Newark Central School District

Board of Education March 18, 2015

Proposed Budget2015-2016

Agenda:• Revenue Estimates• Governor’s Proposal• Expense• Governor’s Proposal• Closing the Gap• Current Reserves

Revenue: Tax Cap• Tax Cap:

- Limit is 2.92% with rollover ($355,413)- 2% is $243,722 (0.56% of total budget)

• Tax Levy Information:- 2% increase $12,429,805 (26.97% or total)

• Local Revenue Total:- $13,844,370 (30.03 % of total)

2% is $243,722 (0.53% overall budget)

Revenue: Tax Cap• Local Revenue: Non-Tax Levy

- $1,501,000 (3.26% of total)

• State and Federal Revenue:- $28,890,021 (62.69% of total)

• Total Revenue:- $42,820,826 (92.91% of total)

2% is $243,722 (0.53% overall budget)

Governor’s Proposal 2013-14 2014-15

Foundation* $18,422,562 $18,422,562

BOCES & Special Services $1,870,492 $1,870,492

High Cost, Excess Cost $1,155,809 $1,155,809

Private Excess Cost $66,234 $66,234

Hardware & Technology $42,308 $42,308

Software, Library, Textbook $172,280 $172,280

Transportation $1,566,601 $1,566,601

Building $6,001,715 $6,001,715

Medicaid Reimbursement $150,000 $150,000

Gap Elimination Adjustment -($557,805) -($557,805)

Totals $28,890,196 $28,890,196

Expense Summary

Budget Total: $46,087,144

TRS Rate: 13.26%ERS Rate: 18.2%Health Insurance: 8.7%

GrantsTitle I: No Child Left Behind

-Salaries: $469,939-Total: $480,828

Title IIA – Professional Development NCLB-Salaries: $125,624-Total: $136,178

Pre-K-Salaries : $273,128-Total: $305,968

GrantsIDEA

-Salaries: $0-Total: $42,450

IDEA-Salaries: $475,109-Total: $598,238

Closing the Gap

• Budget Reductions • Tax levy Increase (limited to tax cap amt. - max increase of $355,413)• Retirement Breakage• Increase use of Reserves/Fund Balance

Current ReservesReserve Available

Workers Comp $ 406,028Unemployment $ 781,903Liability $1,086,261Retirement Contribution $5,298,932

$7,573,124

Questions