1. Octorara Area School District
Budget Information
March 21st, 2016

2. 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
State Revenue $?
Proposed Budget Reductions
$420,000
($895,996)
Use of General Fund Balance
$895,996 $0
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).

3. 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.

4. What still needs to be done.
April 18th Board Meeting: adopt the proposed final budget May 1st PDE notifies districts of property tax relief allocation June 20th Board Meeting: Adopt the final budget and millage rate June 30th Deadline to adopt a final budget for
Other key dates to the budget process include:
April 18th adoption of proposed final budget
May 1st notification of property tax relief amount
June 20th final budget adoption.

5. Additional opportunities to discuss the budget
April 11th Board Work Session
April 18th Finance Committee Meeting
April 18th Board Meeting
May 9th Board Work Session
May 16th Finance Committee Meeting
May 16th School Board Meeting
June 13th Board Work Session
June 20th Finance Committee Meeting
June 20th Board Meeting
Also listed here are additional date for the Board to discus the budget.

6. Questions