A NY State Law enacted in June 2011 Puts a limit (a “tax levy limit”) on how much the School District can increase the property taxes it may collect from taxpayers from one year to the next Requires a majority (50% +1) approval of those who vote on the budget. Allows voters to override the tax levy limit with a “super majority” if 60% of those who show up to vote support the higher tax levy amount by voting “yes” on the budget. Baldwin’s tax levy increase was 2.39% The estimated tax levy cap is 3.14%
Tax Levy Est. tax increase for the owner of a home valued at the average value* for homes within the Baldwin School District Est. Budget Gap 3.14%$258$6M 5%$410$ 4.4M 7%$575$ 2.7M 10%$820$0 *Average home value = $340,326
Tax Levy Est. tax increase for the owner of a home valued at the average value* for homes within the Baldwin School District Est. Budget Gap 0% $0$9M 3.14%$258$6M 5%$410$ 4.4M 7%$575$ 2.7M 10%$820$0 *Average home value = $340,326
Minimally, adjustments to all of the following programs will be necessary to close a $6,000,000 gap. Kindergarten Art and Music Program K-12 sports and activities Administration Secondary schedules Class size Field trips Gifted and Talented Program Transportation (with community approval)
Teacher Retirement Employee Retirement Health Insurance Demands/Mandates Special Education Academic Standards APPR Tax Certiorari Funding OPEB Property Assessments Tax Levy Cap Decreased State Aid Capped State Aid Diminishing Reserves
* Presuming within tax-cap limit
Based on the following: o Approved Budget of $119.4M o Estimated Rollover Budget of $124M o Estimated Revenues of $118M (3.14% tax levy increase) o Gap = $6M In order to maintain the educational program without significant cuts, which the Baldwin community has consistently indicated it desires, the BEA Budget Advisory Committee believes this will require piercing the tax levy cap. Therefore the BEA Budget Advisory Committee recommends piercing the tax levy cap.
QUESTIONS?