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

2. TONIGHT’s TOPICS BUDGET UPDATE: – Bus Purchase 2014-2015 – Septic Funding – Funding Projections

3. 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

4. SEPTIC PROJECT FUNDING - CONSIDERATIONS $1M Debt Service “falling off” in 2016-2017 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 2016- 2017

5. 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

6. 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.

7. BUDGET FUNDING UPDATE 2014-2015 2014-015 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