New Lebanon CSD Budget Workshop & Fund Balance Report
This content provides information on the New Lebanon Central School District's budget goals for 2023-2024, budget calendar, Board of Education elections, fund balance projection updates, and estimated fund balance totals. It discusses maintaining a balanced budget, increasing fiscal awareness, and meeting state-mandated requirements.
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Presentation Transcript
New Lebanon CSD Budget Workshop April 5, 2023
NLCSD Budget Goals - 2023-2024 1. New Lebanon CSD will maintain a balanced budget while supporting academic excellence and expanding resources for students and staff. 1. Increase fiscal awareness among all stakeholders through communication and professional development. 1. Stay within the tax cap and meet state mandated requirements.
23-24 Budget Calendar: January 11, 2023 - Facilities and Food Service February 8, 2023- Instructional Programs and Transportation March 8, 2023 - Preliminary Full 23-24 Budget Presentation April 5, 2023 - Budget Workshop April 17, 2023 - Final Discussion and Adoption of 23-24 school year budget April 25, 2023 - Special BOE Meeting - Questar III Budget Vote and Election - Time TBD May 3, 2023 - Public Hearing on Proposed Budget May 16, 2023 - Public Budget Vote and Board of Education Election
Board of Education Elections: - Two three year terms and one two year term will be open at the end of this school year. - Please contact Kelly McGivern, Board Clerk if you are interested in running for the New Lebanon School Board. Petitions Due to Board Clerk by April 17th
22-23 Fund Balance Projection Budget $12,805,292 Forecast $12,617,096 Revenue Fund Balance $119,173 $60,238 Expenditure $12,924,465 $12,677,334 Excess Revenue over Expenditures $0 $0 Unassigned Fund balance $1,100,053 $1,233,988 Excess Fund Balance (over 4%) Unknown until end of school year. $395,956
Updates to Fund Balance Calculation: Since our last board meeting there have been some additions in this year s budget that are decreasing our fund balance projection: - - - - Confirmed Teacher Retirement Incentive - $50,853 Amplifier for PA System - $19,000 Textbook aidable purchases- $2,000 Hot Water Heat Exchanger Repair - $10,000 $81,853 - Reduction in Fund Balance
Fund Balance Estimated Total: Fund Balance as of 6/30/22 (The 4% allowed by NY) $551,816 Excess Fund Balance as of 6/30/22: $680,156 (Over the 4%) Total Fund Balance as of 6/30/22: $1,100,053 Projected Excess from 23-24 Budget: $133,935 Projected Grand Total as of 6/30/23 $1,233,988
23-24 Fund Balance Purchases Item Cost Maintenance Dump Truck $100,000 w/plow and salter Handicap Accessible Bus $107,009 (aidable) Used Bus Purchase (current rental) $80,000 (aidable) Total: $287,009
Total After Purchasing 23-24 Items Total projected Fund balance after vehicle purchases $946,979 Excess Fund Balance projected as of 06/30/23 (4% of next year's estimated budget allowed by NY) $551,023 Excess Fund Balance projected as of 06/30/23 (Over the 4%) $395,956
Health Insurance rates - Original projection was 15% increase on plans and 5.4% increase on prescriptions. $1,730,408 - Final Projection 10.3% increase on plans and 8.5% increase on prescriptions. $1,710,195 ( includes 2 family plans & 2 single plans for open positions) $20,213 Reduction
Proposed 23-24 Budget Reductions Since March Board Meeting - - 1 Announced Retirement- $27,629 reduction Change in recommendation- rather than hiring two Teacher Assistants for WBH we will add two Aide positions at 5 hours per day- $8,700 reduction Jr/Sr HS contractual/supplies- $2,500 reduction WBH/Sped contractual/supplies- $2,500 reduction Math Curriculum coach reduction originally 10 days, reduced to 5 days- $5,275 reduction - - - Total Proposed Reductions: $46,604
Additions to 23-24 Budget - Add $10,000 to SRO Budget Line - we are anticipating an increase in SRO costs (we are working to confirm this number with the Sheriff s Office)
Variables in the Budget: - - - - - - - Inflation State Aid: Should have final amounts by the April 17th meeting. Increased fuel & electric costs Special education placements Excess fund balance is a projection SRD cost Individual contract negotiations Due to these Variables - It is recommended that the district does not spend all of the excess fund balance to balance in the 23-24 budget
