Huntington Union Free School District Board of Education Meeting Monday, February 6, 2017

Transcription

1 Board of Education Meeting Monday, February 6, 2017

2 Tax Levy (taxpayer monies collected) = Projected spending minus state aid minus appropriated fund balance minus other revenues Tax Rate = individual $ rate per hundred of assessed value used to calculate tax bill (= tax levy/total district assessed value x 100)

3 Tax levy limit = amount exceeding the previous year s levy by the lesser of: (2% + exclusions) or (Inflation rate + exclusions) Rate of inflation determined by the average monthly CPI-U growth for year ending 12/31/16 Through 12/31/16, the average monthly CPI-U growth = 1.26%

4 Although commonly referred to as a 2% tax cap, allowable levy limit may be higher due to permissible exclusions Law does not cap property owner s actual tax bill; applies to the tax levy only

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6 1. Identify total amount of taxes levied in (final adoption October 2016): $103,421,141

7 2. Multiply by state-determined tax base growth factor increases levy limit to reflect: new construction newly taxable status of existing properties improvements to taxable properties HUFSD Growth Factor = * (*figure provided by the Office of Real Property Tax Services)

8 3. Add PILOTs (Payments in Lieu of Taxes) receivable in : $82,368

9 4. Subtract applicable exemptions: Tort judgments > 5% of tax levy N/A Capital Tax Levy N/A ================================ ADJUSTED TAX LEVY = $103,875,825 (Steps 1 x )

10 5. Multiply by 1 + allowable levy growth factor (the lesser of 2% or inflation rate): $103,875,825 x $105,184,661 (limit prior to adjustments)

11 6. Subtract PILOTs receivable in : - $84,577 (actual figure provided by Suffolk County IDA)

12 7. Add available carry-over from prior fiscal year: $280,443

13 8. Add exemptions: Tort judgments > 5% of tax levy = $ Capital Tax Levy = $0 ERS contribution above 2% increase = $0* TRS contribution above 2% increase = $0** * ERS anticipated contribution rate = 15.30% (less than 15.50% rate for 16-17) ** TRS anticipated contribution rate = 9.80% (less than 11.72% rate for 16-17)

14 $105,184,661 (prior to PILOTs/exclusions) - 84,577 (estimated PILOTs) + 280,443 (available carryover) + 0 (exemptions) $105,380,527* * = 1.89% over levy (difference of $1,959,386)

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16 OPTION 1: Propose budget with tax levy at or below prescribed level Requires simple majority (50% + 1 vote) Eligible residents will receive associated state tax rebate OPTION 2: Propose budget with tax levy above prescribed level ( pierce the cap ) Required super majority (60% approval) Residents ineligible for state tax rebate

17 Foundation Aid - $428 million increase, with no district to receive total increase greater than 15% but all to receive at least 1% increase Revisions to Foundation Aid formula districts would receive sum equal to , plus a base increase, plus a Community Schools increase, if eligible base increase would reflect pupil needs, local ability to fund education, and a regional cost index with a guaranteed minimum increase of 1% would replace free/reduced price lunch data with Census data on children in poverty

18 Expense-Based Aids continued funding according to current formulas ($333 million) Expanded Pre-kindergarten $5 million Advanced Placement Fee Waivers $2 million Online Materials Incentive Expanded Master Teacher Program $2 million to fund awards of $15,000 annually over four years to highperforming teachers in the field of computer science or a related subject Empire State Excellence in Teaching Awards $400,000 to fund awards of $5,000 for high-performing teachers

19 Public Campaign to Stop Cyberbullying - $300,000 to fund the initiative Smart Schools Bond - $17 million to pay debt service related to Smart Schools Bond Act

20 Current Combined Wealth Ratio = (NYS average = 1.00) BUT Free/Reduced Lunch = 50+%

21 Feb. 27; Mar. 13/27; Apr. 3, 2017 Budget meetings organized by topic March 1, 2017 Tax levy limit calculation submitted to state comptroller April 18, 2017 HUFSD BOE budget adoption May 8, 2017 Public budget hearing May 16, 2017 Budget Vote/BOE election