Preliminary Budget Adoption February 5, 2018 Solanco School District
2018-19 Preliminary Budget Anticipates Applying for Special Education Exceptions Summary Sheet from Preliminary Budget Review Approximately $510 K in Spec. Ed. exception value available- See separate work sheet .......approximately 2% on top of Act 1 Cap of 3% Solanco Property tax based on $2.4 Billion in Assessment; Approx. $24.1 Million Property Tax revenue budget. Property Tax = Approx. 40% of Total Budget.....therefore 3% X 40% = 1.2% Board Control of Revenue is under 1.3% of the total budget All other revenue is subject to the local economy, State political and economic policy, and Federal entitlements Budgetary control by the board is as much weighted on the expenditure side as it is on the revenue side
Special Education: Summary and Exception Considerations---No carryover---
2017-18 Earned income Tax: 4 of first 5 months negative year-over-year
Pension---Lower Increases--- 33.43% for 2019 and Beyond
Payroll for 2016 and 2017 at 2011 levels
2018 Borrowing Second Phase Borrowing....$9.9 Million... Bank Qualified Value? 2029 in the Resolution Solicitations out for review through February 21. Final Phase ( 2019-20) borrow exact amount when known to close out--- Fixed rate being sought.....combinations fixed and variable allowed but must be capped at a fixed maximum...bank proposals must be final...all rates and fees to be included Comparative Analyses to be run on any mix of fixed and variable
Rate Changes since September 2017
Looking Ahead Governors Budget This week (after the Eagles Parade) Education funding expected to increase modestly Tax Reform/Relief/Shifting School funding future --- BEF ? Solanco Final Budget targeted for June 5, 2018 Earned Income tax --- monitor for budget adjustment/impact Special Education Revenue & Costs --- monitor for current year and State Budget Pension --- Employer share will increase; at a slower pace Salaries --- monitor for competitive market; review positions for re- allocations and non-replacements