Download presentation
Presentation is loading. Please wait.
Published byFranklin Lacer Modified over 9 years ago
1
Kenmore-Town of Tonawanda UFSD Budget 2013-14 Budget Work Session March 5, 2013
2
Tax Levy Threshold Calculation-OSC 3/1/2013 A.Total Real Property Tax Levy for Base Year$71,899,428 B.Tax Base Growth Factor (minimum of 1.0)1.0000 C.Product of A * B$71,899,428 D.Base Year PILOTS$4,053,987 E.Sum of C + D$75,953,415 F.Base Year Capital Tax Levy$0 G.Difference of E - F$75,953,415 H.Allowable Levy Growth Factor based on CPI (2% for 2013-14)1.0200 I.Product of G * H$77,472,483 J.Budget Year PILOTS$3,972,408 K.Difference of I - J$73,500,075 L.Equals Tax Levy Limit$73,500,075 M.Budget Year Torts and Judgements above 5% of Levy$0 N.Budget Year Capital Tax Levy$0 O.Budget Year Pension Expense above 2% increase in rate$1,362,822 Eligible Prior Year Carryover$1,106,079 P.Tax Levy Limit Adjusted for Transfers + Exclusions (Sum L-O)$75,968,976 Total Tax Levy Percentage Increase5.66%
3
Tax Levy Threshold The Allowable Tax Cap Increase Is 5.66% If all other factors in the tax rate formula remain the same, the added cost to a taxpayer owning a $100,000 house (market value) would be $115 The Tax Levy increase remains the same as it was in the 2/5/13 budget draft (5.40%)
4
Changes in Budget Since 2/5/13 ItemNotes Structural Deficit Reduction? Amount TRS Rate Reduction from 16.50 to 16.25 Y-$140,000 Superintendent Voluntary Reductions Salary below already-taken reduction N-$443 -Flex Plan Contribution N-$1,700 -Health Insurance Contribution In addition to 20% rate of contribution N-$1,234 BOCES Adjustments-Admin Fees Y-$12,000 BOCES Adjustments-Novanet N$10,670 BOCES Adjustments-Computer Asst. Instr. Y-$35,000 BOCES Adjustments-Athletics Y-$780
5
Changes in Budget Since 2/5/13 ItemNotes Structural Deficit Reduction? Amount Reduce Kindergarten Aides to 4 Hours Y-$161,568 Reduce 2.5 Teacher Aides Y-$38,900 Reduce 2 Special Ed. Aides 1 on 1 aides whose students graduated Y-$31,100 Reduce 1 GroundskeeperAttritionY-$43,000 Reduce 1 Laborer Y-$25,000 Salary Adjustments Y-$177,968
6
Changes in Budget Since 2/5/13 ItemNotes Structural Deficit Reduction? Amount KTA Retirements: Savings are breakage, not reductions Elementary-2 Y-$90,000 Secondary-3 Y-$135,000 Occupational Education-2 Y-$90,000 Special Education-5 Y-$225,000 Library Media Specialists-3 Y-$135,000 Additional Use of Surplus & FBRevenue OnlyN-$1,000,000
7
Changes in Budget Since 2/5/13 ItemNotes Structural Deficit Reduction? Amount Salary Reductions-ERS Benefit reduction related to salary reductions Y-$62,011 Salary Reductions-TRS Benefit reduction related to salary reductions Y-$109,688 Salary Reductions-FICA Benefit reduction related to salary reductions Y-$74,554 Salary Reductions-Health Ins. Benefit reduction related to salary reductions Y-$17,200 TOTAL CHANGES SINCE 2/5/13-$2,596,476
8
Budget Status Draft Budget 2: Total Expenditures:$149,405,548 Total Revenue:$148,922,344 Current Deficit$ 483,204
9
Current Budget Status: Deficit Reduction Progress
10
Use of Fund Balance and Reserves
11
State Aid Comparison In Millions of Dollars $9.0 Million reduction since 2008-09
12
State Aid Comparison In Millions of Dollars Approximately the same aid as 2006-07
13
State Budget: Current Outlook Expect an on-time budget again this year Anticipated adoption date of March 21 due to Easter and Passover holidays Legislative changes/proposals are anticipated during the week of March 11
14
State Aid: Executive Proposal Remaining Questions Possibility that Building Aid is overstated due to timing of Building Aid Possibility that Building Aid is overstated due to recalculated interest rates Possible distribution of “extra” $200 million Possible option to select a stable rate option for retirement system contributions
15
Stable Rate Option for Retirement System Contributions Option to “lock-in” long-term stable rate pension contributions 25-year term Proposed rates are 12% for the Employees Retirement System (ERS) and 12.5% for the Teachers Retirement System (TRS) May increase the rate up to 2% every 5 years May select one system and not the other
16
Stable Rate Option for Retirement System Contributions Current 2013-14 rates are set at 20.9% for ERS and 16.25% for TRS Only a proposal and not a law at this time The State Comptroller is questioning the legality and actuarial soundness of the proposal since the funds, by law, must be fully funded
17
Bus Purchase Proposition Two 65-Passenger Buses$228,046 One Wheelchair Bus$ 69,000 Four 30-Passenger Buses$228,000 Proposition Total$525,046 70 % of this purchase will be aided by New York State No effect on the 2013-14 budget
18
Going Forward: Any further retirements? Contract settlement? Determine further reductions in payroll costs for staff not involved with direct instruction to mirror student enrollment decline (2.56%) Analyze the alternative “Stable Rate Pension Contribution Option” proposed in the Governor’s budget Analyze the effects of sequestration Lobby and write to legislators!
19
Questions?
Similar presentations
© 2024 SlidePlayer.com Inc.
All rights reserved.