1. Octorara Area School District
Budget Presentation Update
February 20, 2017

2. 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 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

3. 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 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 will be a reduction of approximately $50,000.
We also have a list of budget reduction strategy