Lansing Central School District Budget Update March 10, 2014 Mary June King, Business Administrator

TONIGHT’s TOPICS BUDGET UPDATE: – Bus Purchase – Septic Funding – Funding Projections

BUS PURCHASE Replacement Schedule: – 2 Full-sized Buses – 1 (super-sized?) van No related debt falling off Local impact in GF would mean budget increase ($25K - $30K/yr) Local Impact in Debt Service Fund means $0 budget impact; FYE22 DSF balance reduced from $409,972 to $271,032 Need BOE decision by end of March 24 meeting

SEPTIC PROJECT FUNDING - CONSIDERATIONS $1M Debt Service “falling off” in This will effectively decrease LCSD property tax limit (cap) by around $400,000 State building aid will also reduce by ~ $650,000 The septic project should be Bonded in

SEPTIC PROJECT FUNDING - CONSIDERATIONS Monies “available” – $391,000 in Capital reserve – $276,000 unassigned, in excess of 4% – SUM: $ 667,000 BOND FOR $4.1M OR $3.5M Full bonding will offset reductions above: Reductions schedReductions $4.1MReductions $3.5M Property Tax Limit$ 400,000$ 260,000$ 285,000 State Aid$ 650,000$ 400,000$ 435,000

SEPTIC PROJECT FUNDING - RECOMMENDATIONS ADMINISTRATION AND FINANCIAL ADVISORS: – Recommend funding entire cost with Bond – Hold $667,000 for another project – Try to work up second project for Fall 2014 or Winter 2015 vote to offset future revenue reductions.

BUDGET FUNDING UPDATE PROJECTED BUDGET27,785,000 CUTS300,00000 APPROPRIATED FB1,265,0001,565,0001,265,000 TAX LEVY16,662,000 16,932,542 REQ TAX RATE INCREASE4.19 % 5.89 % Impact on $200,000 home$ 174 addt’l $ 244 addt’l LEVY UNDER CAP??YES NO