Budget Development for the Fiscal Year 2015-16
Your input is important. As the district looks to prepare a budget for the upcoming year, we welcome your ideas to control costs or increase revenues. Feel free to give us your ideas at [email protected].
The budget process is outlined in the Budget Timeline.
Our 2015-16 budget development process includes a review of the financial results from 2013-14, as well as multi-year budget projections. Refinement of these projections will continue throughout the budget process as the 2014-15 projections become clearer.
Key factors considered in our budget development process include:
o Act 1 Index
o Assessed Value Growth
o Earned Income Tax Projections
o Capital Projects Transfer
o Capital Reserve Transfer
o State High Project Expenses
o Charter School Expenses
o Medical Insurance
o Salaries and Wages
o Special Education Costs
o Public School Employees Retirement System (PSERS)
o Real Estate Tax Appeals
o Workers’ Compensation Expense
The real estate tax rate for 2015-16 will reflect, for the first time, the cost of debt service for the referendum debt related to the State High Project. The proposed preliminary budget, presented on January 19, 2015, includes an estimated 1.67 mills for the referendum debt. For the average taxpayer with an assessed value of $71,686, this equals around $120 per year. Current estimates show that this will not increase until 2017-18, when the rate will increase an estimated .57 mills, representing an additional $41 per year. This means the average taxpayer will pay a total of a $162 per year beginning in 2017-18 until the debt is repaid sometime after 2040. This amount of $162 is lower than the estimated $190 per year, which was estimated prior to the referendum election. By taking advantage of lower interest rates available and completing a single borrowing, the taxpayer cost is lower than expected.