2023-24 Budget Highlights and Proposal for Capital Reserve

Presentation on the 2023-24 budget hearing held on May 9th, 2023, revealing key budget details such as the total budget amount, new programs, tax levy, state aid funding, major expenditure and revenue drivers, expenditure breakdown, tax levy calculations, and a proposition for a capital reserve to fund future renovations without additional taxpayer cost. Important dates for the budget vote are also highlighted.

• Budget
• 2023-24
• Highlights
• Capital Reserve
• Proposition

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Presentation Transcript

1. Presentation: 2023-24 Budget Hearing May 9th 2023

2. Purpose of Presentation: Disclose the 2023-24 Adopted Budget

3. 2023-24 Budget Highlights The 2023-24 budget is currently set at $107,324,846 The 2023-24 budget includes $7,652,443 in new programs and restored services The 2023-24 tax levy is set at 0.0% which is well below the tax cap calculation State Aid Funding: o For 2023-24, State aid funding increased by 30.6% o In 2022-23, state aid funded 71.1% of the budget o For 2023-24, state aid is projected to fund 76.4% of the budget

4. 2023-24 Budget Highlights Major Expenditure Budget Drivers: New Programs & Restored Services Capital Reserve Funding Charter School Tuition Benefits (net of new programs) $ 7,652,443 5,000,000 1,439,466 635,915 Major Revenue Budget Drivers: State Aid Interest Revenue $ 19,178,375 90,000

5. 2023-24 Expenditure Budget 2023-24 11,763,485 75,336,212 20,225,149 107,324,846 Administrative Instructional Capital Total 11.0% 18.8% 70.2% Administrative Instructional Capital

6. 2023-24 Tax Levy Prior Fiscal Year Adopted Tax Levy 23,105,027 Add: Tax Base Growth Factors Prior PILOTS Receivable Less: Local Capital Cost 0.74% 170,977 1,540,000 (207,756) Adjusted Prior Year Levy 24,608,248 Add: CPI Less: PILOTS Receivable Tax Levy Limit 2.00% 492,165 (1,393,793) 23,706,620 Current Year Exclusions Estimated Local Capital Cost - Maximum Compliant Tax Levy 23,706,620 2.60% Actual Levy 23,105,027 0.00%

7. Wyandanch UFSD Capital Reserve District seeks to establish a capital reserve with a separate voter proposition on May 16 The capital reserve will be used to finance future capital renovations to district facilities at no additional cost to taxpayers. Resolution and Proposition language: o Purpose as per scope o Amount $15,000,000 o Term 7 years o Source of Funding budgetary surpluses, budgetary appropriations and transfers from other reserves as permissible by law The 2023-24 budget already includes a $5,000,000 appropriation to fund the capital reserve.

8. Dates To Remember May 16 2023-24 Budget Vote Polls Open 7:00 am to 9:00 pm 1445 Straight Path Central Administrative Building

9. Questions?