1. 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
Increase in State Revenue *
$521,736
Proposed Budget Reductions
$420,000
($374,260)
Use of General Fund Balance
$374,260 $0
*Governor’s Proposed Budget as of April 2016
To recap where we are with our budget. Our 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 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).

2. 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 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.