Community Forum March 19, 2018.

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Presentation transcript:

Community Forum March 19, 2018

BUDGET TIMELINE

Revenues

COMPARISON OF REVENUES 17-18 Estimates to 18-19 Budget

Revenues

Expenses

COMPARISON OF EXPENSES 17-18 Estimates to 18-19 Budget

Expenses

Bottom Line

ACT 1 INDEX Act 1 index for 2018-19 is 2.4%, but using 2.5% due to re-assessment Additional .4081 mills allowed Current rate 16.322 New rate would be 16.730 However, new mill rate needs to be set due to re-assessment There are only two exceptions remaining that could push the additional mills allowed up: special education and retirement Special education = $461,324 Retirement = $9,403

CV’S ACT 1 HISTORY

2018-19 BUDGET SUMMARY Total Revenue = $67,823,017 Total Expenses = $71,364,541 (3,541,525) Act 1 Index = 1,097,828 (2,443,697) PSERS Escrow = 600,000 (1,843,697) HSA Fund Balance= 250,000 (1,593,697) Exceptions = 470,727 (1,122,970)

ANNUAL EXPENSE INCREASE VS. ACT 1 REVENUE Year-to-year increase of expenses in the budget’s top 3 areas: salary, healthcare and retirement contributions. …and the revenue earned by taxing at Act 1 Index.

DEBT SERVICE