New Information PSERS rate certified at 30.03%, net increase of $30,000 over preliminary budget Most current projection of state revenue (BEF, SEF Subsidy and RTL Block Grant) $126,000 increase over budget 2016-2017 Total local revenue is $1,380,004 higher than the 2015-2016 budget. The Act 1 index produces $960K. We average about ½ of a percent of assessment growth per year, which produces approximately $144K. As we saw earlier tonight our EIT actual revenue has been much higher than budgeted. We are increasing the budget amount by $200,000. We also are increasing rental revenue by $30,000 to account for new rentals. All other local revenues are increasing by approximately $40K. In total local revenues are increasing by $1,380,004. For now the only state revenue we are changing are the Retirement and Social Security Revenues. The retirement subsidy budget amount is increasing by $500K and social security is increasing by $48K. The Basic Education Subsidy, Special Education subsidy, and the Ready To Learn Block Grant are all budgeted at the 2014-2015 level. (The latest omnibus school code bill being debated indicates that our increase in these subsidies would be approximately $485K. No mention of Charter School funding changes as earlier discussed) No Change in budgeted Federal Funds at this time however ACCESS revenue is still being disputed and may decrease some time in the future. (Use of fund balance = $2,005,997 however that includes $380K debt service we will not have to pay this year, $350K in contingency we hope to not need and approximately $485K in state subsidy assuming the latest numbers work out. That brings us down to a use of fund balance of $800K

2016-17 Budget Summary Total Current Revenues $49,434,879 Total Expenditures $52,405,602 Deficit ($2,970,723) 3% Act 1 Tax Increase $964,727 Budgeted Contingency $350,000 Debt Service Savings $340,000 State Revenue $126,000 Proposed Budget Reductions $420,000 ($769,996) Use of General Fund Balance $769,996 (Use of fund balance = $2,005,997 however that includes $380K debt service we will not have to pay this year, $350K in contingency we hope to not need and approximately $485K in state subsidy assuming the latest numbers work out. That brings us down to a use of fund balance of $800K