Wissahickon School District

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Presentation transcript:

Wissahickon School District Budget Update 2017-2018 December 2016 Review of Audited Revenue & Expense Summary for 2015-16 plus Challenges/Opportunities for 2017-18

Decrease in General Fund Balance Wissahickon School District Budget Update General Fund Revenue & Expenses DESCRIPTION 2014-2015 2015-2016 Actual Audited Revenue Total 88,605,500 92,275,916 Actual Audited Expenses Total 99,051,687 92,829,265 (Transferred $12M and $1M to Capital Projects) Decrease in General Fund Balance (10,446,187) (553,349)

Wissahickon School District Revenue Summary 2014/15 vs 2015/16 Local Revenue – Overall increase of $2.0M (Real Estate Assessment Value Increase, Tax Increase & EIT) State Revenue – Overall increase of $1.6M (Primarily for PSERS – (50% of expense) ) Federal Revenue – Overall increase of $33.1K

Wissahickon School District Revenue Summary Local Revenue $74.4 mill 80.7% State Revenue $17.3 mill 18.8% Federal/OthRev. $ 0.5 mill 0.5%

Wissahickon School District Budget Update

Wissahickon School District 2017-18 Challenges/Opportunities Real Estate Tax Uncertainty Revenue: Real Estate Assessment Appeals Expenses: Public School Employees’ Retirement System (PSERS) Expenses: Facilities Plans/Supporting Achievement Gap Initiatives Keeping an eye on Enrollment Projections

Wissahickon School District 2017-18 Challenges/Opportunities Assessment Appeals On the downslope Many large properties settled within District reserve amounts Several very significant properties remain under appeal (for several years)

Wissahickon School District 2017-18 Challenges/Opportunities

Wissahickon School District 2017-18 Challenges/Opportunities Expenses PSERS Actual Budget 11/12 12/13 13/14 14/15 15/16 16/17 17/18 PSERS Rate 8.65% 12.36% 16.93% 21.40% 25.84% 30.03% 32.23%* Amount $3.9M $5.6M $7.8M $10.1M $12.4M $14.4M $15.6M* * Projected

Wissahickon School District 2017-18 Challenges/Opportunities

Wissahickon School District 2017-18 Challenges/Opportunities

Wissahickon School District 2017-18 Challenges/Opportunities Expenses Facilities The Natatorium and Central Plant Project is going very well. Will likely need to sell 2nd set of $10M bonds in the early Spring of 2017. Average building age over 50 years other than Lower Gwynedd Capital Projects Fund of $18M for Capital Preservation vs 5-Year Capital Maintenance Plan projected total of $25M

Wissahickon School District Timeline Act 1 amount for 2017-2018 is 2.5%. January – decide whether to have a Preliminary Budget with exceptions (Special Education/PSERS) or stay within the 2.5% index. Various meetings and discussions concluding with the May/June adoption of the 2017-2018 Budget.

Questions