Greenport UFSD Budget 2024-2025 Tax Cap Expense & Revenue Update
Detailed update on Greenport UFSD's budget development process for the 2024-2025 fiscal year, including expenses, revenue sources, budget drivers, and financial overview.
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Greenport UFSD 2024-2025 Tax Cap Expense & Revenue Update March 19, 2024 1
Budget Development Process November/December 2023 Distribute Budget Worksheets January 16, 2024 Presentation #1: Review of the Budget Process Long Term Planning Recap of Reserves January 2024 Meetings with Department Heads to Review Budget Proposals 2
Budget Development Process February 27, 2024 Presentation #2: Provide Board with Draft of Line by Line Budget Budget Expense Update General Support, Operation & Maintenance, Security, Utilities,Transportation Employee Benefits, Debt Service, Fund Transfers & Capital Expenditures March 19, 2024 Presentation # 3 Tax Cap Calculation Provide Board with Draft of Line by Line Budget on the following categories: Administration Presentation Curriculum & Instruction 3 Staffing Analysis
BUDGET DRIVERS Budget Driver 2023-24 2024-25 % Change 10,581,045 4.54% Salaries (New GTA & CSEA Contracts negotiated and ratified) 10,121,341 (+459,704) 6,900,716 12.67% (+776,038) Benefits (Health Ins. Inc. 15.5%) 6,124,678 1,226,777 37.70% (+335,878) Transportation* (New Peconic Run + 23.48% overall increase per new bid) 890,899 1,900,798 16.93% (+275,193) Debt Service & Fiscal Agent Fees (Rolling over BAN 1 more year/Serial ends) 1,616,405 2,219,494 1.59% Special Education - Includes Boces Services, Therapy & Placements 2,255,384 (+35,890) Boces Regular Services - includes Occ. Ed., EAP, Erate, Cross-Contracts for needed services such as, Cooperative Purchasing, Olas, Frontline/AESOP, Off-site IT Services, STAC & Transfinder Bus Routing 825,664 33.14% (+205,540) 620,124 321,452 34.24% (+82,000) Equipment (Includes new District car, Lift, Field, Scrubber, Furn.&Athletics) 239,452 Facilities (Includes 3rd. Guard, Inc. in repairs to building & grounds-5 yr.plan) 1,380,103 1,655,285 19.94% (+275,182) Property & Casualty/Liability/Auto Insurance 127,129 19.07% (+20,362) 106,767 Totals: $25,558,360 out of $26,094,986 9.43%(+2,274,987) $23,355,153 out of $23,709,875 4
REVENUES Budget Driver 2023-24 2024-25 % Change 17,626,902 20,088,357 13.96% (+2,461,454) Tax Levy - $1,369,804 increase 117,539 130,835 Pilots - Payments in lieu of taxes 11.31% (+13,296) 3,216,903 3,243,964 State/Federal Aid .84% (+27,061) 190,000 105,000 Other-Shared/Sports -44.74% (-85,000) 148,541 195,584 31.67% (+47,043) Interest/Miscellaneous 590,927 628,613 Use of Reserves 6.38% (+37,686) 440,000 440,000 0 Designated Fund Balance 1,379,063 1,262,633 Tuition -8.44% (-116,430) Subtotal - Increase 23,709,875 26,094,986 10.06% (+2,385,110) 5
BUDGET SUMMARY Budget Driver 2023-24 2024-25 Difference % Change 23,709,875 26,094,986 2,385,110 10.06% Total Expense Budget 23,709,875 26,094,986 2,385,110 10.06% Total Revenue Budget (Balances to the Expense Budget) 17,626,902 20,088,357 2,461,454 13.96% Tax Levy Increase 6
PROPERTY TAX CAP NYS Allowable Levy Growth Factor issued to all School Districts is 2.0% Tax Base Growth Factor is 1.0057% compared to last years 1.0175% (based on sales and new construction) Consumer Price Index (CPI) is currently @ 4% (As of January 31st.) Tax Levy Increase estimated to be 13.96% compared to last years 6.5% Reason is our Capital Construction Project - NYS allows for us to have the ability to pay it back the $17.1 million when completed 8
Tax Cap Calculation 24-25 Current Tax Levy 2023-24 = 6.5% $17,626,902 Tax Base Growth Factor (after adjustments) 1.0057% (.57%) $17,626,902. X .57% +$100,474 Add: PY Pilot +$117,539 Minus: PY Capital Exclusions -$1,446,783 Levy Growth Factor (after adjustments & before 1.0057) 1.02% $16,398,092. X 2% +$327,962 Minus: Pilot Payments -$130,835 Add: Capital&ERS Exclusions +$4,255,363 Maximum Allowable Tax Levy for 24-25 $20,850,622 9 Allowable Tax Levy Increase 18.3% +$3,223,720
Upcoming Budget Development Process April 16, 2024 Presentation #4: Voter Registration, 2:00 p.m. to 6:00 p.m. Greenport Schools Budget Adoption Anticipated Floyd Memorial Library Budget Presentation May 14, 2024 Presentation #5: Voter Registration, 2:00 p.m. to 6:00 p.m. Greenport Schools Budget Hearing May 21, 2024 Budget Vote & Election 11
