William Floyd School District. Budget Advisory Commi1ee High School Library 7:15 pm 8:00 pm

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1 William Floyd School District Budget Advisory Commi1ee High School Library 7:15 pm 8:00 pm

2 Welcome q Thank you for joining us tonight q Please sign in q We welcome your ac>ve par>cipa>on, sugges>ons and comments q We are all here to work towards the same goal 2

3 Overview q Budget Advisory CommiFee (BAC) q Budget Timeline q Different Funds in a School District q School Budget is the General Fund q State Aid q Tax Levy Cap vs. Property Tax Levy q Tax Levy Cap q What does it mean to us? 3

4 Budget Advisory CommiFee (BAC) q Established to provide a collabora>ve and transparent budget development process q Open to all community residents, students and the general public q Allows members of the Board of Educa>on (BOE) to hear issues and sugges>ons from you first hand q Educa>onal forum to help everyone understand the budget, its development and its challenges 4

5 Budget Advisory CommiFee (BAC) Goals: q Open, Honest, Transparent and Produc>ve dialogue q Learn about the budget process and development q Help balance the educa>onal responsibili>es with the available financial resources q Understand the issues and opportuni>es q Assist the BOE in the decision making process q Help to communicate accurate budget informa>on to the community q Understand that the budget is a working document un>l the BOE adopts it on April 22,

6 Budget Timeline Going Forward Budget Advisory Budget Advisory State Budget Due Budget Advisory Con>nue to Refine Budget un>l BOE Adop>on Con>nue Advocacy Efforts for WFSD Share of State Aid and Support (Started 11/2014) Budget Adop>on Property Tax Report DUE Budget Brochure Mailing Budget Hearing Budget No>ce Mailed Budget Vote and Board of Educa>on Elec>on 6

7 Different Funds q General Fund (A Fund) Funding commonly referred to as the school budget q Cafeteria Fund (C Fund) Funding u>lized to administer cafeteria opera>ons only q Grant Funds (F Fund) Funding allocated to the district by federal or state agencies for a specific use q Capital Fund (H Fund) Funding approved through proposi>ons voted on by the district residents 7

8 Different Funds Voted on Annually by Residents Self- funded not supported by General Fund Alloca>ons General Fund Cafeteria Fund Federal Grants Capital Funds For Designated Purposes only By Budget or Proposi>on 8

9 School Budget - General Fund q The school budget is an expense based budget q It is developed around projected revenues and es>mated expenses for the fiscal period from July 1 un>l June 30 of the next year q Expenses can not exceed revenues 9

10 School Budget Revenue Expenses State Aid Tax Levy Expenses Can not Exceed Revenues General Support Instruc>on Other Income Transporta>on Reserves Undistributed Fund Balance Community Service 10

11 School Budget Expenses General Support Expenses suppor>ve of the en>re district management effort Includes BOE, elec>ons, auditors, legal, BOCES administra>on charges, facili>es and insurance Includes expenses within the Superintendent s Office, Business Office and Human Resources Office Instruc:on Expenses for K- 12 instruc>onal programs of regular and special educa>on students Includes principals, assistant principals, teachers, librarians, afendance, guidance counselors, health services, psychologists, social workers, etc. Includes summer school, co- curricular ac>vi>es (clubs), interscholas>c sports program, as well as textbooks Transporta:on Expenses for transpor>ng pupils to and from public, private and parochial schools Undistributed Expenses for employee benefits; including re>rement, Social Security, Medicare, workers' compensa>on, life insurance, unemployment insurance, and health insurance Includes debt service (principal and interest payments on outstanding bonds and tax an>cipa>on notes) Includes local share for the cost of offering a summer school special educa>on program Community Services Expenses related to an annual enrollment projec>on/census 11

12 School Budget Revenues State Aid Expense Driven or Formula Driven Revenue Tax Levy Other Income Reserves Real Property Tax Assessed Value Tax Levy Cap Interest Miscellaneous Gios & Contribu>ons Funds for specific uses, as outlined by law, used in the current year to fund liabili>es Fund Balance Funding from the Previous Years budget used to support the upcoming year 12

13 State Aid Governor s Proposal Cuomo offers $1.1B - with strings ü Evalua:ons - APPR ü Tenure Reform ü Student achievement ü Rewarding high- performing teachers ü Removal of chronic underperformers ü Increase Charter Schools ü An:- creaming legisla:on ü Mayoral Control ü State Interven:on ü Educa:on tax credit 13

