Woodland Township Budget Process Overview 2024-2025
Explore the detailed budget process for the Woodland Township's 2024-2025 fiscal year, including key dates, budget development discussions, surplus allocations, revenue sources, and more. Get insights into how the district evaluates programs, sets goals, and manages finances. Stay informed about the upcoming budget discussions and public hearings to understand the financial strategies shaping the township's future.
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Presentation Transcript
Woodland Township Budget Presentation 2024-2025 Presentation #1 January 29, 2024
The Budget Process The Budget Process Fall: Fall: District begins discussion of priorities, evaluates existing programs, and sets parameters/goals to guide budget development. Mid Mid- -Winter: Winter: The district adopts its budget calendar and reviews its guidelines for budget development, including anticipated costs of new district initiatives and anticipated savings from eliminating programs and/ or retirements. This discussion will include estimates of salary/benefit increases and adjustments. This is when the preliminary budget document is created. Early Spring: Early Spring: Governor submits proposed state budget including projects for state and district funding. Health benefits renewals are available. District staff uses this information to evaluate and revise the preliminary budget. Late Spring: Late Spring: Final review and public hearings precede the adoption of the district budget. Mid Mid- -Summer: Summer: The State budget is adopted and signed into law and funds become available to districts for the upcoming year.
2024-2025 Budget Development Dates budget development dates Public Board of Education Budget Discussions Public Board of Education Budget Discussions Dates Dates Time Time Location Location January 29, 2024 January 29, 2024 6:30pm 6:30pm Gymnasium Gymnasium February 26, 2024 February 26, 2024 6:30pm 6:30pm Gymnasium Gymnasium March 18, 2024 March 18, 2024 (tentative budget) (tentative budget) 6:30pm 6:30pm Gymnasium Gymnasium April 29, 2024 April 29, 2024 (final budget (final budget- -public hearing) public hearing) 6:30pm 6:30pm Gymnasium Gymnasium
2022-2023 Audit Audsum was due to the state 12/5/2023 Field Work being completed Excess Surplus (additional revenue that was not budgeted & unexpended balances) Excess Surplus used for: Designated for subsequent year s expenditures Reserves (Capital, Maintenance, Emergency) 2022-2023 Excess Surplus: $494,061 Designated for the 24-25 Budget and Poss. Reserves
Revenues At A Glance Revenues At A Glance 1. State Funds State Funds - New Jersey provides funding for public schools in the form of aid for general operations and funding designated for particular expenses. In Woodland, this is less than 20%. 1. 2. Federal Funds Federal Funds - The Federal government provides some aid for schools in New Jersey (grants). In Woodland, this is approximately 1% percent of our district's annual revenue. 2. 3. Property Taxes Property Taxes - The gap between State and Federal funds is filled with local property taxes. Districts are required to calculate a maximum allowable tax levy under the property tax cap law. In Woodland, 75% of our budget is funded by local property taxes. 3. 4. Fund Balance Fund Balance - Revenue collected for the school budget remains at the end of the fiscal year, that money becomes part of its fund balance. In Woodland, typically 3% of our budget is fund balance. 4. 5. Miscellaneous Revenues Miscellaneous Revenues Staff health benefit contributions, tuition payments, facility rentals, etc. In Woodland, this is 1% of our budget. 5.
Quick Terms (General Accounting Principles GAP Quick Terms (General Accounting Principles GAP) General Fund - The total amount of money required to pay for current-year programs, staffing and services at next year s prices i.e., what the next year s budget would be if the current year s budget were simply rolled over. Tax Levy - Total sum to be raised by the school district after subtracting out all other revenues including state aid. The tax levy is used to determine the tax rate for property owners in each of the cities, towns or villages that makes up a school district. Debt Service -The money that is required to cover the repayment of interest and principal on a debt for a particular project. Fund balance/Surplus - A fund balance is created when the school district has money left over at the end of its fiscal year from either under spending the budget or taking in additional revenue. Banked Cap - Unused spending authority that can be saved for 3 budget cycles and is generated by not spending all the allowable 2% cap or using automatic cap waivers for health benefit increases, enrollment increases, or deferred pension contributions. 1.General Fund 1. 2.Tax Levy 2. 3.Debt Service 3. 4.Fund balance/Surplus 4. 5.Banked Cap 5.
Quick Terms (General Accounting Principles GAP Quick Terms (General Accounting Principles GAP) Cont. 1.Capital Reserve Capital Reserve - A reserve account that is used for approved capital projects. Funds can be withdrawn by board resolution for projects eligible for state funding. Capital reserve can also be used to fund projects not eligible for state funding but funds can only be withdrawn at budget time. 2.Emergency Reserve Emergency Reserve - A reserve account that is comprised of investments held for use exclusively to finance unanticipated general fund current expense costs required for a thorough and efficient education. 3.Maintenance Reserve Maintenance Reserve - A reserve account that is comprised of investments held for use exclusively for required maintenance of school facilities. 1. 2. 3.
Key Factors That Affect The Budget Fixed Costs Staffing Benefits Required State and Pension Payments Special Education Tuition, Programs and Service Costs Maintenance, Operations Transportation Ratables and State Aid State Aid Cuts 75% of the budget has increased over 2%
Balancing A Budget REVENUES REVENUES State Funding Federal Funding Property Taxes Miscellaneous Income Fund Balance = = EXPENSES EXPENSES Salaries Benefits Special Education Curriculum Facilities & Operations Transportation
2024-2025 Preliminary Budget Information Anticipate State Aide Reduction: ($100,000) Anticipate Health Benefit Increase: 10% Salary Increase: 3.5% (approx. $39,000) Tax Levy Increase: 2% ($44,480) Excess Surplus used and proposed for the 24-25 budget 2024-2025 $494,061 2023-2024 $169,584 1.2022-2023 $243,125 2.2021-2022 $73,541
Enrollment ASSA 10/15/XX ASSA 10/15/XX Onroll Onroll Enrollment Enrollment 10/15/19 131 10/15/20 135 10/15/21 118 10/15/22 102 10/15/23 103 10/15/24 estimate 103 PRESENTATION TITLE 2/2/20XX 11
State Aid Reduction Budget Budget Year of Deduction Year of Deduction Reduction Amount Reduction Amount 18/19 $23,353 19/20 $41,206 20/21 $12,478 21/22 $57,512 22/23 $192,794 23/24 $62,226 (returned $41,069 stabl. aid) 24/25 $100,000* Total $448,500 *Estimated
Where Are We In Our Budget Planning? 1.Administrative review of staffing needs 2.Administrative review of anticipated projects 3.Administrative review of enrollment 4.Administrative budget reviews with all budget managers 5.Tax apportionment received from Lenape School District 6.State aid numbers received 7.Tentative budget hearing March 18, 2024 8.Budget public hearing April 29, 2024
Visit Woodlands website www.Woodlandboe.org Laura Archer Business Administrator/Board Secretary larcher@Woodlandboe.org This Photo by Unknown Author is licensed under CC BY-ND
