Keyport Public Schools 2024-2025 Budget Presentation
The Keyport Public Schools' budget presentation for the 2024-2025 school year outlines significant changes in revenues and appropriations. Key figures include an increase in the local tax levy, a substantial drop in tuition revenue, and a notable rise in state funding. The budget also highlights major allocations across various educational categories, including regular and special instruction, employee benefits, and operational costs. Insights into state aid factors that influence funding are discussed, providing a comprehensive overview of the district’s financial planning for the upcoming year.
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Presentation Transcript
Keyport Public Schools 2024-2025 Budget Presentation June 26, 2024 Dr. Lisa Savoia Superintendent Anthony Rapolla Business Administrator Learners Today Leaders Tomorrow
Keyport Public Schools Board of Education Members Mrs. Ruth Grabowski Ms. Caitlin Cunningham Mrs. Laura Abrahamsen Mr. Dennis Fotopoulos Mr. Jack Hausmann Mrs. Donna Spangler Mr. Joseph Stahl Mr. Joseph Stahley Mrs. Jennifer Tevis Ms. Eva Neno, Union Beach
Agenda Revenues Appropriations Factors to Consider Debt Service Tax Impact
Major Revenue 2024-2025 Fund Actual 2023-2024 Proposed 2024-2025 Changes Percent of Change Local Tax Levy $11,081,944 $11,366,989 $285,045 2.57% Tuition $2,854,566 $2,090,169 -$764,397 -26.78% State Sources $4,920,107 $5,825,580 $905,473 18.40% Capital, Main,Emerg.& Tuition Reserve $1,018,550 $775,000 -$243,550 -23.91% Fund Balance $1,649,380 $2,655,670 $1,006,290 61.01% Misc & Enterprise $80,000 $80,000 $0 0%
Major General Fund Appropriations for 2024-2025 (Estimate) Revised 2023-2024 Proposed 2024-2025 Percent Changes Budget Category Changes Regular Instruction $6,391,596 $6,577,714 $169,118 2.64% Special Ed. Instruction $1,538,976 $1,713,566 $174,770 11.36% Tuition* Actual Tuition Costs=$1,174,063 Operation and Maintenance of Plants $344,207 $974,063 $629,856 182.99% $2,054,996 $2,120,056 $65,060 3.17% Employee Benefits $4,956,787 $5,228,900 $272,113 5.49% Administrative $1,813,644 $1,768,121 -$45,523 -2.51% Co-Curricular Activities $112,508 $112,508 $0 0%
Major General Fund Appropriations for 2024-2025 continued (Estimate) Revised 2023- Proposed 2024-2025 Percent Changes Budget Category 2024 Changes Athletics $457,165 $403,677 -$53,488 -11.70% Health Services $189,311 $167,265 -$22,066 -11.65% Support Services $1,098,825 $1,130,131 $31,306 2.85% Improvement of Instructional Services Transportation $414,256 $345,225 -$69,031 -16.66% $942,465 $1,040,000 $97,535 10.35% Capital Outlay $817,439 $560,134 -$257,305 -31.76%
State Aid Factors that go into State Aid Resident Enrollment (Last 6 years- years 1-3 divided by years 4-6 determine your growth factor) Demographics of Enrollment (Low Income, Special Education and LEP are weighted heavier) Adequacy Budget (Amount the State thinks it should cost to adequately educate our students) Local Fair Share (A calculation that considers a District s Equalized Valuation and District s Income)
State Aid continued.. The state believes that based on what an adequate education should cost and how much the taxpayers of Keyport should be paying, that we were under funded by $875,473 last year. The funding formula was to be 100% implemented for the 2024-2025 year. Therefore, our state aid was increased by $875,473.