14 State Aid Es>mated Based on November 2014 Data Actual Estimated Governor's Difference Foundation Aid $ 79,915,503 $ 79,915,503 $ % Universal Pre- K $ 1,485,405 $ 1,486,267 $ % BOCES Aid $ 2,234,090 $ 1,952,570 $ (281,520) % Public Excess High Cost Aid $ 5,209,342 $ 5,037,333 $ (172,009) % Private Excess Cost Aid $ 982,906 $ 971,933 $ (10,973) % Software Aid $ 134,281 $ 133,636 $ (645) % Library Materials Aid $ 56,025 $ 55,756 $ (269) % Textbook Aid $ 541,434 $ 540,036 $ (1,398) % Hardware & Technology Aid $ 150,983 $ 150,259 $ (724) % Transportation Aid (w/o Summer) $ 8,295,263 $ 9,117,812 $ 822, % High Tax Aid $ 3,752,477 $ 3,752,477 $ % GAP Elimination $ (5,091,224) $ (5,091,224) $ % Subtotal $ 97,666,485 $ 98,022,358 $ 355, % Building Aid $ 12,780,359 $ 11,462,259 $ (1,318,100) % Total $ 110,446,844 $ 109,484,617 $ (962,227) % 14

15 State Aid Es>mated with Correc>ons Actual Estimated Governor's Difference Foundation Aid $ 79,915,503 $ 79,915,503 $ % Universal Pre- K $ 1,485,405 $ 1,486,267 $ % BOCES Aid $ 2,234,090 $ 2,150,250 $ (83,840) % Public Excess High Cost Aid $ 5,209,342 $ 5,037,333 $ (172,009) % Private Excess Cost Aid $ 982,906 $ 971,933 $ (10,973) % Software Aid $ 134,281 $ 133,636 $ (645) % Library Materials Aid $ 56,025 $ 55,756 $ (269) % Textbook Aid $ 541,434 $ 540,036 $ (1,398) % Hardware & Technology Aid $ 150,983 $ 150,259 $ (724) % Transportation Aid (w/o Summer) $ 8,295,263 $ 8,415,273 $ 120, % High Tax Aid $ 3,752,477 $ 3,752,477 $ % GAP Elimination $ (5,091,224) $ (5,091,224) $ % Subtotal $ 97,666,485 $ 97,517,499 $ (148,986) % Building Aid $ 12,780,359 $ 11,462,259 $ (1,318,100) % Total $ 110,446,844 $ 108,979,758 $ (1,467,086) % 15

16 CAPITAL DEBT SCHEDULE WILLIAM FLOYD UNION FREE SCHOOL DISTRICT, N.Y. Debt Service Requirements - Outstanding Bonds(a) As of 3/3/2015 Fiscal Year Ending June 30: Principal Interest Total Change ,750,000 3,413,225 12,163, ,710,000 3,090,125 9,800,125 2,363, ,030,000 2,785,487 9,815,487-15, ,365,000 2,462,263 9,827,263-11, ,710,000 2,123,312 9,833,312-6, ,055,000 1,766,356 9,821,356 11, ,265,000 1,388,962 6,653,962 3,167, ,460,000 1,185,737 6,645,737 8, ,680, ,400 6,650,400-4, ,540, ,600 6,281, , ,760, ,500 6,278,500 3, ,510, ,200 1,807,200 4,471, ,570, ,600 1,805,600 1, ,635, ,500 1,806, ,700, ,800 1,804,800 1, ,770,000 35,400 1,805, ,510,000 21,290, ,800,467 16

17 Change to Building Aid Payment Educa>on Law: requires the commissioner to revise the assumed amor>za>on schedule for remaining debt service payments for outstanding principal and interest at the end of each 10 year segment of an assumed amor>za>on if the current interest rate is at least one quarter percent (.25) lower than the original interest rate for the assumed amor>za>on. What does it mean? $11,462, Estimated Governor's Building Aid - $639,940 Less: Retro Bond Adjustments - $38,021 Less: Prospective Bond Adjustments $10,784, Estimated New Building Aid Amount 17

18 Change to Building Aid Payment Waiver: A waiver from the interest rate reduc>on may be granted by the commissioner if the district can demonstrate that it is precluded by state or federal law, rule or regula>on from refinancing. Waiver has been submifed and we are wai>ng for a decision. 18

