Spring Cove School District 2014/15 Budget Workshop April 28, 2014.

Slides:



Advertisements
Similar presentations
Preliminary Budget March 18, Previous Year’s Budget Reductions Elimination of Teaching Positions Special Education/Two Elementary Elimination.
Advertisements

Preliminary Budget Update March 10, 2015 MARPLE NEWTOWN SCHOOL DISTRICT.
Preliminary Budget February 2, Mission Statement The Mission of the Kennett Consolidated School District is to provide a quality education.
Gateway School District General Fund Budget Preliminary Summary Budget Information for the Fiscal Year As of April 13, 2015.
Solanco School District Preliminary Budget Work For FY Close out FY in Process FY Preparation and Planning November 5,
Gateway School District General Fund Budget Final Summary Budget Information for the Fiscal Year As of June 30, 2014.
Octorara Area School District Budget Presentation December 09, 2013.
Budget Montrose Area Public Budget Presentation June 3, 2002 Lewis Plauny.
South Kitsap School District Preliminary Budget July 17, 2013 Sandra Rotella SFO CPA Assistant Superintendent Business Operations.
G ENERAL F UND B UDGET BUDGET PROCESS Resolution Pursuant to Taxpayer Relief Act by January 29, 2015 Resolution Passed January 26, 2015, won’t.
Mott Community College Board of Trustees Committee of the Whole Meeting June 27, 2011 BUDGET RESOLUTIONS.
School District of Upper Dublin Preliminary Budget January 13, 2014.
Proposed Final Budget Presentation (May 12, 2014) Selinsgrove Area School District.
MOSHANNON VALLEY SCHOOL DISTRICT PROPOSED BUDGET
Proposed Budget Update Finance Committee Meeting June 19, 2014.
Proposed Final Budget Presentation (May 11, 2015) Selinsgrove Area School District.
HOLLIDAYSBURG AREA SCHOOL DISTRICT BUDGET INFORMATION SESSIONS.
East Penn School District Budget Outlook May 23, 2011.
Budget Work Session January 7, The Finance Committee is recommending the following:  The Board authorize the intent to adopt the Proposed Preliminary.
FIVE YEAR FINANCIAL FORECAST MAY 2013 Cleveland Municipal School District The primary goal of the Cleveland Municipal School District is to become a premier.
May 14, 2013 Dr. Phyllis A. Edwards, Superintendent City Schools of Decatur will be one of the top community school systems in the nation.
2016 – 2017 General Fund Preliminary Budget Presentation January 6, 2016.
Methacton School District Budget Presentation February 19, 2013.
Budget Presentation January 14, 2015 Agenda Review Estimated Actual Results Review Budget Timeline Review Preliminary Budget.
Purpose The purpose of tonight’s meeting is to present the Proposed Final 2015/2016 Budget, following the required Act 1 timeline. SFASD must receive.
Spring-Ford Area School District Proposed Preliminary January 2015/16 Budget Presentation January 28, 2014.
Gateway School District General Fund Budget Preliminary Budget Information for the Fiscal Year As of February 22, 2016.
Spring-Ford Area School District May 2013/14 Budget Presentation 1.
Proposed Final Budget Presentation (May 13, 2013) Selinsgrove Area School District.
GENERAL FUND BUDGET PRESENTATION FISCAL YEAR April 22, 2014 John T. Scully Business Administrator.
Information for Public Hearing July 22, TAX DIGEST AND MILLAGE RATE 2015 What is a Digest?  The total Net Assessed Value of Real, Personal Property,
BUDGET HEARING II Presented to the Board of Education MAY 10, 2016.
Spring-Ford Area School District Preliminary January 2013/14 Budget Presentation.
May 16, 2016 Diane J. Richards, CPA, M.Ed. Director of Finance 2016 – 2017 Proposed Final Budget.
Budget Forum 6:30 P.M., May 25, 2017.
Preliminary Budget January 23, 2017.
Spring-Ford Area School District Final 2014/15 Budget
Quarterly Financial Report
Solanco School District General Fund Budget
Octorara Area School District
ADOPTED BUDGET FOR YEAR ENDING JUNE 30TH, 2019
Budget Overview Review of Last Years Budget
Spring-Ford Area School District 2012/2013 Proposed Final Budget
SCHOOL DISTRICT OF HAVERFORD TOWNSHIP
Spring-Ford Area School District 2012/2013 Proposed Final Budget
Preliminary Budget February 12, 2018.
FY General Fund Budget Update February 16, 2016
Purpose The district is following the Act 1 timelines, and the purpose of tonight’s meeting is to present the Proposed Final 2014/15 Budget Receive approval.
Final General Fund Budget
Spring-Ford Area School District Proposed Preliminary January 2014/15 Budget Presentation January 27, 2014.
Exeter Township School District General Fund Budget Review
Solanco School District Preliminary Final Budget
Spring-Ford Area School District 2012/2013 Proposed Preliminary Budget
HOLLIDAYSBURG AREA SCHOOL DISTRICT
Mechanicsburg Area School District
Preliminary Proposed Budget April 26, 2016
Preliminary Budget February 11, 2019.
Mechanicsburg Area School District
MECHANICSBURG AREA SCHOOL DISTRICT
Octorara Area School District
East Pennsboro Area School District
Octorara Area School District
EXPLANATION The following slides describe the changes between the first draft of the general fund budget presented to the Board on March 28, 2017 and the.
Mechanicsburg Area School District
Spring-Ford Area School District Final 2015/2016 Budget
Proposed Preliminary Budget
EAST PENN SCHOOL DISTRICT
Monday, May 7, 2018 Michael Miller, Business Manager
REGIONAL SCHOOL DISTRICT #16 PROSPECT / BEACON FALLS
Crestwood School District
Presentation transcript:

