Pre se nte d 06/ 18/ 2019 Me tha c ton Sc hool Distric t 2019–2020 Pro po se d F ina l Budg e t
L a st Upda te d 01/ 09/ 2019 Budg e t T ime line September 12, 2018 Budget timeline presentation to Finance Committee. February 19, 2019 Tentative ‐ If Resolution to increase taxes above the Act 1 Index is not adopted on January 22, 2019, then full Board to Adopt Proposed Preliminary Budget Deadline February 20, 2019. November 12, 2018 Property Committee to review administrative recommendation February – April 2019 Continuing Finance Committee Review of 2019‐2020 Preliminary for capital projects. Budget. November 14, 2018 Finance Committee provides budgetary direction. May 8, 2019 Finance Committee Review 2019‐2020 Proposed Final Budget. November 2018 Individual Meetings with principals and department heads. May 16, 2019 Special Meeting prior to already scheduled Board Working Session for adoption of Proposed Final Budget/Advertise Final Adoption Date and submit Certification of Use to PDE. January 9, 2019 Finance Committee review of Draft Proposed Preliminary June 12, 2019 Final review of Budget with Finance Committee. Budget. January 15, 2019 Full Board Review of Draft Proposed Preliminary Budget. June 18, 2019 Special Meeting prior to already scheduled Board Working Session for Board Adoption of Final 2019‐2020 Budget. Deadline is June 30, 2019. January 22, 2019 Scheduled meeting during which the Board may pass a resolution to keep any real estate tax increase at or below Act 1 Index. 2
L a st Upda te d 06/ 18/ 2019 2019–2020 Propose d F ina l Budg e t Re ve nue Summa ry Othe r F ina nc ing So urc e s Re ve nue fo r Spe c ific F e de ra l Re ve nue 0.00% E duc a tio na l Pro g ra ms 0.56% 2.20% Othe r Sta te Re ve nue Ba sic Instruc tio na l a nd 13.00% Ope ra ting Sub sidie s 6.11% Othe r L o c a l Re ve nue 4.01% Ac t 511 T a xe s 7.46% Re a l E sta te T a xe s 66.66% 3
L a st Upda te d 01/ 09/ 2019 Assumptions/ Comme nts RE VE NUE Propose d Pre limina ry Budg e t I nc lude s re a l e sta te ta x inc re a se a t the ACT 1 I nde x o f 2.2928%. No Ac t 1 E xc e ptio ns. T a ke s into c o nside ra tio n the mo st re c e nt No ve mb e r 2018 Co unty Asse ssme nt Da ta . T a ke s into c o nside ra tio n Sha nno nde ll E sc ro w. T a ke s into c o nside ra tio n the re vie w o f pre vio us ye a r’ s re ve nue c o lle c tio n. I nc lude s c urre nt le ve l T itle funding . I nc lude s le ve l b a sic e duc a tio n sub sidy. Assume s I nte re st I nc o me Ra te s o f 2.00% o n CDs a nd 1.75% o n Ba nk I nve stme nts. 4
L a st Upda te d 03/ 14/ 2019 Assumptions/ Comme nts RE VE NUE Ma rc h Upda te I nc lude s re a l e sta te ta x inc re a se o f 2.1570%. T a ke s into c o nside ra tio n the mo st re c e nt F e b rua ry 28, 2019 Co unty Asse ssme nt Da ta . Assume s I nte re st I nc o me Ra te s o f 2.35% o n CDs a nd 1.75% o n Ba nk I nve stme nts. 5
L a st Upda te d 03/ 13/ 2019 Assumptions/ Comme nts RE VE NUE Ma rc h Upda te Re a l E sta te T a x Re ve nue de c re a se d b y 70,262.86. Asse sse d Va lue s fro m No ve mb e r 30, 2018 inc re a se d b y $1,068,448. Oc c upa tio na l I nc o me T a x inc re a se d b y $5,000. Cha ng e is b a se d o n Be rkhe ime r fo re c a st. E a rne d I nc o me T a x de c re a se d b y $5,000. Cha ng e is b a se d o n Be rkhe ime r fo re c a st. I nte re st I nc o me inc re a se d b y $104,918.85. CD Ra te s = 2.35%; Ave ra g e ra te o n Ba nk a c c o unts is 1.75% 6
L a st Upda te d 05/ 16/ 2019 Assumptions/ Comme nts RE VE NUE 2019–2020 Pr opose d F ina l Budg e t De c r e a se of $242,409.37 fr om Ma r c h Upda te Re a l E sta te T a x Re ve nue de c re a se d b y $177,716.10. Asse sse d va lue s fro m Ma rc h 2019 inc re a se d b y $2,213,772. Milla g e I nc re a se lo we re d to 1.8620%. I nte rim Re a l E sta te T a xe s de c re a se d b y $75,000.00. Cha ng e is b a se d o n histo ric a l c o lle c tio ns. I nte re st I nc o me inc re a se d b y $83.07. Mino r c ha ng e b a se d o n inte re st ra te ro unding . Sta te Pro pe rty T a x Re duc tio n Allo c a tio n de c re a se d b y $12,437.21. Cha ng e b a se d o n a c tua l fig ure pro vide d b y the sta te . So c ia l Se c urity Re ve nue inc re a se d b y $4,133.43 & Re tire me nt Re ve nue inc re a se d b y $18,527.44. Due to sta ffing c ha ng e s a ppro ve d b y the Bo a rd a t the April 2019 Bo a rd Me e ting . 7
