Per Pupil (EPP) 12 $17, $17, $16, $16, $16, $16, $16, $16, $15, $15,786 North Syracuse $14, $13,896 Source: NYSED School Report Card Data 11

12 TAX CAP CALCULATION NYS OSC March 1, 2014 Tax Levy : $ 78,498,349 Tax Base Growth Factor: x ,867,291 PILOT Revenue for : 526,450 Tax Levy for Capital for : (1,755,398) 77,638,343 Allowable Levy Growth Factor: x ,771,863 PILOT Revenue for : (545,505) Tax Levy for Capital for : 2,031,583 Other Exclusions (ERS & TRS> 2%): 0 Available Carryover $ 0 Tax Levy Limit Plus Exclusions: $80,257,941 Tax Levy Limit Increase: $ 1,759,592 (2.24%) 12

13 POTENTIAL TAX LEVY INCREASE & RELATED CUTS Tax Levy $ 78,498,349 Tax Rate Levy Increase Required Cuts Tax Increase on $100,000 Home Voter Approval 1.0% 784,983 3,219, Simple Majority 1.5% 1,177,475 2,826, Simple Majority 2.00% 1,569,967 2,434, Simple Majority 2.24% 1,759,592 2,244, Simple Majority 3.0% 2,354,950 1,649, Super Majority 3.5% 2,747,442 1,256, Super Majority 4.0% 3,139, , Super Majority 4.5% 3,532, , Super Majority 5.0% 3,924,917 79, Super Majority Note (1): The tax levy increase in accordance with the state tax cap formula Note (2): Basic STAR, which provides a $30,000 reduction in assessed value or a 30% discount on school taxes for a $100,000 home, is NOT reflected in the numbers above.

14 BUDGET PROCESS TIMELINE November 26 th February 7 th Principals, Directors & Cabinet develop detailed budget March 17 th Board of Education BOCES Budget Budget Discussion & Deliberation January 6 th Board of Education Budget Process Overview & Status Preliminary Tax Cap Calculation February 3 rd Board of Education Fund Balance & Reserve Projections Governor s Budget proposal Preliminary Tax Cap Calculation March 24 th Board of Education Final Tax Cap Budget Discussion & Deliberation Bus Bond Proposition March 31 th - Board of Education Budget Discussion & Deliberation February 24 th Board of Education Initial Budget Updated Tax Cap Calculation March 3 rd & 10 th Board of Education Departmental Budget Presentations April 7 th Board of Education Adoption of Budget May 6 th Budget Hearing May 20 th Budget Vote 14