Board of Education Meeting April 20, 2006 Fiscal Planning

Overview zWhat do we know? zWhere do we go? zHow do we get there?

What we know? “Just the Facts” zThe tax payer will realize a double digit school tax increase zThe school program will provide less services than prior years zThe district finances are under stress (as reported by the N.Y.S. Accounting Office)

Where do we go? zCutting teachers, aides, other staff, and cutting programs is not the answer. It is just an emergency fix to a crisis. zA 20 something percent tax rate increase is also not the answer. zMultiple years of double digit tax rate increases is not acceptable. zThe administration needs to begin to investigate real options to controlling costs and to “dig out” of the current deficit with as much speed as possible and ease to the tax payer. zThere is a need to create a finance strategy that will investigate cost savings and revenue generation opportunities that will limit future tax rate increases. zAny measures taken must keep a balance between fiscal responsibility and educational program.

How do we get there? Finance Committee zGoal: To investigate cost savings measures and revenue generation opportunities. Make recommendations to the Superintendent that will assist in creating a long-term finance strategy. The Superintendent will recommend to the BOE programs or policies that will create a sound educational and fiscally conservative program. zMake up: approximately a 15 person committee of the district’s major stakeholders zStart up date: July 2006 zFirst Recommendation Deadline: October 2006