Resident Enrollment Resident Enrollment has decreased over the last 6 years. October 2018 October 2019 October 2020 October 2021 October 2022 October 2023 834 833 787 777 787.5 783
Union Beach Tuition Historical Tuition Revenue from Union Beach 2019-2020 2020-2021 2021-2022 2022-2023 2023-2024 2024-2025 $2,628,820 $2,816,497 $2,202,721 $2,172,158 $2,854,566 $2,090,169 In 2022-2023 Union Beach contracted for 122 students. In 2023-2024 Union Beach plans on contracting for 146 students. In 2024-2025 Union Beach plans on contracting for 111 students.
Insurance Insurance rates continue to increase. Health and Prescription costs will increase by 7% in 2024-2025. Dental costs will increase by 3% in 2024-2025. Property and Casualty, Worker s Compensation, and Errors and Omissions Insurance is projected to increase 15.92%.
Transportation Transportation costs have been increasing sharply. 2018-2019 $597,000 2019-2020 $593,000 2020-2021 $662,000 2021-2022 $766,866 2022-2023 $913,000 2023-2024 $942,465 2024-2025 $1,040,000
Use of Fund Balance Fund Balance By Year 2019-2020 2020-2021 2021-2022 2022-2023 2023-2024 2024-2025 * Unassigned Surplus went from 4% to 2% $540,000 $705,049 $715,045 $1,461,437 $1,649,380* $2,655,670
Use of ESSER/ARP Grant Money ESSER II 2022-2023 $755,000 2023-2024 $0 2024-2025 $0 ARP $0 $1,200,000 $0 Use of Pandemic Relief Funds Expires in 2023-2024.
Pre-K 3 year olds and 4 year olds State Funding for Pre-K in 2022-2023 $692,850 State Funding for Pre-K in 2023-2024 $1,305,541. State Funding for Pre-K in 2024-2025 $1,552,100.
Capital Projects Kindergarten Bathrooms Exterior Doors at KHS
Debt Service 2023-2024 $1,321,925 2024-2025 $1,235,900 Debt Service Due Debt Service Aid $448,537 $406,336 Trans. from Fund 30 Local Tax Levy $250,000* $250,000* $623,388 $579,564 One bond expired in February, 2024. The referendum bonds expire in 2040.
Referendum Balance The Referendum Projects were finalized with a fund balance of $1,529,488 on 6/30/2022. We have been returning it to the taxpayers by providing a $250,000 credit to the debt service every year until the money runs out. The Fund 30 Balance on 6/30/2024= $1,029,488
Forecasted Tax Rate TAXES 2023-2024 2024-2025 CHANGE $11,081,944 $11,366,989 2.57% GENERAL FUND TAXES $1,024,680,200 $1,127,310,900 10.02% ASSESSED RATABLES $0.010815 $0.010083 -6.77% $388,866 $388,866 HOME VALUED AT $4,206 $3,921 -$285 ANNUAL SCHOOL TAX ON HOME $623,388 $579,564 -7.03% DEBT SERVICE TAXES $1,024,680,200$1,127,310,900 10.02% ASSESSED RATABLES $0.0006084 $0.0005141 -15.50% $388,866 $388,866 HOME VALUED AT ANNUAL SCHOOL TAX DEBT SERVICE $237 $200 -$37 TAX ON HOUSE VALUED AT $388,866 Average $4,443 $4,121 -$322
Forecasted Tax Rate TAXES 2023-2024 2024-2025 CHANGE $11,081,944 $11,366,989 2.57% GENERAL FUND TAXES $1,024,680,200 $1,127,310,900 10.02% ASSESSED RATABLES $0.010815 $0.010083 -6.77% $388,866 $418,033 HOME VALUED AT $4,206 $4,215 $9 ANNUAL SCHOOL TAX ON HOME $623,388 $579,564 -7.03% DEBT SERVICE TAXES $1,024,680,200$1,127,310,900 10.02% ASSESSED RATABLES $0.0006084 $0.0005141 -15.50% $388,866 $418,033 HOME VALUED AT ANNUAL SCHOOL TAX DEBT SERVICE $237 $215 -$22 TAX ON HOUSE VALUED AT $Average $4,443 $4,430 -$13