Covid Grant Funding Review - - CRSSA Grant - Ends this school year ($275,654 total amount over 2 years) ARP Grant - Ends 2024 ($610,695 total amount over 3 years) The following will be funded with ARP grant for 23-24 school year ($203,565) - 1 - Psychologist - .5 Elem RTI - .5 Jr/Sr. RTI - Building Substitutes - After School Intervention Teachers
Tax Cap Levy Limit Calculation Prior Year Tax Levy Tax Base Growth Factor $8,794,685 1.00083 $8,867,681 $0 $8,867,681 $410,776 x Prior Year PILOT + Prior Year Exemptions (Capital Expenditures) - Adjusted Prior Year Levy $8,456,905 1.02 Allowable Growth Factor ( lesser of CPI or 2%) x $8,626,043 $0 with 4% Increase $351,632 PILOTS for Coming Year + Tax Levy Limit $8,626,043 Coming School Year Exemptions: $520,274 Capital Exclusion for 2022-23 + $9,146,317 Maximum Allowable Levy 4%
23-24 School Year Budget 2023-24 Budget $13,775,586 Excess Fund Balance to Purchase Buses & Dump Truck Excess Fund Balance $287,009 How much fund balance does the district want to use to balance the budget? $56,817 in budget reductions since March BOE meeting Revenue $4,156,084 This amount will depend on the district s decision on a tax increase. Levy Amount
District Financial Planner Recommendation The board asked Bernard P Donegan Inc. to update our financial plan in February 2023. Below is a recap of their recommendations with the goal of maintaining good financial standing: - - - - Plan on using around $300,000 of fund balance Utilize your tax cap calculation based on capital exclusions Plan for $100,000 capital outlay project Start paying debt as soon as possible
Board Options to Balance the Budget: 1. Raise the tax levy 1. Use fund balance 1. Reduce capital expenses that are impacting the 23-24 budget: - 100,000 capital outlay project or defer bus debt payment 1. Make additional budget reductions without impacting academic programs and extracurricular activities
Tax Allowable Increase up to 4% - Each Percentage increased = $87,947 towards the budget - - - - 1% increase equals - $87,947 2% increase equals - $175,894 3% increase equals - $263,841 4% increase equals - $351,787
Use Fund Balance Fund balance left after vehicles are purchased: $946,979- In Total Fund Balance $395,956 is left in excess fund balance (above 4% allowable by NY State) The District can choose to use any amount of this money to balance the budget (It is recommended by our financial planners to use fund balance for non- recurring expenses unless you can plan to use a consistent amount of fund balance in future years)
2.5% Increase 2023-24 Budget $13,775,586 $78,015 left approximately in excess funds over the 4%. Excess Fund Balance to $287,009 Purchase Buses & Dump Truck Excess Fund Balance $317,941 $551,023 4% of next year's estimated budget allowed by NY Revenue $4,156,084 Levy Amount $9,014,552
2.75% Increase 2023-24 Budget $13,775,586 $100,002 left approximately in excess funds over the 4%. Excess Fund Balance to $287,009 Purchase Buses & Dump Truck Excess Fund Balance $295,954 $551,023 4% of next year's estimated budget allowed by NY Revenue $4,156,084 Levy Amount $9,036,539
3% Increase 2023-24 Budget $13,775,586 $145,749 left approximately in excess funds over the 4%. Excess Fund Balance to $287,009 Purchase Buses & Dump Truck Excess Fund Balance $273,967 $551,023 4% of next year's estimated budget allowed by NY Revenue $4,156,084 Levy Amount $9,058,526
3.25% Increase 2023-24 Budget $13,775,586 $143,975 left approximately in excess funds over the 4%. Excess Fund Balance to $287,009 Purchase Buses & Dump Truck Excess Fund Balance $251,981 $551,023 4% of next year's estimated budget allowed by NY Revenue $4,156,084 Levy Amount $9,080,512
3.5% Increase 2023-24 Budget $13,775,586 $165,962 left approximately in excess funds over the 4%. Excess Fund Balance to $287,009 Purchase Buses & Dump Truck Excess Fund Balance $229,994 $551,023 4% of next year's estimated budget allowed by NY Revenue $4,156,084 Levy Amount $9,102,499
3.75% Increase 2023-24 Budget $13,775,586 $187,949 left approximately in excess funds over the 4%. Excess Fund Balance to $287,009 Purchase Buses & Dump Truck Excess Fund Balance $208,007 $551,023 4% of next year's estimated budget allowed by NY Revenue $4,156,084 Levy Amount $9,124,486
Board Discussion and Decision..
