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Independent Fiscal Office Analysis of PA Budget Structural Deficit IFO 1.

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Presentation on theme: "Independent Fiscal Office Analysis of PA Budget Structural Deficit IFO 1."— Presentation transcript:

1 Independent Fiscal Office Analysis of PA Budget Structural Deficit IFO 1

2 State and Local Investment in Education 2

3 How Much Did the State Invest in Education 2014-15? $10.6 billion total spent 3

4 State-Wide Education Revenue Breakdown 4

5 X School District Education Revenue Breakdown 5

6 History of State and Local Share 6

7 X School District History of State and Local Revenue 7

8 History of State and Local Revenue 8

9 X School District History of State and Local Share 9

10 Education Cost Drivers 10

11 What are the driving forces behind education spending in PA? 11

12 What are the driving forces behind education spending in X School District? 12

13 What are the driving forces behind education spending in PA? 13

14 What are the driving forces behind education spending in X School District? 14

15 What are the driving forces behind education spending in PA? 15

16 What are the driving forces behind education spending in X School District? 16

17 What are the driving forces behind education spending in PA? 17

18 What are the driving forces behind education spending in X School District? 18

19 What are the driving forces behind education spending in PA? 19

20 What are the driving forces behind education spending in X School District? 20

21 What are the driving forces behind education spending in x School District? Average School District Costs for the 2013-2014 Year: Salaries - $21,825,553 Benefits: PSERS Contributions - $3,638,057 Social Security Contributions - $1,635,472 Other Benefits (including Health Care) - $5,427,749 Charter School Payments - $2,871,428 Other (add) 21

22 Growth of Specific Costs Pensions Charter School Payments Special Education 22

23 Pension and Charter School Cost Growth vs All Other Costs 23

24 Pension Cost 24

25 Pension Cost % 25

26 State-Wide Pension Contributions as a Percentage of Total Expenditures 26

27 X School District Pension Contributions as Percentage of Expenditures 27

28 Charter School Payments and Growth 28

29 X School District Charter School Payments and Growth 29

30 Pension Contributions and Growth 30

31 X School District Pension Contributions and Growth 31

32 Total Average School District Pension Cost – 2% Wage Growth Assumption 2015-162016-172017-182018-192019-202020-21 Wages21,825,55322,262,06422,707,30523,161,45123,624,68024,097,174 PSERS Rate25.84%30.03%32.04%33.27%34.20%33.51% PSERS Cost5,639,7236,685,2987,275,4217,705,8158,079,6418,074,963 Change 1,045,575590,123430,394373,826-4,678 32

33 Total X School District Pension Cost – 2% Wage Growth Assumption 2015-162016-172017-182018-192019-202020-21 Wages21,825,55322,262,06422,707,30523,161,45123,624,68024,097,174 PSERS Rate25.84%30.03%32.04%33.27%34.20%33.51% PSERS Cost5,639,7236,685,2987,275,4217,705,8158,079,6418,074,963 Change 1,045,575590,123430,394373,826-4,678 33

34 Costs Outpacing Revenue 34

35 Act 1 Index History and Forecast 35

36 Millage Rate History in X School District? 36

37 Pension and Charter School Increases vs Act 1 Index Revenue $499 $548 $690 37

38 Special and Gifted Education Increases vs Act 1 Index Revenue 38

39 Additional State Revenue vs. Pension Increases 39

40 Act 1 Increases and Additional State Revenue vs. Pension and Charter Payment Increases $426 $499$479 $548 $684$690 40

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