Octorara Area School District 2016-2017 Budget Information March 21st, 2016

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 State Revenue $? Proposed Budget Reductions $420,000 ($895,996) Use of General Fund Balance $895,996 $0 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.

What still needs to be done. April 18th Board Meeting: adopt the 2016-2017 proposed final budget May 1st PDE notifies districts of property tax relief allocation June 20th Board Meeting: Adopt the 2016-2017 final budget and millage rate June 30th Deadline to adopt a final budget for 2016-2017 Other key dates to the budget process include: April 18th adoption of proposed final budget May 1st notification of property tax relief amount June 20th final budget adoption.

Additional opportunities to discuss the budget April 11th Board Work Session April 18th Finance Committee Meeting April 18th Board Meeting May 9th Board Work Session May 16th Finance Committee Meeting May 16th School Board Meeting June 13th Board Work Session June 20th Finance Committee Meeting June 20th Board Meeting Also listed here are additional date for the Board to discus the budget.

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