Morrisville School District Preliminary Budget 2022-2023 Highlights
Explore the key financial details and projections for Morrisville School District in the 2022-2023 preliminary budget. Learn about ACT 1, ARP funding, fund balance estimates, revenue sources, expenditure overview, and more to understand the district's financial landscape.
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School District of Borough of Morrisville Preliminary Budget 2022-2023
KEY TERMS ACT 1 - a property tax relief bill passed by PA legislature in 2006 and amended in 2011. It expanded rebates and exceptions for senior citizens and provided rebates for other homeowners. It also set a cap on the amount a school district can raise property tax without first getting voter approval. Our index for 2022-2023 school year is 4.2% Exceptions - A school district that adopts a preliminary budget with real estate taxes that exceed its index may seek approval for exceptions to increase tax rates by more than the ACT 1 index ARP - American Rescue Plan is a stimulus package signed by President Biden in March 2021. Morrisville's ARP allocation is approximately $1.7 million over a three-year period. PSERS - Public School Employees Retirement System. The rate for 2022-2023 is 35.26% Millage / Millage rate is a term some states and localities use to calculate property tax liability. Property tax itself is sometime referred to as millage tax . A mill is one one thousandth of a dollar, and in property tax terms is equal to $1.00 of tax for each $1,000 of assessment.
FUND BALANCE ESTIMATES 2019-2020 = ($1,144,547) ($315,194) 2020-2021 = ESTIMATED BEGINNING FUND BALANCE 21-22: ($1,458,741)
TOTAL STATE REVENUE (BASED OFF 21-22 ALLOCATIONS) Basic Education Subsidy - $3,260,791 Special Education Subsidy- $952,492 Ready to Learn Grant - $119,607 (in 21-22 we received an additional $500,000 that was not included in the preliminary budget) Governor s proposed budget 22-23: Estimated increase in Basic Education for Morrisville $356,253.00 Estimated increase in Special Education $152,282.00 No increase anticipated in Ready to Learn Grant TOTAL PROPOSED INCREASE = $508,535.00
TOTAL ESTIMATED REVENUE ASSUMES NO INCREASE IN LOCAL LEVY (ACT 1 INDEX IS 4.2%) ASSUMES NO INCREASE IN BASIC EDUCATION ASSUMES NO INCREASE IN SPECIAL EDUCTION SUBSIDY 22-23 ESTIMATED REVENUE = $22,533,473
SALARIES AND BENEFITS Salaries = $8,895,169.62 FICA = $680,480.48 PSERS = $3,132,558.21 (22-23 rate 35.26% - employer share) 22-23 TOTAL Estimate = $12,708,208.31
HEALTH INSURANCE Morrisville School District belongs to the Bucks Montgomery County Consortium, which is a combination of multiple school districts. Belonging to the consortium gives purchasing power and helps control cost. Designed with input from Management / Labor representatives from each school district 22-23 TOTAL ESTIMATE = $1,876,850.24
OPERATIONAL EXPENDITURES Includes Purchased Services (Bucks County Intermediate Unit), Supplies, Books, Utilities, Equipment, Debt Service, etc. 22-23 TOTAL ESTIMATE = $8,017,832.00
