Savannah-Chatham Public School System Savannah-Chatham Public School System GENERAL FUND UPDATE May 20, 2015
FY 2016 Budget Process General Fund – Revenue Local Funding Highlights Tax Digest Revenue (Estimate 3.42% digest increase @ 15.881 mills) - $8.1M TAVT - $1.17M Tax Digest Revenue (1 mill increase to 16.881) - $10.4M 2
FY 2016 Budget Process General Fund – Revenue Projected Tax Impact Total School Taxes Paid on a Homestead Valued at $150,000 Fiscal Year 15 Fiscal Year 16 Bond Combined M & O Bond Combined M & O Appraised Value $ 150,000 $ 150,000 $ 150,000 $ 150,000 Assessment Ratio 40% 40% 40% 40% Assessed Value $ 60,000 $ 60,000 $ 60,000 $ 60,000 S1 Regular Homestead* $ (2,000) $ - $ (2,000) $ - Net Assessed Value $ 58,000 $ 60,000 $ 58,000 $ 60,000 Millage Rate 15.881 0 15.881 16.881 0 16.881 Total School Taxes $ 921.10 $ - $ 921.10 $ 979.10 $ - $ 979.10 *Asssumes S1 (State Homestead) Exemption Only 1.0 Millage Rate Increase Annual Tax Increase $ 58.00 Monthly $ 4.83 3
FY 2016 Budget Process General Fund – Expenditures Additions / Adjustments Making Middle Schools Awesome - $136K Twilight - $210K Transportation Routing - $442K Mainframe Upgrade - $2M Cost of Living Pay Raise – 2% All Staff - $4.6M Lower Class Size (4 th & 5 th Grade) - $1.8M Alternative School Redesign (Building Bridges) - $720K Other Salary Options - ???? 4
FY 2016 Budget Process General Fund FY16 Projected Revenue $356,446,300 FY16 Projected Expenditures $361,561,471 FY16 Use of Fund Balance $5,115,171 Fund Balance Analysis (% of FY2015 & FY2016 Expenditures) Fund Balance – 6/30/2014 11.27% Estimated Results From Operations -1.38% Projected Ending Fund Balance – 6/30/2015 9.89% Estimated Fund Balance Use FY 16 -2.16 % Projected Ending Fund Balance of 6/30/2016 7.73% 5
FY 2016 Budget Process General Fund Budget Calendar June 2015 Advertise Five Year Tax Digest and Tentative Millage Levy in Paper and on Website (GA Dept of Revenue Rule requires the Current Tax Digest and Five Year History of 5 th Levy along with millage rate and must be advertised at least two weeks prior to the establishment of the current year millage rate.) *Advertise Millage Rate Hearings 1 and 2 (to be held June 17 th ) in Newspaper and on SCCPSS Website 8 th *Staff Issues Press Release on Tentative Recommended Millage Rate / Required Press Release of Intent to increase taxes in Newspaper and on Website Board Budget Workshop / Regular Board Meeting (Tentative Budget / Millage 10 th Rates Adoption) Advertise Final Budget Adoption by Board in Newspaper and on SCCPSS Website 11 th 6
FY 2016 Budget Process General Fund Budget Calendar June 2015 *Advertise Millage Rate Hearing 3 (to be held June 24 th ) in Newspaper and on 16 th SCCPSS Website *Board Millage Rate Hearing 1 and 2 17 th Advertise Five Year Tax Digest and Recommended Millage Levy 22 nd Board Meeting (Millage Rate Hearing, Recommended Millage and Final Budget 24 th Adoption) Fiscal Year 2015 Ends 30 th 7
FY 2016 Budget Process General Fund Budget Calendar July 2015 Fiscal Year 2016 Begins 1 st Staff Transmits Certified Millage Resolution to County Commission 3 rd Advertise Five Year Tax Digest and Recommended Millage Levy 10 th County Commission (Levying Authority) Adopts Millage Rates Assessor Submits Tax Digest and Levy submitted to Georgia Department of 30 th Revenue for Approval (Approximate Date) August 2015 30 th Staff Submits FY 2016 Budget to Georgia Department of Education September 2015 Staff Distributes FY 2016 Adopted Budget Book and submits book to GFOA & ASBO 30 th 8
9
23.980 23.628 23.370 25 21.740 21.850 20.000 19.982 19.450 18.900 18.718 18.502 20 15.881 15 10 5 - 10
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