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Preliminary Budget Update March 10, 2015 MARPLE NEWTOWN SCHOOL DISTRICT.

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Presentation on theme: "Preliminary Budget Update March 10, 2015 MARPLE NEWTOWN SCHOOL DISTRICT."— Presentation transcript:

1 Preliminary Budget Update March 10, 2015 MARPLE NEWTOWN SCHOOL DISTRICT

2  January 29, 2015 – Deadline - Preliminary Budget Available for Public inspection ( At least 110 days before primary election)  January 13, 2015 – Special Voting Meeting  Vote to Make Preliminary Budget available  Vote on Resolution not to exceed the Index  February 6, 2015 – Deadline to give Public notice of intent to Adopt Preliminary Budget - 10 days prior (January 30, 2015)  February 18, 2015 – Deadline to Vote on Prelim. Budget  Special Voting - February 10, 2015 Budget and Finance Meeting  20 Days Public Inspection with 10 Days Published Notice  February 26, 2015 – Deadline to publish Public Notice of intent to file for referendum exceptions  March 5, 2015 – Deadline to Submit requests for Referendum exceptions to PDE. TIMELINE

3  March 20, 2015 – Deadline to submit referendum question  April 28, 2015 Proposed Final Budget Adoption (Tentative)  April 29, 2015 – Proposed Final Budget made available for public inspection and notice of intent to adopt is published.  June 23, 2015 – Final Budget and Resolution Adoptions - (tentative)  The regular meeting on May 26, 2015 is too early to adopt final budget. Need at least 30 days after Preliminary is adopted.  The latest date for Proposed Final Budget adoption is May 29, 2015 and June 30, 2015 for Final Budget. TIMELINE

4  Index   Average of ECI and SAWW Rate  Resolution not to Exceed the Index  Exceptions  Grandfathered Debt Exception? –  Special Education costs increases that exceed index; less increase in state funding?  $584,096  PSERS payments if the increase is greater than index  New Salary Base Set - cannot increase  Lower of or  Exception $620,000 Estimated  Actual $622,110 ACT 1

5  Local Revenue  Assessment Growth  Preliminary - $362,000  Proposed Final – $148,000  Assessed Value $3,297,119,741 – July 2013  Assessed Value $3,325,431,975 - November 2013  Assessed Value $3,334,586,359 - January 2014  Assessed Value $3,355,926,359 – November 2015  Assessed Value $3,363,501,823 - January 2015  Interim, Transfer, Delinquent Taxes  Current Projections – Under Review  State Revenue  Retirement Subsidy $ 808,000  Social Security Subsidy $ 30,000  Total Additional Revenue MAJOR REVENUE HIGHLIGHTS

6 MAJOR COST DRIVERS  Budgetary Reserve – Policy 1%  Salaries - $642,000  No Retirements – Final Budget  Benefits - $1,880,000  Medical – 1 st look %  2nd Look – (2.45%)  Prescription - 13%  PSERS - $1,616,000  Net$808,000  Computer Leases $70,000  Debt Service - $318,000

7 Revenue$73,600,000 Expenses$75,700,000 Amt. To Balance$ Act 1 Index $ 1,088,106 Est. Exceptions$ 1,206,206 Est. Total$ 2,294,312 Shortfall $0.00 PRELIMINARY BUDGET SUMMARY

8  Workshops and Presentations  Staffing Projections  Staff/Program needs  Attritional Savings - Retirements  Building/Department Budgets  Textbook Adoption  Updated Projections – Revenue and Expenses NEXT STEPS

9 QUESTIONS AND DISCUSSION


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