Spring Cove School District 2014/15 Budget Workshop April 28, 2014

Spring Cove School District Agenda for the evening:  Review the Current Proposed Budget  Review of Act 1 Index/Exceptions  Comments/Discussions

Spring Cove School District Budget Timeline District must adopt a Proposed Final Budget by May 30, 2014 and a Final Budget by June 30,2014. Board Meetings to Follow May 12, Special Meeting, Committee of the Whole May 19, Regular Board, Proposed Budget June 16, Special Meeting, Committee of the Whole June 23, Regular Board, Final Budget

Spring Cove School District Major Budget Factors Expenditure Side Salaries & Wages Benefits – Retirement and Healthcare Salaries/benefits reflect Life Skills, K4, and attrition savings Debt – Interest and Principal Revenue Side Federal Governor's Budget – Basic Education Funding Ready to Learn Block Grant Local Effort

Spring Cove School District Current Proposed Budgeted Expenditures Instruction$13,519,881 Support Services$ 6,955,022 Operation of Non-Instructional Services$ 380,132 Facilities Acq/Construction/Improvements$ 41,500 Financing/Budgetary Reserve$ 2,795,556 Total Expenditures$23,692,091 Increase from 2013/14$ 1,036,633

Spring Cove School District

K4 Program Estimated 2014/15 Costs (4 Classrooms) Personnel – Salaries$203,908 Personnel – Benefits$128,562 Supplies$ 7,600 Property$ 16,000 Total Cost$356,070 Less: Ready to Learn Allocation($273,461) Less: Est. Savings from Life Skills($152,716) Remaining Savings($70,107)

Spring Cove School District Retirement  2014/15 Retirement - percentage change from 16.93% to 21.4% (4.47% increase)  Total increased retirement cost for the 2014/15 year: $494,000 (271,000) Less State Reimbursement $223,000 Net Increase  2015/16, 2016/17, and 2017/18 retirement contribution rates are projected to increase to 25.84%, 29.27%, and 30.25% respectively.

Spring Cove School District Projected Retirement Increases (salaries frozen beyond 2014/15)  2015/16$448,000 (4.44% increase)  2016/17$782,000 (7.87% cumulative)  2017/18$877,000 (8.85% cumulative)

Spring Cove School District Healthcare Format of Coverage Administrators and Teachers – An IRS qualified high-deductible plan with deductibles of $1,250 and $2,500. Every dollar paid up to the deductible. Support Staff – Non-qualified plan with a deductible of $2,000 and $4,000. Copays do apply to this plan. Employees working more than 1,274 hours. Employees pay $600 per year. Combined annual premium is $1,876,000 Premium increase at 4% is $73,000 Includes PPACA (“Obamacare”) fee of $25,000

Spring Cove School District Debt Service  2009 Series Bonds Refinancing: Net PV savings of $101,683  Debt Service will increase by $202,000 in 2014/15 and then level off going forward  Debt & interest payments for the 2014/15 year: $1,983,971 ( 234,047) Less State Reimbursement $1,749,924 Net Cost

Spring Cove School District Special Education Legislative Update With an additional $20 million proposed in the budget for special education, the Senate and House are gearing up to discuss Senate Bill 1316 (sponsored by Sen. Pat Browne) and House Bill 2138 (sponsored by Rep. Bernie O’Neil), which implements the recommendations of the Special Education Funding Commission and proposes a formula for the distribution of NEW special education dollars. The bill also proposes a new charter school special education tuition calculation that is based more upon the actual costs of charter school special education students instead of on the special education costs of each resident school district.

