2016-17 Budget Summary Use of General Fund Balance Total Revenues $49,434,879 Total Expenditures $52,405,602 Deficit ($2,970,723) 3% Act 1 Tax Increase $964,727 Budget Contingency $350,000 Known Debt Service Savings $340,000 Increase in State Revenue * $521,736 Proposed Budget Reductions $420,000 ($374,260) Use of General Fund Balance $374,260 $0 *Governor’s Proposed 16-17 Budget as of April 2016 To recap where we are with our budget. Our 2016-2017 proposed revenues are $49,434,879 and our proposed expenditures are $52,405,602, resulting in a deficit of ($2,970,723). Our Act 1 tax increase produces approximately $964,772 in new revenue. Also within our deficit of ($2,970,723) we have a $350,000 contingency that we do not anticipate having to spend. We also have a know $340,000 savings in debt service. Our state revenue have been budgeted at 2014-2015 levels, so any increase in State funding will also reduce our deficit. Finally we started out the process with proposed $420,000 in budget reduction strategy, all resulting in an anticipated deficit of ($895,966).

2016-17 Budget Summary Display Document Total Revenues $49,434,879 Total Expenditures $52,405,602 Deficit ($2,970,723) 3% Act 1 Tax Increase $964,727 Revised Deficit ($2,005,996) Sources to balance budget Use of General Fund Balance Budget Reductions Increased State Funding Next month we are scheduled to adopt the 2016-17 Proposed Final Budget and make the budget available to the public using the Pennsylvania Department of Education official budget document. Unless directed otherwise the document will show total revenues and expenditures like we saw on the last slide, with a 3% tax increase and a deficit of ($2,005,996). Nothing is set in stone with the passage of the proposed final budget. The final millage rate, total revenues and total expenditures all can change right up to the passage of the final budget in June.