L a st Upda te d 06/ 18/ 2019 Assumptions/ Comme nts RE VE NUE 2019–2020 F ina l Budg e t De c re a se of $560,421.13 from Propose d F ina l Budg e t. Re a l E sta te T a x Re ve nue de c re a se d b y $503,916.17. Asse sse d va lue s fro m Ma y 2019 inc re a se d b y $1,527,450. Milla g e I nc re a se lo we re d b y 0.7470% to 1.1150%. I nte re st I nc o me de c re a se d b y $154.06. Mino r c ha ng e b a se d o n inte re st ra te ro unding . So c ia l Se c urity Re ve nue de c re a se d b y $2,884.42 & Re tire me nt Re ve nue inc re a se d b y $12,919.48. Due to c ha ng e s in c urre nt o pe n sta ffing po sitio ns a nd pla nne d c ha ng e s fo r 2019-2020. T itle I de c re a se d b y $35,574.00, T itle I I de c re a se d b y $2,125.00 a nd T itle I V de c re a se d b y $2,848.00. Ba se d o n a ppro ve d a mo unts fo r title pro g ra ms. 8
L a st Upda te d 06/ 12/ 2019 Asse ssme nt T ra c king 2019–2020 Propose d F ina l Budg e t Board of Assessments May‐18 Nov‐18 Feb‐19 Mar‐19 Apr‐19 May‐19 Lower Providence $1,630,594,681 $1,634,304,823 $1,638,559,051 $1,638,137,491 $1,640,325,983 $1,641,759,113 Worcester $961,955,446 $963,114,486 $960,982,136 $959,611,026 $959,636,306 $959,730,626 Total $2,592,550,127 $2,597,419,309 $2,599,541,187 $2,597,748,517 $2,599,962,289 $2,601,489,739 Report to Report $4,869,182 $2,121,878 ‐$1,792,670 $2,213,772 $1,527,450 Cumm. Report to Report $4,869,182 $6,991,060 $329,208 $421,102 $3,741,222 9
L a st Upda te d 06/ 18/ 2019 L oc a l Re ve nue 2019–2020 Propose d F ina l Budg e t LOCAL REVENUE (Actual) (Actual) (Actual) (Budget) Preliminary March Proposed Final Final Final Final Vs Real Estate Taxes 2016 2017 2018 2019 Budget Update Budget Budget Vs Preliminary Proposed Final Current Real Estate Taxes 66,198,578 68,721,766 71,389,125 72,799,305 74,657,471 74,587,208 74,409,492 73,905,576 (751,895.13) (503,916.17) Interim Real Estate Taxes 389,542 641,025 420,116 350,000 600,000 600,000 525,000 525,000 (75,000.00) Total Real Estate Taxes 66,730,201 69,504,794 71,946,083 73,289,305 75,397,471 75,327,208 75,074,492 74,570,576 (826,895.13) (503,916.17) Act 511 Taxes Current Act 511 Occupation Taxes ‐ Flat Rate 102,334 104,571 109,268 100,000 105,000 110,000 110,000 110,000 5,000.00 Earned Income Taxes 6,801,620 7,008,786 7,064,441 7,055,000 7,055,000 7,050,000 7,050,000 7,050,000 (5,000.00) Total Act 511 Taxes 8,084,951 8,314,158 8,312,030 8,337,000 8,340,000 8,340,000 8,340,000 8,340,000 Other Local Revenue Earnings on Investments 61,466 148,215 422,091 449,463 856,177 961,096 961,179 961,025 104,847.86 (154.06) Total Other Local Revenue 3,628,604 3,793,678 3,206,876 3,715,463 4,382,249 4,487,167 4,487,251 4,487,096 104,847.86 (154.06) TOTAL LOCAL REVENUE 78,443,755 81,612,630 83,464,990 85,341,769 88,119,720 88,154,376 87,901,743 87,397,672 (722,047.27) (504,070.23) 10
L a st Upda te d 06/ 18/ 2019 Sta te Re ve nue 2019–2020 Propose d F ina l Budg e t STATE REVENUE (Actual) (Actual) (Actual) (Budget) Preliminary March Proposed Final Final Final Final Vs Basic Instructional and Operating Subsidies 2016 2017 2018 2019 Budget Update Budget Budget Vs Preliminary Proposed Final Total Basic Instructional and Operating Subsidies 6,566,976 6,750,983 6,845,368 6,816,093 6,831,093 6,831,093 6,831,093 6,831,093 Revenue for Specific Educational Programs Total Revenue for Specific Educational Programs 2,545,130 2,577,612 2,600,040 2,465,613 2,465,613 2,465,613 2,465,613 2,465,613 Other State Revenue State Property Tax Reduction Allocation 1,946,884 1,956,793 2,008,490 2,063,532 2,063,532 2,063,532 2,051,094 2,051,094 (12,437.21) Revenue from Social Security Payments 1,514,935 1,532,184 1,499,629 1,715,403 1,782,076 1,782,076 1,786,209 1,783,325 1,249.01 (2,884.42) Revenue from Retirement Payments 5,466,910 6,462,933 6,885,822 7,476,402 7,964,171 7,964,171 7,982,699 7,969,779 5,607.96 (12,919.48) Total Other State Revenue 11,144,478 13,185,710 13,132,514 14,063,530 14,549,779 14,549,779 14,560,002 14,544,198 (5,580.24) (15,803.90) TOTAL STATE REVENUE 20,256,584 22,514,306 22,577,921 23,345,236 23,846,485 23,846,485 23,856,708 23,840,904 (5,580.24) (15,803.90) 11
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