TOTAL ESTIMATED EXPENDITURES Operations = $8,017,832.00 Salaries = $8,895,169.62 Benefits = $5,689,888.93 Grant Expenses = $859,200.00 22-23 TOTAL ESTIMATE= $23,462,090.55
PRELIMINARY BUDGET ESTIMATES EXPENSE = REVENUE = $23,462,090 $22,533,472 TOTAL DEFICIT = $928,618
TOTAL ACT 1 AVAILABLE REVENUES ESTIMATED ACT 1 INDEX INCREASE 4.2% $577,373.64 EST SPECIAL ED EXCEPTION 8.296% $560,973.00 TOTAL ACT 1 INCREASE with Exceptions $1,138,346.64* * This is what we qualify for
ACT 1 INDEX INCREASE ESTIMATED ASSESSED VALUE: $61,465,930 CURRENT MILLAGE: 232.0721 ACT 1 INDEX: 4.200% MILLAGE VALUE OF ACT 1 INDEX: 9.747 MILLS VALUE OF TAX LEVY: $13,897,857 (EST) $577,373.64 REVENUE NOT INCLUDED IN PRELIMINARY BUDGET (EST)
ACT 1 INDEX INCREASE WITH EXCEPTIONS ESTIMATED ASSESSED VALUE: $61,465,930 CURRENT MILLAGE: 232.0721 ACT 1 INDEX with EXCEPTIONS: 6.764% MILLAGE VALUE OF ACT 1 INDEX: 15.6996 MILLS VALUE OF TAX LEVY: $14,249,101 (EST) $928,618 REVENUE NOT INCLUDED IN PRELIMINARY BUDGET (EST)
ACT 1 INDEX INCREASE WITH FULL EXCEPTIONS ESTIMATED ASSESSED VALUE: $61,465,930 CURRENT MILLAGE: 232.0721 ACT 1 INDEX with EXCEPTIONS: 8.296% MILLAGE VALUE OF ACT 1 INDEX: 19.2538 MILLS VALUE OF TAX LEVY: $14,458,829 (EST) $1,138,346.64 REVENUE NOT INCLUDED IN PRELIMINARY BUDGET (EST)
SUMMARY OF TAX RATES PERCENT TAX INCREASE ANTICIPATED YE FUND BALANCE NET DEFICIT/SURPLUS BEGINNING YR FUND BALANCE 0.00% $(928,618.00) $(1,485,741.00) $ (2,414,359.00) 4.20% $(351,244.00) $(1,485,741.00) $ (1,836,985.00) 8.29% $209,728.00 $(1,485,741.00) $ (1,276,013.00) 6.76% $ $(1,485,741.00) $ (1,485,741.00)
AVERAGE HOMEOWNER TAX BILL ACT 1 INCREASE ONLY 4.2% AVERAGE VALUATION: $18,400 21-22 MILLAGE: 232.0721 AVERAGE 21-22 TAX BILL: $4,270.13 22-23 ACT 1 INCREASE IN MILLAGE RATE: 241.8191 ACT 1 INDEX 22-23 AVERAGE TAX BILL : $4,449.47 ACT 1 INDEX 22-23 AVERAGE TAX BILL INCREASE: $179.34/per year ACT 1 INDEX 22-23 AVERAGE TAX BILL INCREASE: $14.95/per month
AVERAGE HOMEOWNER TAX BILL ACT 1 INCREASE PLUS FULL EXCEPTIONS AVERAGE VALUATION: $18,400 21-22 MILLAGE: 232.0721 AVERAGE 21-22 TAX BILL: $4,270.13 22-23 ACT 1 INCREASE IN MILLAGE RATE: 251.3260 ACT 1 INDEX & EXCEPTIONS 22-23 AVERAGE TAX BILL: $4,624.40 ACT 1 INDEX & EXCEPTIONS 22-23 AVG TAX INCREASE: $354.27/per year ACT 1 INDEX & EXCEPTIONS 22-23 AVG TAX INCREASE: $29.52/per month
ADMINISTRATIVE NOTES CONTINUING TO WORK WITH DEPARTMENTS AND REVIEWING BUDGETS CONTINUING TO WORK WITH SPECIAL EDUCATION REGARDING SERVICES AND ENROLLMENTS ARP-ESSER RELIEF FUNDS ARE NOT INCLUDED IN THE 22-23 PRELIMINARY BUDGET $1,569,476 (allocated funds for 21-22 are $541,794.87) TOTAL UNALLOCATED FUNDS: $1,027,681.13
BUDGET HEARING DATES APRIL 20, 2022 GENERAL FUND BUDGET HEARING MAY 18, 2022 GENERAL FUND BUDGET HEARING (Adopt 22-23 Proposed Final Budget must be adopted 30 days prior to adoption of the final budget) JUNE 22, 2022- ADOPT 22-23 FINAL BUDGET