Spring Cove School District Special Education Costs The cost of providing for the needs of a Special Education student in fulfilling their Individual Education Plan (IEP) continues to carry a cost significantly higher than that for the cost of a regular education student. PDE-363 Calculation Regular Education Student$ 7, Special Education Student$15,747.28

Spring Cove School District Cyber Charter Schools Current enrollment and costs: Regular Education24 students$ 189,628 Special Education 4 Students$ 62,989 Total Cost$ 252,617 Spring Cove Cyber – 18 students – down from 25 in 2012/13.

Spring Cove School District Athletic Program Costs Athletic Fund Costs-Net$ 20,562 General Fund Athletic Costs$ 318,510 Total Program Cost$ 339,072 Percentage of General Fund Budget %

Spring Cove School District Act 1 Index  Act 1 Index for Spring Cove SD in is 2.8%  A 2.8% tax increase would generate approximately $239,000 of additional tax revenue and cost the average homeowner approximately $35 more  Millage increase at 2.8% is 3.16 mills  Assessed value growth would increase tax revenue by an additional $130,000

Spring Cove School District Exceptions to the Index  Debt Service Exception  To Consider: For the purpose of liquidating debt prior to Act 1. In all cases, the equivalent amount of tax increase is eliminated after the debt is liquidated. Current debt service payments extend through  Pension Exception  To Consider: The law recognizes increases in required contributions to PSERS as exceptional.

Spring Cove School District Exceptions to the Index  Debt Service Exception of approximately $201,000, which equates to 2.66 mills  Pension Exception of approximately $141,000, which equates to 1.87 mills  Net increase of $223,000 - $141,000 = $82,000  Total millage increase available to the District with index and exceptions is 7.69 mills (6.8% increase) and would cost the average homeowner $84 more  Total new revenue of $711,000 at maximum increase

Spring Cove School District Property Tax Collection Rates (5-year historical) 2007/08 – 92.7% 2008/09 – 93.7% 2009/10 – 94.5% 2010/11 – 93.1% 2011/12 – 92.6% Average – 93.3%

Spring Cove School District Millage History YearMillageIncreasePercentage 2010/ % 2011/ % 2012/ % 2013/ % 2014/ * % 5yr Average %

Spring Cove School District

REVENUES 2013/142014/152014/15 APPROVEDPROPOSEDINC/(DEC) OVER BUDGETBUDGET2013/14 LOCAL10,109,67311,635,8101,526,137 STATE11,328,18611,597, ,662 FEDERAL 855, ,000 (286,832) TOTAL22,293,69123,802,6581,508,967

Spring Cove School District Federal Revenues Reduced Title II funding by $114,000 based on current year allocations. More information to come next month… Reduced Medical Access by $95,000 due to changes in rules.

Spring Cove School District State Revenues State Funding – each school district will receive the same amount of Basic Education Funding it received in 2013/14. Spring Cove’s allocation is $7,421,433 Ready to Learn – the Governor's Budget proposes $341 million in total funding, including $241 million in new Ready to Learn funding added to existing Accountability Block Grant of $100 million. Increases in State Revenue by its share of PSERS, Social Security, and Debt Service only.

Spring Cove School District Ready to Learn Block Grant Each school district will receive an amount equal to its 2013/14 PA Accountability Grant allocation, plus a “Student- Focused Funding Supplement” Spring Cove’s allocation consists of $113,085 Accountability Grant and $273,461 Ready to Learn; Total of $386,546 There is still uncertainty concerning this funding and many restrictions attached to it.

Spring Cove School District Local Funding Property Tax at the Current Millage $8,555,023 Transfer to Capital Reverse$ 151,585 Earned Income Tax$1,116,482 Other taxes, Per Cap etc.$ 736,743 Other, pass thru etc.$ 390,738 Est. Life Skills Tuition from other LEAs$ 255,000 Act 1 Index$ 239,511 Referendum Exceptions$ 342,313

Spring Cove School District Budget Summary Revenues$ 23,802,658 Expenditures 23,032,091 Budgetary Reserve 660,000 Total Expenditures _23,692,091 Net Surplus$ 110,567

Spring Cove School District Funds of the District (as of June 30, 2013) Cafeteria Fund$ 339,051 Athletic/Activities Fund$ 96,322 Capital Projects Fund$ 97,388 General Fund$ 7,602,282

Spring Cove School District General Fund Balance (as of June 30, 2013) Restricted --$ 102,992 Assigned --$1,974, Long Term Debt $ 750, Capital Projects $3,275, Capital Projects* Unassigned --$3,374,714 $ 849,714* Committed --$ 400, Employee Benefits $1,000, Fiscal Stabilization *Assigned $2,525,000 to Capital Projects in January ‘14

Spring Cove School District Contact your State Representatives (links to PASBO website) Send a quick letter to your Senator Send a quick letter to your House member