19 Projected State Aid If Waiver Denied Actual Estimated Governor's Difference Foundation Aid $ 79,915,503 $ 79,915,503 $ % Universal Pre- K $ 1,485,405 $ 1,486,267 $ % BOCES Aid $ 2,234,090 $ 2,150,250 $ (83,840) % Public Excess High Cost Aid $ 5,209,342 $ 5,037,333 $ (172,009) % Private Excess Cost Aid $ 982,906 $ 971,933 $ (10,973) % Software Aid $ 134,281 $ 133,636 $ (645) % Library Materials Aid $ 56,025 $ 55,756 $ (269) % Textbook Aid $ 541,434 $ 540,036 $ (1,398) % Hardware & Technology Aid $ 150,983 $ 150,259 $ (724) % Transportation Aid (w/o Summer) $ 8,295,263 $ 8,415,273 $ 120, % High Tax Aid $ 3,752,477 $ 3,752,477 $ % GAP Elimination $ (5,091,224) $ (5,091,224) $ % Subtotal $ 97,666,485 $ 97,517,499 $ (148,986) % Building Aid $ 12,780,359 $ 10,784,298 $ (1,996,061) % Total $ 110,446,844 $ 108,301,797 $ (2,145,047) % Reduc:on of $677,961 to Building Aid 19

20 Tax Levy Cap vs. Property Tax Levy q q Tax Levy Cap relates to the year to year percentage (%) increase in the Tax Levy, that a school district may set. The Tax Cap limits the total levy not the assessed value or tax rate. Property Tax Levy relates to the amount individuals and/or businesses will pay and is determined by their assessed values set by the Town of Brookhaven Tax Assessors Office. ü This informa>on does not become available un>l August ü The property tax levy is then set by the BOE in October The Tax Levy Cap, which has been promoted as 2%, can be higher or lower based on the formula A 2% Tax Levy Cap does not mean that your individual tax bill will increase by 2% 20

21 Tax Levy Cap vs. Property Tax Levy March 10,

22 Our Tax Levy Cap Calcula>on for Tax Levy $93,886,348 Tax Base Growth Factor x = $94,327,614 Prior Year PILOT + $0 = $94,327,614 (Capital) - $0 Adjusted Prior Year Levy = $94,327,614 Allowable Growth Factor x 1.62% Tax Levy with Allowable Growth Factor $95,855,721 Coming Year Pilot + $0 Tax Levy Limit Before Adjustments and Exclusions $95,855,721 Available Carryover + $803,000 Tax Levy Limit $96,658,721 Maximum Tax Levy Cap barring any Capital Changes Coming Years Exemptions (Capital and Pension) + $ Maximum Allowable Levy = $96,658,721 Percentage Increase 2.95% Dollar Increase $2,772,373 22

23 $100,000,000 $90,000,000 $80,000,000 $70,000,000 Tax Levy Tax Levy Increase caused by drama:c cuts in State Aid 14.00% 12.00% 10.00% % Change $60,000, % $50,000,000 $40,000,000 Tax Levy 6.00% % Change $30,000, % $20,000,000 $10,000, % $ % thru

24 Other Income Historical ( ) $6,000,000 Other Income $5,000,000 $4,000,000 $3,000,000 Other Income $2,000,000 $1,000,000 $

25 Use of Reserves $3,000,000 Use of Reserves $2,500,000 $2,000,000 $1,500,000 Use of Reserves $1,000,000 $500,000 $

26 Applied Fund Balance $25,000,000 Applied Fund Balance $20,000,000 $15,000,000 $10,000,000 Applied Fund Balance $5,000,000 $- 26

27 Current New Revenue State Aid $ $ 110,446, $ 108,301,797 + (- ) $ (2,145,047) Change in Debt Service $ 2,363,100 $ 218,053 Tax Levy $ $ 93,886, $ 96,658,721 + (- ) $ 2,772,373 Other Income $ $ 1,598, $ 1,598,500 Total New $ + (- ) $ - + (- ) $ 2,990,426 Current New Money available 27

28 Changes impac>ng us Part 154 State Budget is being used as leverage for Reform Agenda Gap Elimina>on Adjustment (GEA) 28

29 Thank You q Ques>ons q q q The next BAC mee>ng is March 31, 2015 at 7:15 pm un>l 8:00 pm in the High School Library Please any ques>ons to Budget@wfsd.k12.ny.us The Business Office can be reached at Please Get Home Safe - 29