Presented 05/16/2019 Methacton School District 2019 – 2020 Proposed Final Budget
Last Updated 05/16/2019 2019 – 2020 Proposed Final Budget Revenue Summary Other Financing Sources Federal Revenue Revenue for Specific 0.00% 0.59% Educational Programs 2.19% Basic Instructional and Operating Subsidies Other State Revenue 6.08% 12.95% Other Local Revenue 3.99% Act 511 Taxes 7.42% Real Estate Taxes 66.78% 2
Last Updated 01/09/2019 Assumptions/Comments REVENUE Proposed Preliminary Budget Includes real estate tax increase at the ACT 1 Index of 2.2928%. No Act 1 Exceptions. Takes into consideration the most recent November 2018 County Assessment Data. Takes into consideration Shannondell Escrow. Takes into consideration the review of previous year’s revenue collection. Includes current level Title funding. Includes level basic education subsidy. Assumes Interest Income Rates of 2.00% on CDs and 1.75% on Bank Investments. 3
Last Updated 03/14/2019 Assumptions/Comments REVENUE March Update Includes real estate tax increase of 2.1570%. Takes into consideration the most recent February 28, 2019 County Assessment Data. Assumes Interest Income Rates of 2.35% on CDs and 1.75% on Bank Investments. 4
Last Updated 03/13/2019 Assumptions/Comments REVENUE March Update Real Estate Tax Revenue decreased by 70,262.86. Assessed Values from November 30, 2018 increased by $1,068,448. Occupational Income Tax increased by $5,000. Change is based on Berkheimer forecast. Earned Income Tax decreased by $5,000. Change is based on Berkheimer forecast. Interest Income increased by $104,918.85. CD Rates = 2.35%; Average rate on Bank accounts is 1.75% 5
Last Updated 05/16/2019 Assumptions/Comments REVENUE 2019 – 2020 Proposed Final Budget Decrease of $242,409.37 from March Update Real Estate Tax Revenue decreased by $177,716.10. Assessed values from March 2018 increased by $2,213,772. Millage Increase lowered to 1.8620%. Interim Real Estate Taxes decreased by $75,000.00. Change is based on historical collections. Interest Income increased by $83.07. Minor change based on interest rate rounding. State Property Tax Reduction Allocation decreased by $12,437.21. Change based on actual figure provided by the state. Social Security Revenue increased by $4,133.43 & Retirement Revenue increased by $18,527.44. Due to staffing changes approved by the Board at the April 2019 Board Meeting. 6
Last Updated 05/16/2019 Assessment Tracking 2019 – 2020 Proposed Final Budget Trending Board of Assessments May-18 Nov-18 Feb-19 Mar-19 Apr-19 Lower Providence $1,630,594,681 $1,634,304,823 $1,638,559,051 $1,638,137,491 $1,640,325,983 Worcester $961,955,446 $963,114,486 $960,982,136 $959,611,026 $959,636,306 Total $2,592,550,127 $2,597,419,309 $2,599,541,187 $2,597,748,517 $2,599,962,289 Report to Report $4,869,182 $2,121,878 -$1,792,670 $2,213,772 Cumm. Report to Report $4,869,182 $6,991,060 $5,198,390 $7,412,162 7
Last Updated 05/16/2019 Local Revenue 2019 – 2020 Proposed Final Budget LOCAL REVENUE (Actual) (Budget) Preliminary March Proposed Final Proposed Final Proposed Final Real Estate Taxes 2018 2019 vs March vs Preliminary Current Real Estate Taxes $71,389,124.78 $72,799,305.24 $74,657,471.01 $74,587,208.15 $74,409,492.05 ($177,716.10) ($247,978.96) Interim Real Estate Taxes $420,115.73 $350,000.00 $600,000.00 $600,000.00 $525,000.00 ($75,000.00) ($75,000.00) Total Real Estate Taxes $71,946,083.17 $73,289,305.24 $75,397,471.01 $75,327,208.15 $75,074,492.05 ($252,716.10) ($322,978.96) Act 511 Taxes Current Act 511 Occupation Taxes - Flat Rate $109,268.28 $100,000.00 $105,000.00 $110,000.00 $110,000.00 $0.00 $5,000.00 Earned Income Taxes $7,064,440.90 $7,055,000.00 $7,055,000.00 $7,050,000.00 $7,050,000.00 $0.00 ($5,000.00) Total Act 511 Taxes $8,312,030.46 $8,337,000.00 $8,340,000.00 $8,340,000.00 $8,340,000.00 $0.00 $0.00 Other Local Revenue Earnings on Investments $422,091.49 $449,463.42 $856,176.74 $961,095.59 $961,178.66 $83.07 $105,001.92 Total Other Local Revenue $3,206,876.05 $3,715,463.42 $4,382,248.61 $4,487,167.46 $4,487,250.53 $83.07 $105,001.92 TOTAL LOCAL REVENUE $83,464,989.68 $85,341,768.66 $88,119,719.62 $88,154,375.61 $87,901,742.58 ($252,633.03) ($217,977.04) 8
