Octorara Area School District 2017-2018 Budget Presentation Update February 20, 2017

2017-18 Final General Fund Budget Summary Total Revenues $52,370,890 General Fund Budget Document Total Expenditures $53,605,175 Deficit ($1,234,285) Anticipated Budget Results Budget Contingency $350,000 Debt Service Savings $231,510 Anticipated Use of Fund Balance ($652,775) Lets recap where we are with the 2017-2018 budget. With a 3.2% increase in real estate taxes our General Fund budget will show $52.4 Million in revenues and $53.6 Million in expenditures with a budgeted deficit of $1,234,285. However we do not anticipate having a $1.2 million deficit since we know that we will have approximately $230K in one time debt service savings and we do not anticipate using the budget contingency of $350,000 resulting in a deficit of $652,775

New Information as of February 2017 Governor’s proposed budget increases basic education funding by $114,998 special education by $43,438 and reduces transportation reimbursement by ($99,169) (net change $59,267) Gas and electric bids finalized and reduces our budget by $50,000 State property tax legislation less likely to pass this year List of possible budget reductions Since the last time we discussed the budget the Governor has presented his proposed 2017-2018 Budget. The budget proposed an increase in basic education funding for us by $43,438 an increase in special education by $43,438 however there is a reduction in the transportation reimbursement by $99,169 for a net increase of $59,267 We also have finalized prices for our gas and electric for next year. The impact on 2017-2018 will be a reduction of approximately $50,000. We also have a list of budget reduction strategy