Great Valley School District Review of Finance Committee Budget Presentation • May 11, 2020
Object 300 – Purchased Professional Services Architects Athletic Officials Auditing Services Building Utility Management Systems Center for Families Electronic Record Storage Intermediate Unit Services Internet Services Legal Services Management Consulting Services District Management Group Rehabilitative Services Austills
Object 300 – Purchased Professional Services Security Police Settlement Agreements Software Adobe E-plus Software Forecast5 Issue Track Microsoft Raptor School Messenger Skyward Zoom
Object 300 – Purchased Professional Services Substitutes & Contracted Employees CCRES Criticare Higher Information Group Insight Justicorp SOS STS Translation Services Come Alive Communications
Object 400 Purchased Property Services Custodial Services Lawn Care & Landscaping Electric Plumbing Elevator Services Repairs and Maintenance Equipment Rental & Repair Snow Plowing Extermination Services Waste Disposal Fire Protection Service Water/Sewage
Object 500 – Other Purchased Services Student Transportation Advertising Tuition Communications Charter Schools Insurance IU Payments by Cyber Charter Schools Withholding Vocational Education Printing Non-Public Schools Services from other LEAs Approved Private Schools Staff Travel
Object 600 – Supplies Books and Periodicals Energy Diesel Fuel Electricity Fuel Oil Gasoline Natural Gas Propane Food General Supplies Technology Related
Budget Summary Capital Reserve Transfer in Description Option #1 Option #2 Preliminary Budget = $3,000,000 Revenue Budget $ 103,406,482 $ 103,406,482 New Debt Service Transfer in Preliminary Expenditure Budget 109,297,934 109,297,934 Budget = $2,000,000 Use of Reserves 3,000,000 3,000,000 Max. Act 1 Increase = $2,134,784 (2.6%) ½ of Act 1 Increase = $1,067,392 (1.3%) Budget Gap (2,891,452) (2,891,452) Act 1 To Cover New Debt = $1,000,000 (1.22%) Potential Tax Increase - 1,000,000 Reduce Transfer to Capital Reserve 1,891,452 1,891,452 Defer Transfer to New Debt Service 1,000,000 - Adjusted Budget Gap $ - $ -
A Look at Millage: Current millage (19-20): 21.55 Maximum Millage under Act 1 to fund 20-21 budget: 22.11 Difference: 2.6% Act 1 Index = 2.6%
A Look at Millage: Current millage (19-20): 21.55 Tax Increase to Fund New Debt Transfer: 21.81 Difference: 1.22% Act 1 Index = 2.6%
Impact on Taxpayer Tax Increase of the Act 1 Index (2.6%) $134/per Avg. Home Owner Average Assessment - Average $238,275 Median Assessment - Median $207,320 $116/per Median Home Owner Current millage (2019-2020) is 21.55
Impact on Taxpayer Tax Increase To Cover Debt Transfer (1.22%) $62/per Avg. Home Owner Average Assessment - Average $238,275 Median Assessment - Median $207,320 $54/per Median Home Owner Current millage (2019-2020) is 21.55
2019-2020 Tax Rates Chester County Schools 45 40.79 38.2018 40 35 31.955 31.61 31.46 31.2 30.95 29.16 30 27.182 23.8795 25 21.6622 21.55 20 15 10 5 0 * District with no Earned Income Tax revenue
On the Budget Calendar 2019-2020 Budget Action Dates for the Board Jan 9: Deadline to approve Resolution not to raise taxes over Act 1 Index Feb 18: Board adopts preliminary budget if opt out Resolution NOT adopted and deadline for approval of any referendum exceptions (Also deadline to approve filing of Referendum Exceptions) Apr 20: Board adopts preliminary budget if opt out Resolution is adopted May 11: Final budget available for inspection (20 days before adoption) May 18: Public notice of intent to adopt final budget (10 days before adoption) June 1: Final budget adoption (must be before June 30)
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