Last Updated 05/16/2019 State Revenue 2019 – 2020 Proposed Final Budget STATE REVENUE (Actual) (Budget) Preliminary March Proposed Final Proposed Final Proposed Final Basic Instructional and Operating Subsidies 2018 2019 vs March vs Preliminary Total Basic Instructional and Operating Subsidies $6,845,367.69 $6,816,093.00 $6,831,093.00 $6,831,093.00 $6,831,093.00 $0.00 $0.00 Revenue for Specific Educational Programs Total Revenue for Specific Educational Programs $2,600,039.97 $2,465,613.00 $2,465,613.00 $2,465,613.00 $2,465,613.00 $0.00 $0.00 Other State Revenue State Property Tax Reduction Allocation $2,008,489.88 $2,063,531.50 $2,063,531.50 $2,063,531.50 $2,051,094.29 ($12,437.21) ($12,437.21) Revenue from Social Security Payments $1,499,629.46 $1,715,402.94 $1,782,075.73 $1,782,075.73 $1,786,209.16 $4,133.43 $4,133.43 Revenue from Retirement Payments $6,885,821.88 $7,476,401.84 $7,964,171.49 $7,964,171.49 $7,982,698.93 $18,527.44 $18,527.44 Total Other State Revenue $13,132,513.69 $14,063,530.28 $14,549,778.72 $14,549,778.72 $14,560,002.38 $10,223.66 $10,223.66 TOTAL STATE REVENUE $22,577,921.35 $23,345,236.28 $23,846,484.72 $23,846,484.72 $23,856,708.38 $10,223.66 $10,223.66 9
Last Updated 05/16/2019 Federal & Other Revenue 2019 – 2020 Proposed Final Budget FEDERAL REVENUE (Actual) (Budget) Preliminary March Proposed Final Proposed Final Proposed Final Revenue from Federal Sources 2018 2019 vs March vs Preliminary Total Revenue from Federal Sources $690,369.87 $711,161.82 $665,578.82 $665,578.82 $665,578.82 $0.00 $0.00 TOTAL FEDERAL REVENUE $690,369.87 $711,161.82 $665,578.82 $665,578.82 $665,578.82 $0.00 $0.00 OTHER FINANCING SOURCES (Actual) (Budget) Preliminary March Proposed Final Proposed Final Proposed Final Other Financing Sources 2018 2019 vs March vs Preliminary Total Revenue from Other Sources $18,419.13 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 TOTAL OTHER FINANCING SOURCES $18,419.13 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 TOTAL REVENUES $106,751,700.03 $109,398,166.76 $112,631,783.16 $112,666,439.15 $112,424,029.78 ($242,409.37) ($207,753.38) 10
Last Updated 05/16/2019 Real Estate Tax 2019 – 2020 Proposed Final Budget Factoring in Discounts/Penalties, 2018-19 2019-20 Proposed 2019-20 March 2019-20 April Var 2019-20 March Return to County, Escrow, and Budget Prelim Budget Budget Budget to 2019-20 April Refunds, the actual collection Taxable Assessed Value $2,592,550,127.00 $2,597,419,309.00 $2,598,487,757.00 $2,599,962,289.00 $1,474,532.00 rate has been: Millage Increase 1.98% 2.29% 2.16% 1.86% (0.30%) 16/17 FY = 95.77% MILLAGE RATE 30.0431 30.7319 30.6911 30.6025 (0.0886) 17/18 FY = 96.01% Gross TAX LEVY $77,888,242.72 $79,823,630.46 $79,750,447.60 $79,565,345.95 ($185,101.65) 18/19 FY = 96.01% 19/20 FY = 96.01% (Bug.) PSERS Exception $0.00 $0.00 $0.00 $0.00 $0.00 SE Exception $0.00 $0.00 $0.00 $0.00 $0.00 Collection Rate Determined Annually by using 3yr avg. Adjusted Gross Tax Levy $77,888,242.72 $79,823,630.46 $79,750,447.60 $79,565,345.95 ($185,101.65) Adjusted Millage 30.0431 30.7319 30.6911 30.6025 (0.0886) Collection Rate is finalized in Adjsuted Act 1 1.98% 2.29% 2.16% 1.86% (0.30%) February of each year. Less Gaming Funds ($2,063,531.50) ($2,063,531.50) ($2,063,531.50) ($2,063,531.50) $0.00 Net Tax Levy $75,824,711.22 $77,760,098.96 $77,686,916.10 $77,501,814.45 ($185,101.65) COLLECTION RATE* 96.01% 96.01% 96.01% 96.01% 0.00% Gross Current Real Estate Taxes $72,799,305.24 $74,657,471.01 $74,587,208.15 $74,409,492.05 ($177,716.10) 11
Last Updated 05/16/2019 Analysis – Millage Increase 2019 – 2020 Proposed Final Budget REAL ESTATE TAX ANALYSIS Current Real Estate tax rate 2018/19 = 30.0431 mills Proposed Real Estate tax rate 2019/20 = 30.6025 mills § Total Increase of 1.86% (or 0.5594 mills) § Increase of 0.0000 mills for Special Education Exception § Increase of 0.0000 mills for PESRS Exception Estimated increased tax bill for a home assessed at the district average of $173,660 is $97.15 Overall tax bill calculation: 30.6025 (millage) X $173,660 = $5,314.43 Estimated tax bill for other home assessed values (based on 1.86% increase = 0.5594 mills or 30.0431 mills): Home Value Assessment Increase Total Tax $200,000.00 $101,800.00 $56.95 $3,115.33 $400,000.00 $203,600.00 $113.89 $6,230.67 $600,000.00 $305,400.00 $170.84 $9,346.00 $800,000.00 $407,200.00 $227.79 $12,461.34 12 $1,000,000.00 $509,000.00 $284.73 $15,576.67 Find your home’s assessed values in Montgomery County PA at www.propertyrecords.montcopa.org
Last Updated 05/16/2019 2019 – 2020 Proposed Final Budget Expenditure Summary Debt Service & Transfers 9.18% Operating Expenses 22.25% Salaries and Benefits 68.56% 13
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