1. New Information
PSERS rate certified at 30.03%, net increase of $30,000 over preliminary budget
Most current projection of state revenue (BEF, SEF Subsidy and RTL Block Grant) $126,000 increase over budget
Total local revenue is $1,380,004 higher than the budget. The Act 1 index produces $960K. We average about ½ of a percent of assessment growth per year, which produces approximately $144K. As we saw earlier tonight our EIT actual revenue has been much higher than budgeted. We are increasing the budget amount by $200,000. We also are increasing rental revenue by $30,000 to account for new rentals. All other local revenues are increasing by approximately $40K. In total local revenues are increasing by $1,380,004.
For now the only state revenue we are changing are the Retirement and Social Security Revenues. The retirement subsidy budget amount is increasing by $500K and social security is increasing by $48K. The Basic Education Subsidy, Special Education subsidy, and the Ready To Learn Block Grant are all budgeted at the level. (The latest omnibus school code bill being debated indicates that our increase in these subsidies would be approximately $485K. No mention of Charter School funding changes as earlier discussed)
No Change in budgeted Federal Funds at this time however ACCESS revenue is still being disputed and may decrease some time in the future.
(Use of fund balance = $2,005,997 however that includes $380K debt service we will not have to pay this year, $350K in contingency we hope to not need and approximately $485K in state subsidy assuming the latest numbers work out. That brings us down to a use of fund balance of $800K

2. 2016-17 Budget Summary Total Current Revenues $49,434,879
Total Expenditures
$52,405,602
Deficit
($2,970,723)
3% Act 1 Tax Increase
$964,727
Budgeted Contingency
$350,000
Debt Service Savings
$340,000
State Revenue
$126,000
Proposed Budget Reductions
$420,000
($769,996)
Use of General Fund Balance
$769,996
(Use of fund balance = $2,005,997 however that includes $380K debt service we will not have to pay this year, $350K in contingency we hope to not need and approximately $485K in state subsidy assuming the latest numbers work out. That brings us down to a use of fund balance of $800K